Five tracked deals totaling $728M disclosed, but concentration is extreme: $490M (67%) went to just two rounds. Owner (Series D, $240M, $2.3B post, Goldman Sachs Alternatives) and Instinct (Series B, $250M, $2.5B post, Index/Benchmark co-led) carried the week. Both are late-stage growth bets — Owner in Vertical SaaS, Instinct in AI. Gatik's $200M Series D (QIA/Koch Disruptive) in automotive autonomy rounds out the top three. Seed saw just $38M across two deals: Keenable ($26M, Accel, AI) and Legato ($12M, Neotribe, Healthcare). Outside the tape, Blank Street raised $105M and ABLE Labs closed an $8.7M Series A. Thin deal count for a full week — 2,341 tracked companies and only 5 headline rounds. Late-stage is where the conviction (and capital) sits; seed is disciplined, not dead.
Disclosed round capital in the window. Undisclosed amounts count as zero.
Disclosed rounds in the window · every bar opens the company's live page.
Five tracked deals totaling $728M disclosed, but concentration is extreme: $490M (67%) went to just two rounds. Owner (Series D, $240M, $2.3B post, Goldman Sachs Alternatives) and Instinct (Series B, $250M, $2.5B post, Index/Benchmark co-led) carried the week. Both are late-stage growth bets — Owner in Vertical SaaS, Instinct in AI. Gatik's $200M Series D (QIA/Koch Disruptive) in automotive autonomy rounds out the top three. Seed saw just $38M across two deals: Keenable ($26M, Accel, AI) and Legato ($12M, Neotribe, Healthcare). Outside the tape, Blank Street raised $105M and ABLE Labs closed an $8.7M Series A. Thin deal count for a full week — 2,341 tracked companies and only 5 headline rounds. Late-stage is where the conviction (and capital) sits; seed is disciplined, not dead.
| Date | Company | Round | Amount | Valuation | Lead | Sector |
|---|---|---|---|---|---|---|
| 2026-08-28 | Owner | Series D | $240M | $2.3B | Growth Equity at Goldman Sachs Alternatives | Vertical SaaS |
| 2026-08-26 | Instinct | Series B | $250M | $2.5B | Index Ventures / Benchmark (co-led) | AI |
| 2026-08-26 | Legato | Seed | $12M | — | Neotribe Ventures | Healthcare |
| 2026-08-25 | Gatik | Series D | $200M | — | Qatar Investment Authority / Koch Disruptive Technologies | Automotive |
| 2026-08-25 | Keenable | Seed | $26M | — | Accel | AI |
Where the window's activity sits on the funding ladder: deal count (solid) against disclosed capital (faded) per stage, with the companies behind each cluster. Stages come from the reported round labels; undisclosed amounts count as zero capital.
New fund closes this week are real but modest in scale: Carrick Capital closed a $600M continuation vehicle and committed $255M to Saviynt — a GP-led continuation, not fresh powder. SaaSholic closed $30M for seed-stage B2B software (Brazil). Ventures Platform closed Fund II at $84M (Africa). Redstone unveiled a €10M DeepTech/defence/energy fund targeting Finland. Mamor Capital raised R300M for South African tech. The pattern: sub-$100M funds and continuation vehicles dominate. No mega-fund announcements. Separately, Canva's paper millionaires are reportedly seeking exits — a signal that late-stage liquidity pressure isn't abstract. Hugging Face is reportedly exploring a $13B sale after rejec
| Lead Investor | Deals | Disclosed Capital |
|---|---|---|
| Index Ventures / Benchmark (co-led) | 1 | $250M |
| Growth Equity at Goldman Sachs Alternatives | 1 | $240M |
| Qatar Investment Authority / Koch Disruptive Technologies | 1 | $200M |
| Accel | 1 | $26M |
| Neotribe Ventures | 1 | $12M |
M&A tape is thin. Most notable: Satvacart shut down after 12 years as both funding and acquisition talks fell through — a cautionary tale for online grocery unit economics. Bystronic acquired Swiss robotics startup Isochronic. UK wearable tech startup Temple acquired a London longevity clinic, signaling healthtech/wearable convergence at the small end. The Nvidia 'companies you didn't know they owned' headline is editorial, not actionable deal flow. No disclosed strategic acquisitions of venture-backed companies at scale this week. The M&A environment remains quiet — buyers are selective and deals are taking longer to close.
Funding headlines from outside the tracked book — sourced links, not QL data.
The largest recent private rounds ($100M+) across the tracked book — 2023 ranked. Full board: quantlogix.ai/mega-rounds.
The Silicon Valley Private Market Daily — the 8pm PT desk close: qualified raises, roster re-rates and sector velocity from the QL private-market pipeline.
The private market is heavily concentrated in AI infrastructure and robotics, with massive valuation premiums being assigned to very young companies (e.g., Instinct, Wispr). There is growing uncertainty regarding the power supply chain for data centers, prompting large players like SpaceX to pivot toward vertical integration (turbine blade production). Valuation inflation remains a core concern, with recent mega-rounds effectively treating AI as foundational global infrastructure.
🗂️ Dataset updated: no new closed rounds to add; list holds at 2,334.
100 tracked names flagged for markdown risk — 120 scored nightly, 2070 left unscored (no comp bridge). Down rounds are recorded in the open ledger — receipts only work in public. Live boards: markdown-watch · down-round-ledger.
| # | Company | Sector | Risk Score | Band | Vs Comps | Last Mark | Last Round |
|---|---|---|---|---|---|---|---|
| 1 | Linktree | SaaS | 86 | High | +386% | $1.3B | 53 mo ago |
| 2 | Replit | Data / Infra | 86 | High | +215% | $9.0B | 40 mo ago |
| 3 | Xendit | Financial Services | 80 | High | +1843% | $2.7B | 52 mo ago |
| 4 | Forter | Fintech | 80 | High | +949% | $3.0B | 64 mo ago |
| 5 | Greenlight | Fintech | 80 | High | +602% | $2.3B | 65 mo ago |
| 6 | Betterment | Fintech | 80 | High | +426% | $1.1B | 41 mo ago |
| 7 | Cross River Bank | fintech | 80 | High | +211% | $3.0B | 53 mo ago |
| 8 | BetterUp | SaaS | 80 | High | +206% | $4.7B | 59 mo ago |
Nightly score: comp-bridge premium (45%) · round staleness (30%) · IPO-readiness drag (15%) · funding deceleration (10%). Companies without a computable public-comp bridge stay unscored — never guessed.
29 markdowns detected all-time · 7 flagged beforehand · 22 missed · hit rate 24.1%
| Company | Detected | Event | Mark | Called? |
|---|---|---|---|---|
| Enable | 2026-08-31 | Mark cut −44.0% | $2.0B → $1.1B | ✗ Missed |
| Shein | 2026-08-31 | Mark cut −48.0% | $50B → $26B | ✓ Flagged #89 · Moderate |
| Fluidstack | 2026-08-31 | Mark cut −58.3% | $18B → $7.5B | ✓ Flagged #20 · Elevated |
| Together AI | 2026-08-31 | Mark cut −60.2% | $8.3B → $3.3B | ✓ Flagged #51 · Elevated |
| Nscale | 2026-08-31 | Mark cut −79.5% | $15B → $3.0B | ✗ Missed |
| Owner | 2026-08-31 | Mark cut −88.5% | $20B → $2.3B | ✗ Missed |
| Splashtop | 2026-08-24 | Mark cut −9.1% | $1.1B → $1.0B | ✗ Missed |
| Amperity | 2026-08-24 | Mark cut −9.1% | $1.1B → $1.0B | ✗ Missed |
Down-round & valuation headlines scraped at publication from Google News, Hacker News, CNBC, Yahoo Finance and the wider tech press.
The two biggest rounds this week — Owner ($240M) and Instinct ($250M) — went to AI and vertical SaaS at $2B+ valuations. If you're raising Series B+ outside those lanes, expect a longer process and more dilution. Plan 18-month runways, not 12.
100 companies are on the markdown watch. Recent cuts: Enable -44%, Shein -48%, Fluidstack -58.3%. If your last round priced in 2024-2025 premiums, model a down round scenario now. Clean up pref stacks before you need to.
This week's fund closes sit at $30M-$84M (SaaSholic, Ventures Platform, Redstone). That means $1M-$5M seed checks, not $10M+. Carrick's $600M is a continuation vehicle, not new capital. Match your raise size to the fund stage, not your ambition.
Late-stage capital concentrates into AI and vertical SaaS at premium valuations while seed stays disciplined at $10M-$30M fund scale. Markdown cycle is accelerating — 100 on watch, three material cuts this period. Expect more GP-led continuations (Carrick model) as firms manage liquidity without fresh fundraising. M&A remains quiet; shutdowns (Satvacart) will outpace acquisitions in thin verticals