In this week’s update: After a 12-month regulatory approval process, Google’s acquisition of Wiz — the largest-ever acquisition of a VC-backed company - has finally closed. Meanwhile, despite rising competition from Anthropic, Cursor is reportedly in discussions to raise funding at a $50 billion valuation. We’re also seeing notable momentum across AI apps, hardware, and ecommerce.

VenCap provides differentiated venture access for institutional investors and family offices. We welcome the opportunity to connect.

Cursor in Funding Discussions at Around $50 billion Valuation
Anysphere, the company behind Cursor, develops AI tools that help developers write, edit and debug code through an AI-powered coding assistant integrated into a code editor. Media reports say the company is in discussions to raise fresh funding at a valuation of around $50 billion, up sharply from its $29.3 billion valuation in late 2025, when it raised $2.3 billion in a Series D round. Reported annualised revenue has surpassed $2 billion, reflecting strong enterprise adoption as demand for AI-assisted software development tools accelerates. Cursor is an underlying asset of VenCap 16, VenCap 17 and VenCap 18.

Wiz Acquired by Google for $32 billion in Cash
Wiz provides a cloud security platform that protects major cloud environments and uses AI to improve threat detection and investigation across code, infrastructure and runtime. Google has officially acquired the company for $32 billion in cash, marking the largest acquisition in Google’s history, with Wiz set to join Google Cloud while maintaining its brand and cross-cloud positioning. The deal followed U.S. and European Union regulatory approvals and came after Wiz crossed $1 billion in ARR in 2025, according to a source familiar with the matter. Strategically, the transaction strengthens Google Cloud’s security proposition for enterprises operating across Google Cloud, AWS, Azure and Oracle Cloud. Wiz is an underlying asset of VenCap 6, VenCap 10A, VenCap 13A, VenCap 13B, VenCap 15, VenCap 16, VenCap 17 and VenCap 18.

Quince Raises $500 million Series E at a $10.1 billion Valuation
Quince is an e-commerce business operating a manufacturer-to-consumer model across apparel, home, accessories, beauty and wellness. The company announced a $500 million Series E round at a $10.1 billion valuation, more than doubling its reported $4.5 billion valuation from early 2025. Quince says top-line revenue has now surpassed $1 billion, supported by a vertically integrated approach spanning technology, design and manufacturing, which it says enables smaller batch production and lower waste. The financing stands out as a notable scale round for e-commerce in a market currently dominated by AI fundraising, even as the company continues to face litigation from brands alleging it sells dupes of their designs. Quince is an underlying asset of VenCap 6, VenCap 13B, VenCap 15, VenCap 16 and VenCap 17.

Replit Raises $400 million Series D at a $9 billion Valuation
Replit builds AI-powered software development tools and has increasingly broadened its appeal beyond professional developers to non-programmers. The company announced a $400 million Series D at a $9 billion valuation, just six months after a $250 million round valued it at $3 billion. While updated ARR was not disclosed, Replit told Forbes it hopes to reach annual recurring revenue of $1 billion by the end of the year. The round highlights continued investor conviction in AI coding platforms as they expand from point tools into broader software creation workflows. Replit is an underlying asset of VenCap 6, VenCap 16 and VenCap 17.

Legora Raises $550 million Series D at a $5.55 billion Valuation
Legora is an AI platform for lawyers, built on top of LLMs and used by 800 law firms and legal teams. The company has raised a $550 million Series D at a $5.55 billion valuation, a sharp increase from its October 2025 $150 million Series C round at a $1.8 billion valuation. Management is positioning the business around complex legal workflows rather than general-purpose assistance, even as competition intensifies from Harvey, Microsoft Copilot, Claude and other LLM-based tools. The new capital will support further U.S. expansion, including offices in Houston and Chicago and plans to grow to more than 300 employees across its U.S. offices by the end of 2026. Legora is an underlying asset of VenCap 6, VenCap 13B and VenCap 15.

Nexthop AI Raises $500 million at a $4.2 billion Valuation
Nexthop AI builds networking hardware and software for AI data centres, including systems designed to handle more traffic with lower power use and lower latency. The company is raising $500 million at a $4.2 billion valuation and is also announcing three new switches alongside the financing. Founded in 2024 by former Arista Networks COO Anshul Sadana, Nexthop is co-developing infrastructure with large data centre providers as hyperscalers prepare for major AI-related capex. The round positions the company as a leveraged play on AI infrastructure build-out, albeit in a competitive market that includes Cisco. Systems, Arista Networks and Hewlett Packard Enterprise. Nexthop AI is an underlying asset of VenCap 6, VenCap 13B, VenCap 15, VenCap 16 and VenCap 17.