After a buoyant first quarter, the dollar value of startup funding rounds backed by oil and gas companies fell significantly, with investment focus shifting away from cleantech to core energy operations.
After a buoyant first quarter, oil and gas companies pulled back sharply on startup investment during the second quarter of 2026, underscoring the uncertain environment facing the sector.
The dollar value of startup funding rounds with an oil and gas sector backer fell to $1.3bn during the quarter, down significantly from the unusually strong opening in the first three months of the year but broadly in line with the level recorded in the second quarter of 2025. The number of funding rounds also declined to 26, compared with 31 a year earlier, suggesting investors remained willing to write larger cheques even as they became more selective. The average round size consequently increased.
Oishani Mitra
Oishani Mitra is the content manager for Global Corporate Venturing.
