VenCap Weekley Update - 08 August 2025

The latest news on VenCap's underlying portfolio companies.
VenCap Weekley Update - 08 August 2025
OpenAI nears $500B valuation amid explosive revenue growth
OpenAI’s meteoric rise continues as it reportedly approaches a $500 billion valuation through a secondary stock sale, up from $300 billion earlier in 2025. With ChatGPT now used by 700 million weekly active users exchanging over 3 billion messages daily, the company is on pace to exceed $20 billion in annual revenue by year-end, doubling previous projections. OpenAI’s financial expansion is matched by infrastructure scaling — including a projected $8 billion in cash burn — and a $40 billion funding round led by SoftBank. OpenAI is an underlying asset of VenCap 6, VenCap 10A, VenCap 13A, VenCap 13B, VenCap 15, VenCap 16, VenCap 17, VenCap 18, VST140207 and VST160229.
 
Harvey hits $100M ARR as legal AI adoption accelerates
Legal AI platform Harvey has surged to $100 million in annual recurring revenue just three years after founding, driven by rapid uptake from over 500 enterprises in 54 countries — including 42% of the top 100 US law firms. The company’s seat-based licensing model has proven sticky, particularly for legal research and diligence tasks. Valued at $5 billion following a recent $300 million Series E, Harvey has raised over $800 million to date and is expanding into adjacent sectors like tax and accounting. Harvey is an underlying asset of VenCap 16 and VenCap 17.
 
fal raises $125M to scale generative media infrastructure
AI infrastructure firm Features & Labels (fal) closed a $125 million Series C in July 2025 at a $1.5 billion valuation, led by Meritech Capital and joined by Salesforce Ventures, Google AI Futures Fund, Shopify Ventures, and others. Fal provides real-time generative media infrastructure — supporting video, image, audio and 3D generation — to over 1 million developers and 100+ enterprises including Canva, Quora and Perplexity. With funding momentum and previous backers like Andreessen Horowitz and Bessemer onboard, fal aims to scale AI-native media creation through developer-friendly APIs and low-latency deployment tools. Fal is an underlying asset of VenCap 6, VenCap 16, VenCap 17 and VenCap 18.
 
Rillet lands $70M to reinvent ERP for finance teams
Rillet, the AI-native ERP platform for finance, secured $70 million in a Series B round co-led by Andreessen Horowitz and ICONIQ Capital, with backing from Sequoia and Oak HC/FT. Founded by ex-N26 executives, Rillet is replacing legacy ERP systems with collaborative, AI-first tools tailored to accounting workflows. Already serving 200+ SaaS customers, the platform accelerates monthly close cycles and scales with lean teams. With over $100 million raised in under a year, and board additions from a16z and ICONIQ, Rillet is poised to redefine how modern finance teams operate. Rillet is an underlying asset of VenCap 16, VenCap 17 and VenCap 18.
 
Clay valued at $3.1B after $100M Series C led by CapitalG
Clay, the New York-based AI-powered go-to-market platform, raised a $100 million Series C at a $3.1 billion valuation, led by Alphabet’s CapitalG and joined by Sequoia, Meritech, Sapphire Ventures and others. The platform integrates over 150 data sources to help sales and marketing teams automate prospecting, personalise outreach and drive growth campaigns. Serving 10,000+ customers — including OpenAI, Anthropic and Cursor — Clay is expanding both product development and the recognition of GTM engineering as a technical career track. Clay is an underlying asset of VenCap 6 and VenCap 16.
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VenCap International plc
VenCap International plc
Oxford, United Kingdom
Our mission at VenCap is to build a concentrated portfolio of venture funds from those VCs that consistently back the top 1% of companies and deliver strong and consistent performance to our investors. VenCap has committed USD 2.9 billion to this small group of top-tier VC’s in the US, Europe, China and India - our Core Managers. We work closely with the venture firms with whom we invest to provide insight and analytics that help inform their own decisions. We believe that this focus gives us a competitive advantage when it comes to identifying and accessing the best firms in the industry. VenCap was founded in 1987, and as such we are one of the longest-established investment management and advisory firms active in the VC industry today. We believe that venture capital is a long-term business that is based on strong personal relationships. We have been trusted to manage capital by many leading institutions and family offices across the world with whom we have developed strong and lasting relationships based on trust, transparency and authenticity. More information on our website: https://www.vencap.com/
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