BitGo quietly files for IPO
Crypto custody provider BitGo has confidentially filed for an initial public offering, according to The Information. The company, which secures digital assets for institutions, is one of the most established names in crypto infrastructure and its IPO would mark a rare public listing for the sector. BitGo is an underlying asset of VenCap 6.

Perplexity valued at $18B with fresh funding
Artificial intelligence startup Perplexity has raised $100 million in a funding round that boosted its valuation to $18 billion, up from $14 billion earlier this year. The company was founded in 2022 and has seen rapid momentum thanks to its AI-powered search engine, which synthesises real-time web data into direct, conversational responses—positioning it as a compelling alternative to Google. Perplexity’s revenue has grown from a $35 million annual run rate in mid-2023 to an estimated $150 million per month as of July 2025. Perplexity is an underlying asset of VenCap 16.

Lovable hits $1.8B valuation and $100M ARR with AI app builder
Swedish startup Lovable raised a $200 million Series A led by Accel at a $1.8 billion valuation and surpassed $100 million in annual recurring revenue. The company’s AI-powered “vibe coding” platform lets non-technical users build full-stack software via natural language and has attracted 2.3 million active users and 180,000 paying subscribers. It recently launched a new Business tier aimed at enterprise users and counts Klarna, HubSpot, and Photoroom among its clients. Over 10 million projects have been built with Lovable so far. Lovable is an underlying asset of VenCap 16.

OpenAI introduces enterprise workflow automation tools
OpenAI has launched new capabilities for ChatGPT subscribers that allow spreadsheet and presentation generation, web automation, and app integrations. The tools—marketed under the “ChatGPT agent” banner—combine features like browsing, report generation, and code execution with integrations for Gmail and GitHub. The update positions OpenAI to challenge Google Workspace and Microsoft Office as a full-fledged productivity platform. Document collaboration tools are also in the works. OpenAI is an underlying asset of VenCap 6, VenCap 10A, VenCap 13A, VenCap 13B, VenCap 15, VenCap 16, VenCap 17 and VenCap 18.

Substack raises $100M to fuel growth
Newsletter platform Substack has raised $100 million in new funding to further support writers and expand its subscription tools. The round, which includes backing from existing investors such as Andreessen Horowitz, reportedly values the company at around $650 million. Substack now supports more than 3 million paid subscriptions across its platform. Substack is an underlying asset of VenCap 6, VenCap 13B, VenCap 15, VenCap 16 and VenCap 17.