Venture Capital & Startup Funding — November 1, 2026 Monthly
Venture Capital & Startup Funding news & updates — every claim linked to a primary source.
Key Findings
Executive Summary (5)
- •October 2026 confirmed AI's structural capture of venture capital: at 82.7% of deal value and $515.8B through Q3, the market has effectively reallocated to a single category — while 992 unicorns holding $5.7T in unrealized value and only 18 Q3 IPOs underscore that the liquidity crisis remains unresolved.
- •The month's defining theme was the transition from AI-as-software to AI-as-outcome-delivery, evidenced by EliseAI's $200M ARR outcome-based model, Gainsight's live SaaS-to-renewal-selling transition, and Anthropic's $47B RRR trajectory that Coatue described as exceeding the entire public SaaS universe's quarterly net adds.
- •AI infrastructure entered an institutional consolidation phase: Modal's $750M Series D at $1B+ revenue run rate, Verda's $189M Series B at cash-flow-positive $165M ARR, and the NBER's quantification of a $9 trillion US AI buildout requirement through 2032 collectively frame compute and energy as the decade's defining capital formation challenge.
- •Firm-level strategic repositioning accelerated: USV merged its energy fund into its core vehicle and pivoted to 'obliterate markets,' Bessemer launched the AI 100 ranking to replace the Cloud 100 framework, a16z formalized a new 'Frontier' investment category, and Emergence Capital articulated an integrated three-layer open-weight AI stack thesis.
- •Europe's regulatory and capital mobilization push intensified across multiple simultaneous tracks — ESG harmonisation, institutional investor pacts, and procurement reform advocacy — while India delivered two major IPOs (Moneyview, Zetwerk) that validated emerging-market AI-native business models at public-market scale.
Key Points (10)
- 1.US VC deal value reached $515.8 billion through Q3 2026, roughly 44% above the previous full-year record, with AI companies accounting for 82.7% of venture deal value — the highest annual share in the NVCA-PitchBook dataset — confirming that the headline record masks a deeply bifurcated market where non-AI companies face structurally constrained funding [1].
- 2.The liquidity drought persisted despite record investment: only 18 companies went public in Q3 2026 while 992 active unicorns held a combined valuation of $5.7 trillion, directly corroborating Bain's K-shaped PE recovery framing and explaining why LP distributions remain stubbornly low [1].
- 3.Fundraising polarization intensified: funds of $500M+ captured 78.1% of LP capital while representing just 6.0% of funds closed, and only 81 first-time funds closed through Q3 — on pace for the lowest annual count in a decade [1].
- 4.AI infrastructure attracted institutional-scale capital across the month: Accel led Modal's $750M Series D after the serverless compute platform crossed $1 billion in revenue run rate growing 15x year over year, and Emergence Capital led Verda's $189M Series B at a $1B+ valuation for a Helsinki GPU cloud company that was cash-flow positive at $165M ARR [4a] [5a].
- 5.Outcome-based AI business models moved from thesis to live execution: EliseAI surpassed $200M ARR compensated against work taken on rather than as a software line item, and Gainsight CEO Chuck Ganapathi publicly documented transitioning from SaaS licensing to selling customer renewals as an outcome, framing the economics as 'COGS is the new CAC' [3a] [5b].
- 6.Anthropic's revenue trajectory — crossing $47B run-rate revenue roughly three months after crossing $14B RRR in February 2026 — prompted Coatue to note that a single quarter of Anthropic's net adds now exceeds the combined net adds of the public SaaS universe, signaling a fundamental restructuring of enterprise software economics [8a].
- 7.USV executed the month's most substantive public thesis pivot: expanding fund size beyond its prior $275M ceiling, merging its energy fund into the core fund, and articulating a new framework — 'obliterate markets, not automate them' — with robotics, manufacturing, and energy as core categories [6a].
- 8.India produced two major liquidity events: Moneyview's IPO on October 1 (₹22,520 crore AUM, profitable since FY22, reaching 99.55% of India's PIN codes) and Zetwerk's IPO on October 23 (~$1.68B revenue, energy now its largest business with growing AI infrastructure demand) [4b] [4c].
- 9.European regulatory and capital mobilization efforts converged: the European Institutional Investors Pact launched September 22, Invest Europe published 'European Venture Capital: From Momentum to Scale' on October 23, private capital associations issued a joint ESG reporting harmonisation statement on October 20, and the General Catalyst Institute identified that European startups win barely 1% of the €2.6 trillion annual public procurement market [9] [12a].
- 10.Bain's K-shaped PE recovery framing and '12 is the new 5' EBITDA imperative remained unchanged across all four weeks of October — now confirmed across nine consecutive reporting periods since July — establishing these as durable structural constraints rather than cyclical conditions [2].
Market Trends
AI Capital Concentration Reaches Structural Extreme — 82.7% of Deal Value, Decade-Low First-Time Funds
The Q3 2026 NVCA-PitchBook Venture Monitor confirmed AI companies captured 82.7% of venture deal value through September — the highest annual share in the dataset — while funds of $500M+ took 78.1% of LP capital and first-time funds hit a decade-low pace of 81 closings [1]. October's deal flow (Modal $750M, Arda $230M, Verda $189M, Anthropic re-up) reinforced rather than moderated this concentration. The pattern is self-reinforcing: mega-rounds attract LP capital to established managers, starvin…
Outcome-Based AI Pricing Transitions from Thesis to Live Execution Across Multiple Sectors
October produced the month's most concrete evidence that outcome-based AI business models are operational, not theoretical. EliseAI surpassed $200M ARR compensated against work taken on rather than as a software line item across one in six US apartments [3a]. Gainsight's CEO publicly documented selling customer renewals as an outcome — 'COGS is the new CAC' — targeting accounts that previously received no service [5b]. Emergence Capital's vertical AI deals (Adaptive, Sela) followed the same patt…
AI Infrastructure Enters Institutional Consolidation Phase — Compute Platforms Reach $1B+ Revenue
Modal's $750M Series D at $1B+ revenue run rate growing 15x year over year and Verda's $189M Series B at cash-flow-positive $165M ARR represent a qualitative shift: AI compute infrastructure is no longer a bet on future demand but a category with institutional-scale revenue [4a] [5a]. The NBER's quantification of a $9 trillion US AI buildout requirement through 2032 — with a single 1 GW campus costing approximately $41 billion — frames the gap between current deployment and required scale as the…
Consumer AI Deepening Without Broadening — Spend Triples While Adoption Barely Moves
Menlo Ventures' estimate that consumer AI spend reached $40 billion in 2026 — more than triple the prior year — while US adult adoption rose just three points to 64% was confirmed as a durable pattern across all four weeks of October [11]. The decoupling of spend from adoption growth signals the consumer AI market has shifted from user-acquisition to deepening-engagement, where existing users spend dramatically more. USV's $30M lead in Tolan — an AI companion with 250,000+ monthly active users a…
Liquidity Drought Persists as the Market's Central Unresolved Tension
Despite record investment levels, only 18 companies went public in Q3 2026 while 992 active unicorns held $5.7 trillion in combined valuation [1]. India provided the month's most significant liquidity signals: Moneyview's IPO (₹22,520 crore AUM, profitable since FY22) and Zetwerk's IPO (~$1.68B revenue) both validated AI-native business models at public-market scale [4b] [4c]. Until the US unicorn backlog clears, LP distributions will remain constrained regardless of investment activity.
Open-Weight AI Emerges as Both Capital-Efficiency Story and Geopolitical Battleground
Emergence Capital's Series B investment in Arcee AI at a $1B+ valuation — a company that built its entire 2025 model lineup including a 400-billion-parameter model for approximately $20 million — frames open-weight AI as a national competitiveness issue, not just a developer preference [5c]. Arcee is now working with the US Department of Energy and 17 national laboratories. If frontier-scale models can be built for $20 million, the moat of closed-model labs narrows and the addressable market for…
Competitor Trends
Accel Executes Highest-Velocity Month — Modal $750M, Arda $230M, Zetwerk IPO, Four Deals in Seven Days
Accel led Modal's $750M Series D and Arda's $230M stealth launch, celebrated Zetwerk's IPO at ~$1.68B revenue, and announced four investments in seven days (Modal, Scuba, Origin, Ando) across compute infrastructure, enterprise AI, physical AI, and human-agent collaboration [4a] [4d]. Portfolio count reached 782 companies by October 22. The breadth — early-stage manufacturing AI, enterprise AI, growth-stage IPOs, and Indian public markets simultaneously — was unmatched by any peer firm across the…
USV and a16z Execute Competing Thesis Expansions — 'Obliterate Markets' vs. 'Frontier' Category
USV's 'Next Chapter' publication on October 8 was the month's most substantive competitive repositioning: fund size expanded beyond the prior $275M ceiling, the energy fund merged into the core vehicle, and the firm articulated 'obliterate markets, not automate them' with robotics, manufacturing, and energy as core categories — a direct challenge to a16z's American Dynamism thesis [6a]. a16z responded by formalizing a new 'Frontier' investment category on October 23 and investing in Eka Robotics…
Bessemer Defines the AI Era's Benchmark — AI 100 Replaces Cloud 100 Framework
Bessemer launched the inaugural AI 100 ranking in partnership with Newcomer on October 5, evaluated on valuation (30%), operating metrics (20%), people and culture (15%), and market leadership (35%), with the inaugural list to be announced at the Cerebral Valley AI Summit on November 12 [3b]. Combined with co-leading EliseAI's $350M financing, publishing the 2026 Healthcare AI ROI Scorecard (226 executives, 65 use cases), and leading Ampersand's $15M Series A for agentic enterprise integration, …
Emergence Capital Articulates Integrated Three-Layer Open-Weight AI Stack Thesis
Emergence Capital's October investments revealed a coherent infrastructure thesis: Together as the AI production platform, Arcee as the open-weight model layer, and Verda as the compute infrastructure — with the firm explicitly framing these as interdependent ('open models only win if they are cheap to run') [5a]. This integrated stack positioning, combined with the Gainsight outcome-based transition case study and vertical AI deals in construction finance and mortgage, makes Emergence the firm …
Coatue Concentrates on Anthropic as Defining Foundation Model Bet — $47B RRR Milestone
Coatue co-led a new Anthropic round after the company crossed $47B run-rate revenue roughly three months after crossing $14B RRR in February 2026, and described 'tripling down' on the position [8a]. Coatue also published that agentic traffic has surpassed human traffic online for the first time and framed the current moment as a transition from 'waves' to 'ages.' The Anthropic concentration is the most visible single-company bet among major VC firms this period, with Coatue's analysis suggesting…
Regulatory Trends
European Capital Mobilization and ESG Harmonisation Converge Into Coordinated Policy Push
October saw simultaneous movement across multiple European regulatory tracks: the European Institutional Investors Pact (launched September 22) aimed at unlocking institutional capital; Invest Europe's 'European Venture Capital: From Momentum to Scale' published October 23; private capital associations' joint ESG reporting harmonisation statement on October 20; and the 2026 ESG Reporting Templates webinar on October 20 [9]. The General Catalyst Institute separately identified that European start…
Open-Weight AI Governance Becomes US Policy Question — DOE Engagement Signals Federal Involvement
Arcee AI's work with the US Department of Energy and 17 national laboratories on an open model for scientific computing — disclosed as part of Emergence Capital's Series B investment rationale — signals that the open-weight AI debate has moved from developer preference to active federal policy engagement [5c]. a16z's launch of the Securing America's Infrastructure Foundation (SAIF) led by Anne Neuberger, targeting cybersecurity for under-resourced institutions including rural hospitals, extends …
Sources Activity
Since last month
NVCA-PitchBook Q3 2026 Venture Monitor — Record $515.8B with 82.7% AI Concentration
The Q3 2026 NVCA-PitchBook Venture Monitor reported US VC deal value of $515.8 billion through Q3 — roughly 44% above the previous full-year record — with AI accounting for 82.7% of deal value, the highest annual share in the dataset. Just 81 first-time funds closed (decade-low pace), funds of $500M+ captured 78.1% of LP capital, and only 18 companies went public in Q3 while 992 unicorns held $5.7 trillion in combined valuation. This updates the H1 2026 $400B+ figure from August with Q3 actuals …
EliseAI $350M Financing — Outcome-Based Vertical AI Validated at $200M ARR
Bessemer co-led EliseAI's $350M financing after the company surpassed $200M ARR, powering one in six US apartments. EliseAI is compensated against the work it takes on rather than as a software line item — the clearest current example of outcome-based vertical AI pricing at scale. The company launched Apollo, a universal property management agent, and is expanding into healthcare [3a].
Bessemer-Bain 2026 Healthcare AI ROI Scorecard — Administrative AI in Production, Clinical AI Stalled
Bessemer and Bain published the 2026 Healthcare AI ROI Scorecard based on 226 executives across 65 use cases. ROI arrived in ~12 months vs. projected 24, averaging 3.5x. Revenue cycle management leads with 4x ROI and 67% autonomous agent deployment; clinical AI sits at 2.9x ROI with only 4% autonomous deployment. Half of surveyed organizations have already cut or plan to cut headcount by 8–13% in affected functions. 42% are consolidating AI vendors [3c].
Modal $750M Series D — AI Compute Platform Crosses $1B Revenue Run Rate
Accel led Modal's $750M Series D after the serverless compute platform crossed $1 billion in revenue run rate during September 2026, growing 15x year over year. Modal has run more than 3 billion sandboxes, with sandboxes accounting for $300 million of its revenue run rate. Customers include TypeSafe AI, Cognition, Decagon, Ramp, Physical Intelligence, and DoorDash [4a].
Verda $189M Series B — European GPU Cloud Reaches $1B+ Valuation at $165M ARR
Emergence Capital led Verda's $189M Series B, bringing the Helsinki GPU cloud company to a $1B+ valuation. Verda hit $165M annualized revenue run rate in July 2026, roughly doubling from the start of the year while cash-flow positive, running on 100% renewable power. Emergence framed Verda as the third leg of its open-weight AI stack alongside Together and Arcee [5a].
Arcee AI Series B at $1B+ — Open-Weight Model Company Pivots to Pre-Training Foundation Models
Emergence Capital doubled down on Arcee AI at a $1B+ valuation after the company built its entire 2025 model lineup including a 400-billion-parameter model for approximately $20 million. Arcee is now working with the US Department of Energy and 17 national laboratories on an open model for scientific computing [5c].
USV 'Next Chapter' — Fund Expands, Energy Merges Into Core, Thesis Evolves to 'Obliterate Markets'
Union Square Ventures published its most substantive thesis evolution on October 8: fund size expanded beyond the prior $275M ceiling, the dedicated energy fund merged into the core fund, three senior operators joined (Mignano, Hecht, Belsky), and the firm articulated 'obliterate markets, not automate them' with robotics, manufacturing, and energy as core fund categories [6a].
Bessemer Launches Inaugural AI 100 Ranking — Replacing Cloud 100 Framework for AI Era
Bessemer Venture Partners launched the AI 100 in partnership with Newcomer on October 5, 2026 — a new annual ranking of the 100 most important private AI companies worldwide. Evaluated on valuation (30%), operating metrics (20%), people and culture (15%), and market leadership (35%). The inaugural list will be announced at the Cerebral Valley AI Summit on November 12, 2026 [3b].
NBER Quantifies AI Infrastructure Capital Requirement — $9 Trillion for 188 GW US Buildout by 2032
An NBER working paper published October 2026 estimated that a 1 GW AI campus costs approximately $41 billion and that a 188 GW US buildout completed by 2032 would require total investment of nearly $9 trillion. This is the first academic quantification of the full US AI infrastructure capital requirement [10].
Gainsight Outcome-Based Transition — Live PE-Backed SaaS-to-AINS Case Study
Emergence Capital published a detailed account of Gainsight CEO Chuck Ganapathi's transition from software licensing to selling customer renewals as an outcome. Gainsight (acquired by Vista Equity Partners in 2020 for over a billion dollars, running several hundred million dollars in SaaS revenue) built Atlas as a separate internal unit, framed the economics as 'COGS is the new CAC,' and is targeting the long tail of small accounts that previously received no service [5b].
Coatue Triples Down on Anthropic — $47B RRR Crossed Three Months After $14B
Coatue co-led a new Anthropic round, noting the company crossed $47B run-rate revenue roughly three months after crossing $14B RRR in February 2026. Coatue's analysis stated a single quarter of Anthropic's net adds now exceeds the combined net adds of the public SaaS universe [8a].
Arda Launches From Stealth With $230M — Former OpenAI CRO Targets US Manufacturing AI
Arda launched from stealth on October 20 with $230M in total funding, co-led by Accel. Founder Bob McGrew (former OpenAI Chief Research Officer) is building AI software for manufacturing operations. Anduril Industries already relies on Arda's technology as part of ArsenalOS, with complex engineering workflows moving more than 10x faster [4d].
Moneyview IPO — India Full-Stack Digital Lending Reaches Public Markets
Accel celebrated Moneyview's IPO on October 1, 2026. The company is the largest full-stack digital lending platform in India by AUM with ₹22,520 crore in assets under management as of June 2026, profitable since FY22, reaching 99.55% of India's PIN codes without a single branch, and serving 11.9 million customers from 140 million registered users [4b].
Zetwerk IPO — India Manufacturing Platform Lists at ~$1.68B Revenue With AI Infrastructure Demand
Accel portfolio company Zetwerk listed publicly on October 23, reporting ₹15,913 crore (~$1.68B) in revenue last year with an order book of ₹12,370 crore (~$1.3B), double what it was two years ago. Energy is now Zetwerk's largest business with growing demand from AI infrastructure. 80% of manufacturing revenue comes from returning customers [4c].
USV Leads $30M Tolan Financing — AI Companion Reaches 250K Monthly Users
Union Square Ventures led a $30M financing in Tolan alongside Khosla Ventures. Tolan is a persistent AI companion with more than 250,000 monthly active users and over 70 million conversations in the past year. USV noted users are expanding from companionship to practical tasks including grocery buying and family coordination [6b].
a16z Launches 'Frontier' Practice and SAIF Infrastructure Security Foundation
a16z introduced a new 'Frontier' investment category on October 23 with Chris Dixon's announcement, and launched the Securing America's Infrastructure Foundation (SAIF) led by Anne Neuberger, targeting cybersecurity for under-resourced institutions including rural hospitals. The Frontier launch signals a16z is formalizing a new investment category distinct from its existing American Dynamism and Infra practices [7].
European ESG Harmonisation and Venture Scale Advocacy — Coordinated Multi-Track Push
Private capital associations issued a joint ESG reporting harmonisation statement on October 20; Invest Europe launched the 2026 ESG Reporting Templates webinar on October 20 and published 'European Venture Capital: From Momentum to Scale' on October 23; the General Catalyst Institute identified European startups win barely 1% of the €2.6 trillion annual public procurement market. These developments extend and intensify the September European Institutional Investors Pact and SFDR 2.0 simplificat…
Strategic Insights (8)
- 1.Anthropic's revenue trajectory — $1B RRR in January 2025, $14B RRR in February 2026, $47B RRR roughly three months later — implies a doubling time of approximately 90 days at current velocity [8a]. If this rate persists even partially, it represents a fundamental restructuring of enterprise software economics that will compress the addressable market for traditional SaaS vendors faster than most growth-stage underwriting models assume. Investors in enterprise SaaS should stress-test their portfo…
- 2.The NBER's $9 trillion AI infrastructure capital requirement through 2032 — against Coatue's ~$733 billion hyperscaler capex estimate for 2026 — implies current annual deployment is approximately 8% of the total required investment [10]. USV's decision to merge its energy fund into its core vehicle and Coatue's observation that compute financing may rival the mortgage market in scale both reflect the same structural insight: energy and compute infrastructure are no longer thematic side bets but …
- 3.The Gainsight 'COGS is the new CAC' framing inverts the traditional SaaS financial model in a way that current PE valuation frameworks are not equipped to evaluate [5b]. PE firms that acquired SaaS businesses at high gross-margin multiples now face portfolio companies transitioning to agentic delivery models where early-phase COGS are high and margins compress before automation brings them down. This creates a valuation gap that will surface at the next mark cycle — investors should require expl…
- 4.The 992 active unicorn backlog holding $5.7 trillion in combined valuation against just 18 Q3 IPOs is the most important unresolved structural tension in the VC market [1]. India's two October IPOs (Moneyview, Zetwerk) demonstrate that liquidity is available for AI-native businesses with demonstrated profitability and scale — the constraint is not market appetite but the quality of the backlog. US unicorns approaching the public markets in Q1 2027 should expect scrutiny on profitability trajecto…
- 5.Arcee's $20 million cost to build a 400-billion-parameter model is the most important capital efficiency data point in the open-weight AI space this month [5c]. If frontier-scale models can be built for $20 million, the moat of closed-model labs narrows dramatically and the addressable market for open-weight infrastructure — compute, fine-tuning, deployment — expands. Investors in closed-model companies should explicitly model the open-weight competitive scenario in their underwriting.
- 6.The first-time fund decade-low pace (81 funds through Q3) combined with 88.2% of LP capital going to fourth-fund-or-later managers signals a structural consolidation of the VC industry itself [1]. The emerging manager ecosystem that historically generated the most innovative investment strategies is being systematically defunded. For founders, this means the realistic set of institutional investors for non-AI, non-mega-round companies is narrowing — and the strategic value of YC, Speedrun, and o…
- 7.Bessemer's AI 100 ranking — with 35% weight on market leadership assessed via analyst reports, public usage data, and customer reviews — creates a new benchmark that AI companies will optimize for [3b]. The November 12 inaugural announcement at the Cerebral Valley AI Summit will be the first major signal of which companies Bessemer considers the defining AI businesses of the era, with direct implications for subsequent fundraising valuations and LP narrative. Companies not on the inaugural list …
- 8.The convergence of USV's 'obliterate markets' thesis, a16z's 'Frontier' category launch, and Emergence's integrated open-weight stack thesis in a single month signals that the top-tier VC competitive dynamic is shifting from deal velocity to thesis differentiation. Firms that cannot articulate a coherent, distinctive investment framework — not just a sector focus — will face increasing difficulty attracting the best founders as the AI era matures and the number of credible AI investors grows.
Trust Summary
15 sources cited this weekDetected across 30 monitored URLs you selected — one URL can surface multiple articles.
Each source is weighted by its trust level. Single-source claims are flagged as unverified during AI synthesis.
Sources
NVCA-PitchBook Q3 2026 Venture Monitor providing authoritative data on US VC deal value ($515.8B through Q3), AI concentration (82.7% of deal value), fundraising polarization (78.1% to $500M+ funds), first-time fund decade-low, unicorn backlog (992 unicorns, $5.7T), and IPO drought (18 Q3 IPOs).
Bain Global Private Equity Report providing the K-shaped recovery characterization and '12 is the new 5' EBITDA growth imperative, confirmed stable across nine consecutive reporting periods through October 2026.
Bessemer Venture Partners Atlas providing the 2026 Healthcare AI ROI Scorecard (226 executives, 65 use cases, 3.5x average ROI, 12-month payback vs. 24 projected), EliseAI $350M financing announcement, and AI 100 ranking launch.
Accel news providing investment announcements for Modal ($750M Series D), Arda ($230M stealth launch), Moneyview IPO (₹22,520 crore AUM), Zetwerk IPO (~$1.68B revenue), and four investments in seven days (Scuba, Origin, Ando).
Emergence Capital providing Verda $189M Series B investment rationale, Arcee AI Series B open-weight thesis, Gainsight outcome-based transition case study ('COGS is the new CAC'), Adaptive construction finance Series B, and Sela mortgage voice AI Series A.
Union Square Ventures providing 'The Next Chapter of USV' thesis evolution (fund expansion, energy merger, 'obliterate markets' framework), Supertake consumer AI product launch, and Tolan $30M financing announcement.
a16z providing General Medicine $120M Series B, 'Frontier' category launch, SAIF infrastructure security foundation, Speedrun SR008 applications, Eka Robotics investment, and American Dynamism manufacturing content.
Coatue Management providing Anthropic $47B RRR milestone and continued partnership announcement, agentic traffic surpassing human traffic observation, compute financing mortgage market scale comparison, and 'waves to ages' framework.
Invest Europe providing European Institutional Investors Pact coverage, 'European Venture Capital: From Momentum to Scale' publication, joint ESG reporting harmonisation statement, 2026 ESG Reporting Templates webinar, and sustained European competitiveness advocacy.
NBER Working Papers providing academic quantification of US AI infrastructure capital requirement: $41 billion per 1 GW campus, $9 trillion total for 188 GW buildout by 2032.
Menlo Ventures providing consumer AI spend estimate ($40 billion in 2026, more than triple prior year) and US adult adoption data (64%, up three points), confirming deepening-without-broadening pattern across all four October weeks.
General Catalyst GCI Institute providing analysis that European startups win barely 1% of the €2.6 trillion annual public procurement market, with four pillars to redirect that buying power toward scaleups.
Y Combinator Blog providing announcements of Vivian Midha Shen and Raphael Schaad as new General Partners (fourth and fifth senior partner additions in 2026), and Winter 2027 batch application timeline (deadline November 2, decisions by December 11).
UK Private Capital (BVCA) providing data that private capital invested £25.0 billion into UK companies in 2025 with £58.7 billion raised by UK-managed funds, backing 1,434 companies of which nine in ten were SMEs.
Index Ventures providing Flapping Airplanes $1B Series A (efficient AI research lab), Hone investment (AI that owns business outcomes), and Oratomic investment (quantum computing).
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