Weekly Update from VenCap's Underlying Portfolio

A blockbuster week across AI, fintech, defence technology and enterprise software from VenCap's underlying portfolio, with several companies posting sharp valuation step-ups within months of their last round. Cognition doubles to a $48bn valuation, Mistral closes Europe's largest-ever tech equity raise, Ramp is in talks to climb toward $60bn, and Bending Spoons' acquisition of Miro marks a fresh exit for the collaborative software space.

Ramp in Talks to Raise $1bn at $60bn Valuation

Ramp is a New York-based fintech platform that automates accounting workflows for businesses. The company is reportedly in early discussions to raise around $1bn at a valuation near $60bn, up from the $44bn it achieved in a $750m round in June. Annualised revenue has passed $1.5bn and transaction volume has grown by more than 170% year-on-year.

Ramp is an underlying asset of VenCap 6, VenCap 9 and VenCap 12.

Cognition Raises Over $2bn at $48bn Valuation

Cognition is the AI agent lab behind Devin, used to automate coding, incident triage and security work. The company has raised over $2bn in a Series E round that values it at $48bn, with fresh capital arriving alongside existing backers. Run-rate revenue has grown from $492m in May to nearly $900m, and the company has opened new offices in Washington D.C., Tokyo, Singapore, London, São Paulo and Madrid over the past year. The financing will support expansion of Devin's autonomous capabilities and Cognition's push to operate as an independent agent lab.

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

Mistral Raises €3bn at Over €21bn Valuation

Mistral is a French developer of open-weight AI models. The company has raised €3bn in a Series D round valuing it at more than €21bn, the largest equity fundraising round ever completed by a European technology company. New backers, including Advent, funds managed by BlackRock and the Grand Duchy of Luxembourg, joined existing investors such as a16z, ASML, Bpifrance, DST Global, General Catalyst, Index Ventures, Lightspeed, NVIDIA and Salesforce Ventures. Mistral now operates across 20 countries and supports more than 125 global enterprises, and will use the funding to expand frontier research, scale compute capacity and accelerate international growth.

Mistral is an underlying asset of VenCap 6, VenCap 16 and VenCap 17.

Harvey Raises $550m at $15.5bn Valuation

Harvey builds AI tools for legal and professional services work and is used by 80% of Am Law 100 firms and five of the Fortune 10's in-house legal teams. The company has raised $550m at a $15.5bn valuation, with new investors Sapphire Ventures and Whale Rock joining alongside existing backers including Sequoia, Kleiner Perkins, a16z, Coatue and Goldman Sachs Alternatives. The round follows the launch of Harvey's first post-trained open-weight model and Harvey LAB, its Legal Agent Benchmark. Proceeds will support Harvey's push to help law firms, in-house teams and professional services firms build and own their own AI capability at scale.

Harvey is an underlying asset of VenCap 16, VenCap 17 and VenCap 18.

Stoke Space Raises $1bn Series E at $10bn Valuation

Stoke Space is a Washington-based rocket company. The company has completed the initial closing of a $1bn Series E round, taking total capital raised to $2.3bn, with participation from General Innovation, Glade Brook Capital, US Innovative Technology, Washington Harbour Partners, Woven Capital and Y Combinator. The financing will fund the first orbital launch of the Nova Pathfinder vehicle, expected in early 2027, alongside expanded manufacturing.

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

Mach Industries Raises $600m at $3.7bn Valuation

Mach Industries is a defence manufacturer building autonomous aircraft. The company has raised a further $600m as a continuation of its Series C round, doubling its valuation to $3.7bn just three months after closing the initial $300m tranche at $1.8bn. Ribbit Capital, Infinite Capital, Bedrock Capital and Sequoia all continued to back the company in this extension. The new capital will fund development of platforms across long-range strike and counter-UAS missions, along with the manufacturing infrastructure needed to produce them at scale.

Mach Industries is an underlying asset of VenCap 16 and VenCap 17.

Forus Raises $150m at $3bn Valuation

Forus is a healthcare automation platform that assigns an AI agent so patients can access medication faster. The company has raised $150m in a Series C round that values it at $3bn, tripling its valuation in the four months since its $1bn Series B. Accel, Thrive Capital, General Catalyst, Redpoint Ventures, BoxGroup and Pear VC all reinvested alongside the new capital. Forus's platform is now used by providers across all 50 US states and will use the funding to expand into more medical specialties and care settings.

Forus is an underlying asset of VenCap 6, VenCap 11 and VenCap 12.

Miro Acquired by Bending Spoons for $1.36bn

Miro is a collaborative online whiteboard and workspace platform used by more than 250,000 organisations. Bending Spoons has agreed to acquire Miro in an all-cash transaction at an enterprise value of $1.355bn, implying an equity value of approximately $1.79bn once Miro's net cash is included.

Miro is an underlying asset of VenCap 6, VenCap 10A, VenCap 13A, VenCap 13B, VenCap 15, VenCap 16 and VenCap 17.