VenCap Weekley Update - 15 August 2025
The latest news on VenCap's underlying portfolio companies.
StubHub updates IPO filing, eyes $1B public debut StubHub is again pushing toward a long-anticipated public offering. After filing an initial S-1 in March and pausing in April due to tariff-related market volatility, the company submitted an updated S-1 this week with Q1 2025 financials included. In 2024, StubHub generated nearly $1.8 billion in revenue with a modest $2.8 million net loss. Stubhub is an underlying asset of VenCap 10 Euro.
Perplexity offers $34.5B to acquire Google Chrome as valuation hits $18B AI-powered search engine Perplexity offered $34.5 billion to acquire Google’s Chrome browser—an audacious move amid potential antitrust remedies facing Google. Perplexity is scaling rapidly, reportedly hitting a $150 million monthly revenue run rate by July 2025. Its conversational AI search platform blends generative models with real-time information retrieval, positioning it as a compelling alternative to traditional search. Perplexity is an underlying asset of VenCap 16.
EliseAI raises $200M at $2B valuation to expand AI voice agents for healthcare and real estate Vertical AI startup EliseAI has secured $200 million in funding at a $2 billion pre-money valuation in a round led by Andreessen Horowitz. The New York-based company builds AI-powered voice agents for the property management and healthcare sectors, automating call responses for residents and patients. EliseAI reached $83 million in contracted annual recurring revenue at the end of 2024 and is targeting $160 million by year-end. EliseAI is an underlying asset of VenCap 16, VenCap 17 and VenCap 18.
Truemeds raises $85M to expand affordable healthcare access across India Mumbai-based Truemeds has raised $85 million in new funding—$65 million primary and $20 million secondary. The round values the six-year-old company at over $400 million, nearly 4x its 2022 valuation. Truemeds focuses on affordable generics rather than fast delivery, helping patients switch to lower-cost alternatives. It serves 500,000 monthly users across 20,000 postal codes and generated ₹5B ($57M) in FY24 revenue. With 66% YoY growth, the startup plans to invest in AI-driven recommendations, expand diagnostics offerings, and triple its fulfillment center footprint. Truemeds is an underlying asset of VenCap 16.
Sources: TechCrunch, The Information, Axios
Perplexity offers $34.5B to acquire Google Chrome as valuation hits $18B AI-powered search engine Perplexity offered $34.5 billion to acquire Google’s Chrome browser—an audacious move amid potential antitrust remedies facing Google. Perplexity is scaling rapidly, reportedly hitting a $150 million monthly revenue run rate by July 2025. Its conversational AI search platform blends generative models with real-time information retrieval, positioning it as a compelling alternative to traditional search. Perplexity is an underlying asset of VenCap 16.
EliseAI raises $200M at $2B valuation to expand AI voice agents for healthcare and real estate Vertical AI startup EliseAI has secured $200 million in funding at a $2 billion pre-money valuation in a round led by Andreessen Horowitz. The New York-based company builds AI-powered voice agents for the property management and healthcare sectors, automating call responses for residents and patients. EliseAI reached $83 million in contracted annual recurring revenue at the end of 2024 and is targeting $160 million by year-end. EliseAI is an underlying asset of VenCap 16, VenCap 17 and VenCap 18.
Truemeds raises $85M to expand affordable healthcare access across India Mumbai-based Truemeds has raised $85 million in new funding—$65 million primary and $20 million secondary. The round values the six-year-old company at over $400 million, nearly 4x its 2022 valuation. Truemeds focuses on affordable generics rather than fast delivery, helping patients switch to lower-cost alternatives. It serves 500,000 monthly users across 20,000 postal codes and generated ₹5B ($57M) in FY24 revenue. With 66% YoY growth, the startup plans to invest in AI-driven recommendations, expand diagnostics offerings, and triple its fulfillment center footprint. Truemeds is an underlying asset of VenCap 16.
Sources: TechCrunch, The Information, Axios
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VenCap International plc
Oxford, United KingdomOur 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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