🧑‍🚀 Top Deals You Can’t Miss

1. Global-e acquires Passport for $425 million, expanding cross-border ecommerce logistics with up to $75 million in earnouts.

2. Stord raises $250 million Series F at a $3 billion valuation, launching Stord Labs to take on Amazon fulfillment.

3. OpenRouter raises $113 million Series B at a $1.3 billion valuation led by CapitalG, with weekly volume at 25 trillion tokens.

Dopamine Dealflow

Series B+ & Growth

• Anthropic | $65B | Series H | San Francisco, CA

  Builds frontier AI models including the Claude family used by enterprises and developers worldwide. Altimeter Capital, Dragoneer, Greenoaks, and Sequoia Capital co-led, joined by Capital Group, Coatue, D1 Capital, GIC, ICONIQ, XN, Baillie Gifford, Blackstone, Brookfield, DST Global, Fidelity, and strategic partners Samsung, SK Hynix, and Micron. Amazon contributed $5 billion of previously committed capital.

• Cognition | $1B | Series (Growth) | San Francisco, CA

  Builds Devin, the autonomous AI software engineer used by Mercedes-Benz, NASA, Goldman Sachs, and Santander, now running at a $492 million annualized revenue run-rate. Lux Capital and General Catalyst led the round and were joined by Founders Fund, 8VC, Ribbit Capital, Atreides, and Layer Global.

• Modal | $355M | Series C | New York, NY

  AI-native serverless cloud compute platform powering generative AI inference, LLM fine-tuning, and computational biotech workloads with annualized revenue now near $300 million. Redpoint and General Catalyst led the round and were joined by Menlo Ventures, Bain Capital Ventures, Accel, and existing backers.

• Stord | $250M | Series F | Atlanta, GA

  Operates a physical intelligence platform combining AI, robotics, and a nearly 100-location fulfillment network that processes over $15 billion in GMV annually for more than 1,000 brands. Strike Capital led the round and were joined by Kleiner Perkins, Founders Fund, Franklin Templeton, Baillie Gifford, G Squared, Bond, and Lux.

• Capchase | $200M+ | Growth | New York, NY

  Provides AI-powered vendor financing that lets enterprise software buyers spread payments while sellers get paid upfront. 01 Advisors led the equity component, joined by Caffeinated Capital, Thomvest Ventures, Scifi VC, Bling Capital, and Invesco, alongside a $174 million credit facility.

• OpenRouter | $113M | Series B | San Francisco, CA

  Operates a unified API gateway that routes enterprise traffic across hundreds of foundation models, with weekly inference now exceeding 25 trillion tokens. CapitalG led the round and were joined by NVentures, ServiceNow Ventures, MongoDB Ventures, Snowflake Ventures, Databricks Ventures, Andreessen Horowitz, and Menlo Ventures.

• Garner Health | $100M | Series E | New York, NY

  Operates a healthcare quality and cost navigation platform built on a proprietary dataset of physician outcomes. Index Ventures led the round and were joined by Kleiner Perkins, Redpoint, Thrive, Sequoia, Founders Fund, and Kaiser Permanente Ventures, taking the company to a $2.74 billion valuation.

• Thea Energy | $100M | Series B | Kearny, NJ

  Princeton spinout designing a software-controlled stellarator fusion reactor that uses smaller planar magnets to shape plasma fields. U.S. Innovative Technology Fund led the round and were joined by General Innovation Capital Partners, Linse Capital, Climate Capital, Emerald Technology Ventures, and Idemitsu Kosan.

• Moment | $78M | Series C | New York, NY

  AI operating system for investment and wealth management firms with modular agents for fixed income, trading, rebalancing, portfolio management, and compliance. Index Ventures led the round and were joined by Andreessen Horowitz, Avra, and other existing investors.

• WeRoad | $58M | Series C | Milan, Italy

  Italian group travel platform that organizes guided adventure trips for millennial and Gen Z travelers, generating €130 million in 2025 revenue. Airbnb led the round, taking a 10 percent stake and a board seat, with existing investor H14 joining.

• August Robotics | $30M | Series B | Hong Kong, SAR

  Builds autonomous construction robotics including drilling robots developed with DeWalt now deployed across US and European data center and infrastructure projects. Big Pi Ventures led the round and were joined by Blackbird, Skip Capital, Tanarra, Future Family Office, and GS Futures

• Daloopa | $47M | Series C | New York, NY

  Builds the financial data infrastructure powering AI-driven equity research and underwriting workflows. Brighton Park Capital led the round and were joined by Squarepoint Capital, Touring Capital, and Nexus Venture Partners.

• Triomics | $22M | Series B | New York, NY

  Oncology-specific AI platform automating clinical trial matching and chart abstraction at cancer centers. Battery Ventures led the round and were joined by Nexus Venture Partners, Lightspeed, and Y Combinator.

Series A

• Focused Energy | $240M | Series A | Darmstadt, Germany

  Building the world's first laser fusion power plant at the former RWE Biblis site near Frankfurt. RWE, the European Innovation Council Fund, and Germany's SPRIND joined existing lead Prime Movers Lab, with RWE contributing $60 million of the round.

• Quartermaster | $43M | Series A | Arlington, VA

  SmartMast sensor and analytics platform turns commercial ships into a continuous, distributed maritime sensing network now spanning 25 countries and four continents. First Round Capital and Quiet Capital led the round.

• Catena Labs | $30M | Series A | Boston, MA

  Builds AI-native banking and compliance infrastructure for agentic finance, founded by Circle co-founder Sean Neville and now applying for a national trust bank charter. Acrew Capital and a16z crypto co-led the round and were joined by Breyer Capital, General Catalyst, and QED.

• NavigateAI | $25M | Series A | San Francisco, CA

  AI copilot for field workers, contractors, and tradespeople in construction, real estate, and data center development, with launch partners including Lennar and Tishman Speyer. Elad Gil led the round and were joined by Khosla Ventures, Lennar, Tishman Speyer, and Helix Electric.

• REPS | $23.6M | Equity Round | Tyrol, Austria

  Converts vehicle braking energy into clean electricity through patented Road Energy Production Systems already deployed at the Port of Hamburg. Equity investor syndicate undisclosed.

• Lucis | $20M | Series A | Paris, France

  AI-driven preventive health platform that analyzes more than 110 blood biomarkers across metabolic, hormonal, and cardiovascular systems with physician-reviewed recommendations. Singular led the round and were joined by General Catalyst and Y Combinator.

• PlayerData | $12M | Series A | Edinburgh, UK

  Sports performance platform pairing wearables with connected balls and AI-driven video capture across soccer, rugby, and tennis. Pentland Ventures, Darco Ventures, and Bolt Ventures led the round and were joined by Tennis Australia and Kevin Durant's 35V.

• Olyzon | $10M | Series A | Paris, France

  Agentic decisioning layer for connected TV advertising, already live with Publicis, WPP, OMD, Mastercard, Audi, and McDonald's. S4S Ventures led the round and were joined by Eurazeo.

Seed & Early Rounds

• NavigateAI | $25M | Seed | San Francisco, CA

  AI copilot for field workers providing real-time upskilling and automated quality control across construction and home services. Elad Gil led the round and were joined by Khosla Ventures, Lennar, Tishman Speyer, and Helix Electric.

• Khloud | $15M | Funding | Los Angeles, CA

  Founded by Khloé Kardashian, the brand sells high-protein popcorn and protein chips across 29,000 retail doors including Target, Walmart, Starbucks, Kroger, Albertsons, and Amazon. K5 Global, Serena Ventures, WME, and Shrug Capital have backed the company.

• Itera | $12M | Seed | San Francisco, CA

  Exited stealth with fluid circuit board technology that uses liquid metal substrates to reconfigure electronics in under 60 seconds, compressing months of hardware iteration into days. Upfront Ventures, Costanoa Ventures, and Colle Capital led the round.

• Arc | $10.76M | Seed | San Francisco, CA

  Builds an AI voice ordering and optimization platform for QSR drive-thrus, claiming 95 percent order accuracy and a 4 to 5 percent bump in average ticket from smarter upselling. Andreessen Horowitz led the round and were joined by Adverb Ventures, Broadway Restaurant Group, United Talent Agency, OpenAI CFO Sarah Friar, and Ticketmaster President Saumil Mehta.

• Foundation | $6.4M | Strategic Round | Boston, MA

  Bitcoin hardware wallet maker expanding into digital identity, multi-factor authentication, and real-time AI agent authorization through its new Passport Prime device. Fulgur Ventures led the round and were joined by Arche Capital.

• Rep AI | $6.2M | Strategic Follow-On | Tel Aviv, Israel

  Ecommerce AI platform unifying pre-purchase shopper intent detection, conversion optimization, and post-purchase support. Silicon Road Ventures led the round and were joined by Osage Venture Partners, Flashpoint Venture Capital, and strategic investor Zendesk.

• Go Swag | $5M | Seed | London, UK

  AI-powered corporate gifting platform supplying Meta, Apple, Netflix, and ElevenLabs, with five consecutive years of triple-digit growth. Mercia Ventures led the round and were joined by Techstart Ventures.

• Campo Grande | $4M | Seed | New York, NY

  Premium Iberico pork brand positioning the protein as the wagyu of pork inside U.S. grocery cold cases. Round details remain undisclosed.

• Hardline | $2M | Pre-Seed | Santa Monica, CA

  Voice-first construction technology that turns jobsite phone calls into structured daily logs, RFIs, punch lists, and change orders. Mucker Capital led the round and were joined by Suffolk Technologies, StandUp Ventures, Nirman Ventures, and Alumni Ventures.

Strategic, M&A & Undisclosed

• Global-e / Passport Global | up to $430M | Acquisition | Petah Tikva, Israel

  The deal strengthens Global-e's cross-border e-commerce stack with Passport's asset-light multi-carrier logistics network, adding roughly $100 million in 2026 revenue and closing in early July.

• Caesars Entertainment | $17.6B | Acquisition | Reno, NV

  The deal strengthens Fertitta Entertainment's hospitality and gaming portfolio across the Las Vegas Strip, with shareholders receiving $31 per share in cash and a go-shop period running through July 11.

• Qualcomm / ByteDance | Strategic | Chip Supply Agreement | San Diego, CA

  The deal lands Qualcomm one of its earliest high-profile ASIC buyers for AI data centers, with millions of chips flowing to ByteDance to underpin its AI agent software within current U.S. export control limits.

IPOs / Direct Listings / Issuances / Block Trades

• Deep Fission | $156M | IPO | Berkeley, CA

  Filed an S-1 to list on Nasdaq under ticker FISN, offering 6 million shares at $24 to $26 to fund its Gravity Nuclear Reactor, an underground small modular reactor targeting AI data center power needs at a $1.66 billion valuation. William Blair, Stifel, and Canaccord Genuity are leading the underwriting.

VC Funds Raised & Raising

• Convective Capital | $85M | Fund II | Bay Area

  Expanding from wildfire-only mandate to a broader physical-resilience thesis covering flood, storm, and grid risk across roughly 18 pre-seed, seed, and Series A checks. Backed by John and Patrick Collison, the Arbor Day Foundation, Pathstone, StepStone Group, WovenEarth Ventures, two insurance companies, and a pension fund.

Founders: Want to be featured on @tradedvc? → traded.co/submit/vc

Read of the Day

STORD DOUBLES VALUATION TO $3 BILLION

$250 million Series F funds new Stord Labs robotics push to challenge Amazon

Atlanta-based Stord raised $250 million in Series F funding at a $3 billion post-money valuation, doubling its mark from a $1.5 billion valuation just twelve months ago. Strike Capital led the round, joined by Kleiner Perkins, Founders Fund, Franklin Templeton, Baillie Gifford, G Squared, Bond, and Lux.

Powered by Physical Intelligence

Stord runs an end-to-end commerce platform spanning software, fulfillment, and now AI-driven robotics. The company processes more than $15 billion in GMV annually across nearly 100 facilities (20 operated, around 80 partner sites), with packages reaching roughly one in four U.S. households each year.

The Strategy

Alongside the raise, Stord launched Stord Labs in Atlanta, a dedicated R&D environment for applying agentic AI and robotics to warehouse and fulfillment operations. The capital will fund expansion of "physical intelligence" across its full network and accelerate a software business that tripled in 2025, with Q1 2026 new bookings more than doubling quarter over quarter.

Why It Matters

Stord's round formalizes the thesis that beating Amazon on fulfillment requires owning the physical layer, not just the software. By coupling more than 1,000 brand relationships with proprietary robotics R&D and a nearly 100-location footprint, Stord positions itself as the merchant-friendly counterweight to FBA. The $3 billion valuation, doubled in twelve months under Strike Capital's continued lead, signals that growth-stage investors are still willing to underwrite physical AI bets at scale, especially where there is a clear line of sight to displace incumbent infrastructure.

👉 Read The Whole Story Here

Other News You Don’t Want To Miss

• Qualcomm Strikes AI Chip Deal With TikTok Owner ByteDance

  Millions of Qualcomm ASICs will ship to ByteDance to underpin its AI agent software, sending Qualcomm shares to an all-time high near $248.

• Zoom's $51M Anthropic Bet Now Worth $1.27B

  A 2023 Zoom Ventures check has produced a near $1 billion paper gain ahead of Anthropic's expected $30 billion raise at a $900 billion valuation.

• Uber Proposes €10B Takeover of Delivery Hero

  Uber has lifted its Delivery Hero stake to roughly 19.5 percent and proposed a €33-per-share takeover, with DoorDash circling the Talabat unit separately.

• Deep Fission Files $156M Nasdaq IPO

  The Berkeley-based small modular reactor startup will list as FISN at a $1.66 billion valuation to fund underground reactors aimed at AI data center power demand.

• Anthropic Opens Milan Office as EMEA Revenue Grows 9x

  Milan joins Paris, Munich, Dublin, Zurich, and London as Anthropic triples its international headcount to chase European enterprise demand.