Weekly Update from VenCap's Underlying Portfolio 04.09.2026

AI infrastructure and fintech dominate this week, with Thinking Machines and Crusoe both in the frame for valuations north of $30bn and Shein completing its long-delayed public listing in Hong Kong. Clay's reported step-up to a $7bn valuation adds to a run of up-rounds across Wonderful, Owner and Félix.

Thinking Machines In Talks to Raise $1bn at $40bn Valuation

Thinking Machines Lab is the AI research start-up founded early last year by former OpenAI chief technology officer Mira Murati. The company is in discussions to raise $1bn at a valuation of at least $40bn. The lab introduced Inkling, an open-weight model, in July, and generates usage-based compute revenue through its Tinker platform for adapting models on proprietary data. The financing would fund continued model development despite several senior departures back to OpenAI this year.

Thinking Machines Lab is an underlying asset of VenCap 16, VenCap 17 and VenCap 18.

Crusoe Raises $3bn at $30bn Valuation

Crusoe is a data-centre developer and AI cloud provider, launched in 2018 as a crypto-mining operation before pivoting into hyperscale infrastructure for clients including Meta, Microsoft, Oracle and OpenAI. The company has raised $3bn at a $30bn valuation, up from a $10bn valuation just ten months ago, with participation from Mubadala Capital. The round follows a five-year, roughly $13bn cloud contract to supply quantitative trading firm Jane Street with GPUs and AI infrastructure. Crusoe has also met with investment banks to discuss a potential near-term IPO.

Crusoe is an underlying asset of VenCap 6 and VenCap 16.

Shein Lists in Hong Kong at $26.5bn Valuation

Shein is the China-founded, Singapore-headquartered fast-fashion retailer known for testing small production batches and scaling winners quickly rather than committing to inventory upfront. The company completed its long-awaited initial public offering on the Hong Kong Stock Exchange on 1 September, valuing it at roughly $26.5bn, far below the near-$100bn private valuation it reached in 2022, and shares traded below the offer price on debut. New US and EU rules on low-value cross-border parcels are adding cost and complexity to the model that underpinned Shein's rapid growth. The listing gives the company public capital and visibility as it now competes more directly with Zara, H&M and Temu on durability rather than speed alone.

Shein is an underlying asset of VenCap 6, VenCap 13B and VenCap 15.

Clay In Talks to Raise New Funding at $7bn Pre-Money Valuation

Clay is a New York-based AI platform for sales and marketing teams, combining data enrichment, intent signals and AI research agents to automate go-to-market work for more than 14,000 customers including OpenAI and Canva. The company is reportedly in talks for a new round at a $7bn pre-money valuation, more than quadrupling from $3.1bn just over a year ago. Clay's annual recurring revenue reached $100m in December 2025.

Clay is an underlying asset of VenCap 6 and VenCap 16.

Wonderful Raises $550m Series C at $5bn Valuation

Wonderful is a Netherlands-based enterprise AI company building what it calls an AI operating system, a shared layer spanning agents, workflows, AI-native applications and governed execution across an organisation. The company has raised $550m at a $5bn valuation, with Salesforce also participating, following a $150m Series B in March 2026. Since that round Wonderful has expanded into more than 35 markets and grown to 650 employees worldwide.

Wonderful is an underlying asset of VenCap 16 and VenCap 17.

Owner Raises $240m Series D at $2.3bn Valuation Owner builds and runs the technology and marketing for local businesses. The company has raised $240m in a Series D at a $2.3bn valuation, having surpassed $100m in annual recurring revenue and grown to power more US restaurant locations than Domino's or Taco Bell. Independent restaurant owners are on track to drive more than $1bn in sales through the platform this year, with more than 100 million American consumers having used it. The funding will support Owner's push into international markets and new local-business categories including salons and independent grocers. Owner is an underlying asset of VenCap 6, VenCap 10A and VenCap 13A. Félix Raises $200m at $1.4bn Valuation Félix, the Miami-based fintech previously known as Felix Pago, lets Latino immigrants in the US send money home through WhatsApp, settling transfers on the backend using USDC stablecoin. The company has raised $200m, combining roughly $87m in equity and $113m in debt financing, at a valuation reported at approximately $1.4bn — nearly triple its prior valuation of about $484.5m. Félix has processed more than $8bn in remittances to date and operates across 11 Latin American markets. The new capital will fund entry into further Latin American markets and the build-out of lending and savings products. Félix is an underlying asset of VenCap 16.