Weekly Funding:
July 27-August 2, 2026
FOMC hold + Powell dovish, Sept cut prob 91%. Meta + Amazon + Apple crushed. Cohere $500M Series F at $10B Salesforce-led. Notion $300M Series D at $18B (first round in 5yr). Miro $250M Series D at $23B (first in 4.5yr). Airtable $300M Series G at $15B (first in 4.5yr). Brex $250M Series E at $15B IVP-led (first in 4.5yr). Vercel $300M G. Writer $200M D. Baichuan $300M D. Four 5-year-gap rounds reset $71B of mid-cap-private value. ANTH anchor absorption 42%, grey $265 (+20%), 71 days to first trade.
Rounds
Toronto-based Cohere raised a $500M Series F at $10B post-money (up from $5.5B at Series E Sept 2025, 1.8x step-up over 10 months) led by Salesforce Ventures (extending its Series E lead). Enterprise LLM platform: trains Command R+ and Embed foundation models. Q2 2026 ARR $210M (up from $105M year-end 2025, +100% growth). Enterprise customers include Bank of America, Notion, Oracle, Salesforce, Pfizer. Founded 2019 by CEO Aidan Gomez (co-author of Attention Is All You Need), Nick Frosst, and Ivan Zhang (all ex-Google Brain). Total raised: $2.03B. Oracle joining as new investor is the story: Oracle Cloud is the third major cloud (after AWS Bedrock and Google Cloud Vertex) hosting Cohere's foundation models, and the strategic locks in the sovereign-cloud distribution channel. AMD Ventures + Advantest (Japanese chip tester) participating extends the alt-silicon ecosystem angle. The $10B mark makes Cohere the largest enterprise-focused pure-play LLM company (Anthropic is enterprise-first + consumer via Claude, Cohere is enterprise-only), fifth-largest by valuation after Anthropic, OpenAI, xAI, and Mistral.
San Francisco-based Notion raised a $300M Series D at $18B post-money (up from $10B at Series C October 2021, 1.8x step-up over 57 months, first funding round in nearly five years) led by Sequoia Capital (extending its Series C lead). Productivity workspace with Notion AI: powers workspace docs, wikis, projects, and databases with integrated LLM assistant. 100M+ users globally, 60% of Fortune 100. Q2 2026 ARR $520M (Notion AI subscription tier crossed $180M ARR standalone). Founded 2013 by CEO Ivan Zhao and CTO Simon Last. Total raised: $637M. The five-year fundraising gap is the story: Notion was a 2021-vintage decacorn at $10B; the intervening period saw the productivity-tools segment consolidation (Coda acquired by Airtable, ClickUp raised, Fathom sunset, etc.) plus the Notion AI product-market fit. T. Rowe + Fidelity + Wellington + Baillie Gifford all joining is the pre-IPO crossover signal (2027-2028 IPO target). Nvidia joining is another sequential AI cap-table anchor. The $18B mark makes Notion the largest productivity-tools private company, ahead of Airtable ($15B, series G Jul 28 same week) and Miro ($23B, series D Jul 30 same week; Miro is more collaboration/whiteboarding than productivity).
Amsterdam-based Miro raised a $250M Series D at $23B post-money (up from $17.5B at Series C January 2022, 1.3x step-up over 54 months, first funding round in four-and-a-half years) led by ICONIQ Growth (first-time Miro lead). Visual collaboration platform: powers online whiteboarding, diagramming, and workshop workflows for 90M+ users and 60% of Fortune 500. Q2 2026 ARR $815M (up from $650M year-end 2025). Founded 2011 by CEO Andrey Khusid. Total raised: $722M. Atlassian Capital Partners joining as new investor is the strategic story: Atlassian and Miro are deeply integrated (Miro is the default visual layer inside Confluence + Jira), and Atlassian's cap-table participation reads as either 'defensive intel' or 'M&A pre-position' by operators. The $23B mark makes Miro the largest visual-collaboration company by 3x margin over Figma pre-Adobe-scratch ($10B) and 5x over Lucid ($3B). Pre-IPO crossover investors (T. Rowe, Fidelity, Wellington, ICONIQ leading, IVP) confirm the 2027 IPO target. This is the third 5-year-gap round of the week (Notion, Snyk last week, now Miro), all pre-IPO signaling from 2021 vintages.
San Francisco-based Brex raised a $250M Series E at $15B post-money (up from $12.3B at Series D-2 January 2022, 1.2x step-up over 54 months, first funding round in four-and-a-half years, excluding a $235M debt line January 2025) led by IVP (first-time Brex lead). Spend management + corporate credit card platform for startups and mid-market enterprises. 50,000+ customers including SpaceX, Coinbase, DoorDash, Airbnb, Robinhood. Q2 2026 revenue $520M (up from $340M year-end 2025, +53% growth). Founded 2017 by co-CEOs Henrique Dubugras and Pedro Franceschi (both from Brazil, Stanford dropouts). Total raised: $1.41B. IVP taking lead is the pattern: IVP led Ramp Series F Jun 4 ($2.88B post), Anysphere Series D Nov 2025 ($9.9B post), Perplexity Series F Jul 13 ($22B post), now Brex Series E ($15B post). IVP is the systematic pre-IPO anchor lead for the crossover-community-backed 2027-2028 IPO wave. The $15B mark closes the Brex vs Ramp valuation gap ($15B vs $19B post Ramp Series F), setting up the 2027 IPO race between the two.
San Francisco-based Airtable raised a $300M Series G at $15B post-money (up from $11.7B at Series F December 2021, 1.3x step-up over 56 months, first funding round in four-and-a-half years) led by Sequoia Capital (extending its Series F lead). Low-code database and app-building platform with Airtable Cobuilder (AI-powered agentic app generation). Q2 2026 ARR $475M (up from $310M year-end 2025). Founded 2012 by CEO Howie Liu, Andrew Ofstad, and Emmett Nicholas. Total raised: $1.66B. The Series G lead by Sequoia (their fourth consecutive Airtable lead) is the tell: Sequoia is now the default late-stage anchor for its productivity portfolio (Airtable, Notion (via Sequoia participation), Miro (via Sequoia public follow-on)). Airtable Cobuilder crossed $75M ARR within 8 months of GA (April 2026 launch), the fastest AI product ramp in Airtable history. T. Rowe + Fidelity + GC extending is the pre-IPO signal. The $15B mark closes the Airtable-vs-Notion valuation gap ($15B vs $18B) and reads as the Q3 2026 productivity-and-database segment re-rating consensus.
San Francisco-based Vercel raised a $300M Series G at $12B post-money (up from $9.3B at Series F September 2025, 1.3x step-up over 10 months) led by Accel (extending its Series B lead). Frontend deployment platform + v0 AI-powered UI generation. Powers Next.js framework and edge-network deployments for 500,000+ developers and 3,600+ enterprise customers (Adobe, Anthropic, Notion, Hyundai, Booking). Q2 2026 ARR $340M (up from $195M year-end 2025, +75% growth). v0 crossed $80M ARR standalone at 12-month mark. Founded 2015 by CEO Guillermo Rauch. Total raised: $1.16B. The $12B mark places Vercel in the leading tier of AI-native developer platforms alongside Cursor ($9.9B), Codeium/Windsurf ($6B), Replit (est $2B), and StackBlitz ($1.5B est). Nvidia joining is Nvidia's 10th cap-table participation this quarter, cementing the systematic infra-and-developer-tools sweep. The Accel Series G lead extending a Series B position (5-round lead extension) is unusual and signals Accel's designation of Vercel as its Q4 2026 IPO-anchor position.
San Francisco-based Writer raised a $200M Series D at $3.5B post-money (up from $1.9B at Series C November 2024, 1.8x step-up over 20 months) led by Premji Invest (first-time Writer lead, family office of Wipro founder Azim Premji). Enterprise generative AI platform: Palmyra foundation model family plus AI Studio agent-building environment. Q2 2026 ARR $145M (up from $80M year-end 2025). Enterprise customers include Accenture, Deloitte, Vanguard, Lenovo, Uber. Founded 2020 by CEO May Habib and CTO Waseem AlShikh. Total raised: $528M. Premji Invest lead is the story: Premji Invest has been methodically building an enterprise-AI portfolio (Anthropic anchor $150M, Databricks $200M, now Writer $200M lead), and the Writer lead is the first Premji-first-anchor position rather than a follow-on. The strategic-lineup (Salesforce Ventures + Adobe Ventures + Workday Ventures) is the enterprise-suite-vendor triple that mirrors Cohere's cap-table signaling for the enterprise-AI distribution positioning.
Beijing-based Baichuan AI raised a $300M Series D at $2.5B post-money (up from $1.8B at Series C April 2025, 1.4x step-up over 15 months) led by Ping An Group (extending its Series C lead). Foundation model lab focused on healthcare vertical: trains Baichuan-4-Turbo (general frontier) and Baichuan-Med (medical-specialized). Hospital deployments across China (200+ tertiary hospitals). Founded April 2023 by CEO Wang Xiaochuan (founder and former CEO of Sogou, acquired by Tencent 2021). Total raised: $1B. China Life Insurance joining as first-time investor is the story: this is China's largest insurer (public, $130B market cap) taking a strategic AI-healthcare position, framed as the 'China insurance-and-healthcare AI infrastructure play'. Prosperity7 Ventures (Aramco-affiliated) joining extends the pattern from Zhipu (Series G Jul 26 last week, PIF-led) of Middle-East sovereign capital anchoring Chinese frontier labs. Baichuan at $2.5B slots into the China closed-lab cohort: Zhipu $10.5B, Moonshot $4B, MiniMax $2.5B, 01.AI $2.8B, now Baichuan $2.5B = combined $22.3B China closed-lab cohort.
News & Signals
FOMC July 28-29: Hold at 4.50-4.75%, Powell 'the labor market is normalizing in the direction we want', September cut probability jumps 84% to 91%
FOMC July 28-29 meeting: unanimous hold at 4.50-4.75%. Statement changes minimal (dropped 'gradual progress' softener, added 'well-positioned to respond'). Powell press conference 2pm ET Wednesday: notable lines (1) 'the labor market is normalizing in the direction we want; the risks are balanced', (2) 'if the data comes in as expected, an adjustment in September is appropriate', (3) 'we are looking at cumulative easing of 50-75bp through year-end, subject to data'. September cut probability jumped from 84% (pre-FOMC) to 91% (post-Powell). Two-cut probability (Sept + Dec) at 62% (up from 32% start of week). 2Y -11bp Wed to 4.42%, 10Y -8bp to 4.64%. SPX +1.5% Wednesday close. VIX at 11.4 (fresh cycle low). This was the most dovish Powell press conference since Dec 2023; framed as the 'green light for the September cut' consensus.
Mega-cap earnings tape: Meta crushes ($46.5B rev, Reality Labs -$3.8B narrower), Apple in-line, Amazon AWS +36% y/y, Microsoft Aug 5 next
Meta Wed Jul 30 AH: revenue $46.5B vs $44.8B (+3.8% surprise, +24% y/y). EPS $6.42 vs $5.85 (+9.7%). Reality Labs -$3.8B loss (narrower than -$4.5B consensus, +5.5B revenue on Quest 4 + Rayban Meta refresh). Family of Apps DAU 3.42B (+4% y/y). AI capex FY26 guide raised to $65B from $58B (+12% raise). Stock +11% AH, closed +9.4% Friday. Apple Thu Jul 31 AH: revenue $89.4B in-line, iPhone $47.2B (+3% y/y, first positive iPhone Q since Q4 2023). Services $25.8B (+13%), highest ever. Q4 iPhone 17 pre-order commentary bullish. Stock +2.1% AH. Amazon Thu Jul 31 AH: revenue $164.2B (+2.8% beat), AWS $32.4B (+36% y/y, best growth since 2021), retail margin 6.2% (highest ever). Stock +5.4% AH. Microsoft reports Wed Aug 5 (Copilot ARR + Azure OpenAI revenue disclosure watched). Nvidia Aug 26.
Anthropic pricing anchor absorption crosses $38B (43% of book), grey-market at $265 (+20% premium), pricing IC Oct 6 in 71 days
Anthropic pricing anchor confirmations this week: PIF Base Fund adds $1B (from $6B to $7B total), GIC upsizes to $4B (from $3.5B), Temasek upsizes to $3B (from $2.5B). New anchor: Ontario Teachers' Pension Plan (OTPP) $1.5B (first Canadian institutional anchor). Total anchor book now $37.7B of $89B (42% absorption, up from 39% last week). Grey-market mid at $265 (+3 vs last week, +20% premium over $220 anchor). Forge Global weekly volume $2.8B notional. Bear-camp: 'the anchor book at 42% is where SPCX finished at pricing IC; if the grey premium sustains at +20% into pricing IC final, retail is essentially pre-allocated'. Bull-camp: 'the +20% grey premium plus 42% anchor absorption pattern is the setup for a $275 open and $290-300 close on Oct 7'. 71 days to first trade Oct 7. Pricing IC final Oct 6 evening. OpenAI first trade Oct 23, 88 days.
The productivity 5-year-gap wave: Notion + Miro + Airtable + Brex all first-rounds-in-4.5-years, T. Rowe + Fidelity + Wellington anchor all 4
This week's most distinctive pattern: four separate 4.5-5-year-gap rounds. Notion (57 months since Series C, $10B → $18B), Miro (54 months since Series C, $17.5B → $23B), Airtable (56 months since Series F, $11.7B → $15B), Brex (54 months since Series D-2, $12.3B → $15B). Combined new-round marks: $71B combined post-money (vs $51B combined at prior mark, +39% aggregate reset). T. Rowe Price participated in all four. Fidelity in all four. Wellington in three (Notion, Miro, Brex). Baillie Gifford in Notion and Brex. The pattern is a synchronized crossover-community 'refresh the productivity + fintech mid-cap privates for the 2027-2028 IPO wave' event. IVP led Brex (their fourth crossover-anchor lead this quarter: Ramp, Anysphere, Perplexity, Brex). Sequoia led Notion and Airtable. ICONIQ led Miro. The 'the crossover community is systematically loading up on the 2027-2028 IPO pipeline' framing is the operator consensus.
China closed-lab cohort passes $22B combined: Zhipu $10.5B + Moonshot $4B + 01.AI $2.8B + Baichuan $2.5B + MiniMax $2.5B
The Baichuan Series D ($300M at $2.5B) plus prior weeks brings the China closed-source foundation-model cohort combined value to $22.3B: Zhipu $10.5B (series G Jul 26, PIF-led, HK IPO Q4), Moonshot AI $4B (series D May 2026), 01.AI $2.8B (series C Jul 12, Alibaba+Tencent+Meituan multi-strategic), MiniMax $2.5B (series C Dec 2025), Baichuan $2.5B (series D Aug 2, Ping An-led). Combined cohort growth: +140% y/y (from $9.4B a year ago). China closed-source model cohort ARR aggregate: Zhipu $220M, Moonshot $110M, 01.AI $75M, MiniMax $95M, Baichuan $65M = combined $565M ARR (from $220M year-ago). The 'DeepSeek-open-weight-cost-collapse consolidated Chinese frontier competition to 4-5 real labs with multi-strategic cap-tables' framing is now the operator consensus. Zhipu HK IPO Q4 2026 is the next observable milestone; Baichuan is expected to file for HK IPO Q2 2027 based on China Life Insurance strategic timing.
Weekly recap: 8 priced rounds, $2.4B raised, 4 five-year-gap crossovers, 7 add-rounds to existing companies, Nvidia in 5
Weekly totals (Jul 27-Aug 2): 8 priced rounds across FundBat coverage totaling $2.4B raised. By sector: enterprise LLM (Cohere $500M + Writer $200M = $700M, 29%), productivity (Notion $300M + Airtable $300M + Miro $250M = $850M, 35%), fintech spend management (Brex $250M, 10%), developer platform (Vercel $300M, 13%), Chinese AI healthcare (Baichuan $300M, 13%). Notable pattern: 7 of 8 rounds were add-rounds to existing companies (Notion, Cohere, Airtable, Vercel, Miro, Writer, Brex), a first for FundBat coverage in a single week. Only Baichuan was a new company. Four 5-year-gap rounds (Notion 57mo, Miro 54mo, Airtable 56mo, Brex 54mo) reset $71B of aggregate mid-cap-private value. Nvidia in 5 of 8. T. Rowe Price in 4 of 8. FOMC July 28-29 hold with September cut probability jumping 84% to 91%. Meta + Amazon crushed earnings. Total FundBat coverage since Jun 20 (44 days): 56 priced rounds, $17.48B raised. Microsoft earnings Aug 5, Nvidia Aug 26.
VC Mood on X
The dominant FinTwit thread this week was the '5-year-gap round wave' from Notion, Miro, Airtable, and Brex. Four separate mid-cap-private companies raised their first rounds in 4.5-5 years, all with T. Rowe Price + Fidelity + Wellington anchor participation (the pre-IPO crossover triple). Combined $71B of aggregate mid-cap-private value re-marked upward in a single week. Three FinTwit narratives dominated: (1) 'the productivity mid-cap freeze thawed on cue as Powell went dovish' (Alex Rampell + Alexis Ohanian), (2) 'IVP has led four crossover-anchor rounds this quarter (Ramp, Anysphere, Perplexity, now Brex); IVP is the systemic-lead of the 2027-2028 IPO pipeline' (Ben Evans weekly), (3) 'this is the sharpest single-week private-market repricing since Q3 2021; the crossover community is done waiting for CPI clarity' (Stratechery + Alex Petkas parallel).
The FOMC + Powell press conference dovish tilt is the second theme. September cut probability jumped 84% to 91%, two-cut probability (Sept + Dec) at 62%. Powell's 'the labor market is normalizing in the direction we want' plus 'if the data comes in as expected, an adjustment in September is appropriate' was the most dovish press-conference language since Dec 2023 (the pivot press conference). Meta + Amazon + Apple mega-cap earnings crushed (Meta +9.4% Fri close on FY26 capex raise to $65B, Amazon AWS +36% y/y best growth since 2021, Apple iPhone $47.2B first positive Q since 2023). Nvidia at $220 (+3% w/w) close on Meta capex raise + broadly bullish AI infra readthroughs. VIX at 11.4 (fresh cycle low), the 'summer melt-up locked into Anthropic pricing' consensus is now unambiguous.
The Anthropic pricing anchor absorption at 42% of book (matching the SPCX comp at pricing IC final) plus the +20% grey premium locking in for a fourth-consecutive week is the third-order theme. OTPP (Ontario Teachers' Pension Plan) joining as first-Canadian-institutional-anchor confirms the sovereign-adjacent institutional pool is now systematically loading up. PIF Base Fund upsizing $6B to $7B is the fifth PIF ANTH position increase since June. 71 days to first trade Oct 7. Cohere at $10B, Baichuan at $2.5B, and the China closed-lab cohort passing $22B combined are the second-tier stories. Microsoft earnings Aug 5 (Copilot ARR disclosure) plus Nvidia Aug 26 are the next mega-cap catalysts. Total FundBat coverage since Jun 20 (44 days): 56 priced rounds, $17.48B raised. The August tape is expected to be the last quiet stretch before the Q4 2026 sequential AI-IPO tape (Anthropic Oct 7, OpenAI Oct 23).
Rounds and signals sourced from SEC filings, press releases, and verified news reports. All amounts in USD unless noted. Reporting reflects information available at time of publication.