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📈 Goldman and Smith Point back Bestow’s shift to insurance SaaS Insurtech startup Bestow has closed a $120M Series D round as it doubles down on its B2B SaaS pivot—ditching direct insurance to become the backend engine for modernizing legacy life insurers. ✅ What’s inside the deal • $75M in primary equity and $45M secondary investment • $50M credit line from TriplePoint Capital • Co-led by Goldman Sachs Alternatives and Smith Point Capital • Bestow’s valuation has doubled since its 2020 Series C • Annual recurring revenue 3x’d in 2024 and 10x over two years ⚡️Why it matters • Bestow exited its consumer-facing business in 2024 and is now fully focused on SaaS • Its no-exam underwriting tech was battle-tested during COVID and now powers platforms for Nationwide, Transamerica, USAA, and Equitable • Goldman sees the life insurance sector as large, resilient, and under-digitized 📉 The enterprise bet • Life insurance incumbents lack modern tech—Bestow’s usage-based SaaS offers speed and flexibility • Pivoting from D2C to infrastructure is risky—but early customer traction is strong • International expansion could test the model across new regulatory landscapes Bestow isn’t trying to disrupt insurers anymore—it wants to power them. ✔️Powered by V3V Ventures

⚡️ Bosch Ventures’ $270M deeptech fund targets US — but what does it mean for Germany? Bosch’s venture arm just launched a new $270M fund focused on early-stage deeptech in North America — and the implications go beyond startup checks. • Bosch’s 6th fund targets AI, climatetech, automation, and quantum • Offices in Silicon Valley, Boston, Frankfurt, Tel Aviv, and China • Portfolio includes Aleph Alpha, Li Industries, Quantum Motion, TrunkTech 🌎 Global ambition, local tension • Bosch doubles down on US innovation while expanding chip factories in Dresden and Reutlingen • Open Bosch co-innovation model connects startups to Bosch’s global R&D engine ⚠️ Why it matters • Germany’s late-stage VC gap still stalls deeptech scale-ups • Bosch’s US bet may relieve pressure — or signal local inertia • Chairman Stefan Hartung urges bold reforms and cuts to red tape This isn’t just a new fund — it’s a blueprint for how German giants are rethinking global innovation bets. ✔️Powered by V3V Ventures

👾Tripledot’s $800M power move to reshape mobile gaming Tripledot Studios just became a global gaming heavyweight — snapping up AppLovin’s entire game portfolio in an $800M deal that vaults the British company into the industry’s top five. 🎮 The deal • $400M paid (incl. $150M upfront, $250M note) + 20% stake given to AppLovin • Valuation: $2B for Tripledot • Portfolio now spans 12 studios with 25M daily users 📈 Tripledot’s rise • Profitable since year 2, fastest-growing EU company in 2023 (FT) • Known for its data-first approach to casual & puzzle games • Now expands into mid-core, strategy, and simulation genres 🧠 Strategic shifts • AppLovin exits game ops to focus on booming adtech & AXON AI • Tripledot eyes cross-platform expansion — PC, not just mobile • Will integrate studios behind hits like Wordscapes, Mobile Strike, Project Makeover This isn’t just a game studio buy — it’s Europe’s boldest shot at building a global mobile gaming empire. ✔️Powered by V3V Ventures

🐋 Anysphere locks in $900M as investor frenzy builds around AI coding tools AI dev tooling is the new gold rush — and Anysphere, the maker of Cursor, just became one of its biggest winners. According to FT, the company has raised a staggering $900 million round at a $9 billion valuation, led by Thrive Capital. ✅ Deal details • Round size: $900M • Valuation: $9B • Lead investor: Thrive Capital • Backers: a16z, Accel, and reportedly intense interest from Index, Benchmark, and others 🚀 Why it matters • Just five months ago, Cursor raised at $2.6B valuation — this is 3.5x markup • Signal of overwhelming demand for AI-native coding tools • Comes as rival Windsurf (ex-Codeium) is exploring a $3B raise — also targeted by OpenAI Anysphere’s surge confirms what VCs already suspect: AI dev tools aren’t just hot — they’re becoming foundational. ✔️Powered by V3V Ventures

🔘 OpenAI restructures again — but can it still go public? OpenAI has unveiled a new plan to reshape its corporate structure amid mounting pressure from regulators, investors, and Elon Musk’s lawsuit. The new structure keeps OpenAI’s nonprofit firmly in control, even as it moves its for-profit operations into a public benefit corporation (PBC) — a move that may complicate any future IPO. • OpenAI’s nonprofit board will retain control while the for-profit entity becomes a PBC • Aims to appease Delaware and California AGs, who’ve raised concerns over its nonprofit conversion • The new setup allows OpenAI to operate more like a conventional business, easing investor pressure • But key IP may remain under the nonprofit — which could hinder an IPO or limit shareholder influence • Microsoft, a major backer, hasn’t approved the plan yet and is reportedly evaluating its implications • Elon Musk’s lawsuit remains in play — his legal team says the restructuring “changes nothing” • OpenAI denies the legal challenge shaped its strategy — but insiders say regulatory and investor tension forced the pivot This hybrid model might buy OpenAI more time — but if it ever wants to go public, it’s still navigating a legal, financial, and structural minefield. ✔️Powered by V3V Ventures

🪙 Ara Partners closes $800M fund to decarbonize industrial infrastructure Ara Partners has raised an $800M climate-focused infrastructure fund aimed at retrofitting legacy industrial assets — targeting one of the hardest and most capital-intensive segments to decarbonize. ✅ What’s in the fund • Oversubscribed beyond its $500M target, backed by pension funds, endowments, sovereign wealth • Strategy: Repurpose and retool existing infrastructure for low-carbon use • First deals include a biofuels terminal developer and an Irish organic waste recycler 🌎Why it matters • Bridges the capital gap for hardware-heavy climate startups beyond VC stage • Plays in a segment where cost parity for clean tech is finally here • Helps scale proven tech — not moonshots, but execution-driven decarbonization 📈 Ara’s thesis • Industrial decarb isn’t just about new tech — it’s about buying, upgrading, and operating smarter • Prior bets like Divert show how upcycling food waste into biogas beats landfills in both carbon and cash • Focuses on climate impact with infrastructure economics, not just ESG optics For late-stage climate infra, Ara’s latest fund is a signal: the green premium is fading, and industrial decarb is going mainstream — balance sheets first. ✔️Powered by V3V Ventures

🪙 Ara Partners closes $800M fund to decarbonize industrial infrastructure Ara Partners has raised an $800M climate-focused infrastructure fund aimed at retrofitting legacy industrial assets — targeting one of the hardest and most capital-intensive segments to decarbonize. ✅ What’s in the fund • Oversubscribed beyond its $500M target, backed by pension funds, endowments, sovereign wealth • Strategy: Repurpose and retool existing infrastructure for low-carbon use • First deals include a biofuels terminal developer and an Irish organic waste recycler 🌎Why it matters • Bridges the capital gap for hardware-heavy climate startups beyond VC stage • Plays in a segment where cost parity for clean tech is finally here • Helps scale proven tech — not moonshots, but execution-driven decarbonization 📈 Ara’s thesis • Industrial decarb isn’t just about new tech — it’s about buying, upgrading, and operating smarter • Prior bets like Divert show how upcycling food waste into biogas beats landfills in both carbon and cash • Focuses on climate impact with infrastructure economics, not just ESG optics For late-stage climate infra, Ara’s latest fund is a signal: the green premium is fading, and industrial decarb is going mainstream — balance sheets first. ✔️Powered by V3V Ventures

🧠 Warren Buffett steps down as Berkshire Hathaway CEO After decades at the helm, the 94-year-old investing icon passes leadership to Greg Abel — but plans to stay involved. 💬 What’s happening • Buffett will step down as CEO at the end of 2025 • Greg Abel, vice chairman for non-insurance ops, will take over as CEO • Buffett plans to remain with the company in a yet-to-be-defined advisory role • The board will finalize his future responsibilities this weekend 📊 What it means for Berkshire • Ends long-running speculation around succession at the $900B conglomerate • Abel inherits control of major businesses across energy, railroads, insurance, and tech • Despite trimming its Apple position, AAPL still makes up over 20% of the company’s equity portfolio • Investors will be watching Abel’s capital allocation decisions — and how closely he mirrors Buffett’s playbook The handoff is quiet, calculated, and classic Buffett — now all eyes are on what comes next. ✔️Powered by V3V Ventures

🧠 Warren Buffett steps down as Berkshire Hathaway CEO After decades at the helm, the 94-year-old investing icon passes leadership to Greg Abel — but plans to stay involved. 💬 What’s happening • Buffett will step down as CEO at the end of 2025 • Greg Abel, vice chairman for non-insurance ops, will take over as CEO • Buffett plans to remain with the company in a yet-to-be-defined advisory role • The board will finalize his future responsibilities this weekend 📊 What it means for Berkshire • Ends long-running speculation around succession at the $900B conglomerate • Abel inherits control of major businesses across energy, railroads, insurance, and tech • Despite trimming its Apple position, AAPL still makes up over 20% of the company’s equity portfolio • Investors will be watching Abel’s capital allocation decisions — and how closely he mirrors Buffett’s playbook The handoff is quiet, calculated, and classic Buffett — now all eyes are on what comes next. ✔️Powered by V3V Ventures

🧩 Fivetran acquires Census to complete the data stack loop After 13 years of ETL dominance, Fivetran is becoming a full-stack data movement platform — acquiring reverse-ETL startup Census to offer true end-to-end sync. ✅ What’s inside the deal • Fivetran acquires Census (last valued at $630M in 2022) for undisclosed terms • Census raised $80M+ from Sequoia, a16z, and Tiger Global • Entire Census team, including CEO Boris Jabes, joins Fivetran • Census brand to be phased into the Fivetran platform ⭕️ Why it matters • Fivetran has long been the go-to for ETL (into warehouses) — now adds reverse-ETL (out to tools) • Customers wanted end-to-end sync; Fivetran had a prototype but went the M&A route instead • Deep product and cultural alignment: “People who like Fivetran also like Census” 🧠 Backstory and synergy • Founders have known each other since YC Winter ‘13 — Census was still just a whiteboard idea • Shared vision, shared customers, shared philosophy • Fraser: “In some ways, this has been fated” Fivetran just closed the loop — pulling data in, pushing insights out, and keeping itself right in the middle. ✔️Powered by V3V Ventures