Not everyone is on board with the rise of consumer AI agents, despite the billions of dollars being invested in our agentic future.

The big picture: Online sellers have spent decades trying to defend against bots, and now they're being asked to let even more bots through the gates.

Driving the news: Walmart yesterday said it would welcome agents, creating a "gateway" that will let users set agentic spending limits, require purchase reviews, and cut off access.

• This stands in contrast to top retail rival Amazon, which has blocked third-party shopping agents like Instinct and Meta's Muse.

Zoom in: Skeptical e-commerce companies have multiple concerns.

• It's still not entirely clear who would be responsible for rogue agent purchases. And that may persist absent some sort of regulation, possibly prompted by the sort of loss event that could erode consumer trust.
• Infrastructure costs could rise quickly as shopping agent use scales, with billions (or more) of agents pinging retailers to check on prices and availability.
• Agent makers may strike deals with certain sellers, thus creating a new pay-to-play system for discovery. This already exists to some extent — and arguably is a reason for Amazon's pushback — but could become even less visible to consumers.

The bottom line: Certain technologies move faster than consumer adoption, for all sorts of reasons. It's at least possible that agentic commerce will be one of them.

Whop, a creator-commerce platform, raised $200 million in Series D funding at a $5.1 billion valuation from Sequoia Capital and Shopify.

Why it's the BFD: This is the official venture investing return of Doug Leone, the former Sequoia "steward" who quasi-retired in 2022.

• He maintained board seats and returned to active duty this past spring, following a subsequent leadership transition, but hadn't yet done a new deal.

Behind the scenes: Leone says that Sequoia had passed multiple times on Whop, which began as a way to sell sneaker bots, believing that too many of its users were creating "fly-by-night" businesses.

• That's now changed, he says, adding that Whop's platform is full of viable, niche services and products businesses that have driven the platform's revenue run-rate to around $500 million. Leone adds that while Shopify could be seen as a rival — and that Whop's founders once were Shopify users — the Canadian giant is more focused on serving larger businesses.

The bottom line: Leone also likes the idea of backing a relatively non-AI business, investing away from the VC herd, although acknowledges that he'd be first in line for a strong AI investing opportunity.

• Flapping Airplanes, a startup seeking to train large models on less data, raised $1b in Series A funding at a $6b valuation. Index Ventures and Lux Capital led, joined by insiders Sequoia Capital, GV, and Kleiner Perkins. axios.link/3UdxkbT

• Blacksmith, an SF-based infrastructure platform for building and testing code, raised $66m in Series C funding at a $1b valuation. Sequoia Capital led, joined by Premji Invest, Peak XV Partners, GV, and YC. axios.link/3WnA3Ae

• Kevel, a Durham, N.C.-based ad tech infrastructure startup, raised $52m in Series D funding from Fulcrum Equity Partners, dunnhumby Ventures, Iberis Capital, and ORIX USA. axios.link/4hYQM5o

• Cognitive Credit, a provider of corporate credit data, raised $40m led by Summit Partners. axios.link/4zGjwFY

• Wilde, a maker of protein chips from chicken and bone broth, raised $40m in Series A funding led by S2G Investments, per Axios Pro. axios.link/4BjoaeN

• Mach9, an SF-based design software startup, raised $34m in Series A funding. First Round Capital and Bessemer Venture Partners led, joined by Prudence and Quiet Capital. axios.link/4hYQE5U

⚡ Optivolt, an SF-based developer of an intelligence layer for solar, raised $32m in Series A funding. VXI Capital led, joined by RA Capital, Valo Ventures, and Atlas Innovate. axios.link/3UEE5DS

• Enact Intelligence, a French robotics startup, raised $30m in pre-seed funding from redalpine, Notion Capital, firstminute Capital, Yann LeCun, and Arthur Mensch. axios.link/3UIv1Oi

• Beyond Vision, a Portuguese dronemaker, raised €28m led by Índico Capital Partners and Lince Capital. axios.link/3VWPVcV

• Hive, a Canadian event marketing platform, raised US$27m in Series B funding led by Frontier Growth. axios.link/4yxzy48

• Nirva, a developer of wearable AI personal companions, raised $25m from firms like Lightspeed and South Park Commons. axios.link/4zMteqq

🚑 Arctic Therapeutics, an Icelandic developer of treatments for dementia and skin diseases, raised $21.5m led by Pekron, Sanos Group, Kaldbakurg, and Landvættir. axios.link/4jAfhHs

• Fort Robotics, a Philadelphia-based provider of robot safety solutions, raised $20m led by Tiger Global with Mark Cuban Cos. participating. It's in the process of going public via a reverse merger with Newbury Street II Acquisition Corp (Nasdaq: NTWO). fortrobotics.com

• Firstwork, an SF-based automated onboarding platform, raised $15m in Series A funding. Earlybird Venture Capital led, joined by Legion VC, Deel Ventures, Gradient, and YC. axios.link/3W3zyv4

• ScribeUp, a Cambridge, Mass.-based provider of embedded recurring bill management for financial institutions, raised $13m in Series A funding. Curql led, joined by Mucker Capital and Service Ventures. axios.link/3WDoLIa

• Azoma, an agentic commerce optimization platform, raised $11.2m in Series A funding. Puma Growth Partners led, joined by dunnhumby, Twin Path, MaRS IAF, Rank Ventures, and Ignite Ventures. axios.link/4z34Twu

• Mika Games, a gaming financing startup, raised $10m led by Flint Capital. axios.link/4k7FqgK

🚑 BioStack, a provider of clinical data infrastructure for medical AI, raised $9.5m in seed funding from Peak XV, Afore Capital, DCVC, Emerson Collective, SV Angel, Verdict Capital, Streamlined Ventures, and YC. axios.link/4yHbcoB

• Pascal, a Watertown, Mass.-based developer of solid refrigerant tech for cooling systems, raised $8.5m from Sazze Partners, LB Investment, and KDB Silicon Valley. axios.link/4kf7b74

• Opply, a U.K.-based CPG ops automation platform, raised $7.5m. Chalfen Ventures led, joined by Index Ventures, Anthemis, Entrepreneurs First, In This Together, and Ventures Together. axios.link/4erpDFZ

🌎 Kodama Systems, an SF-based developer of autonomy tech for forestry, raised $7m. Konvoy Ventures and Breakwater Ventures led, joined by Blue Forest Asset Management, NYA Ventures, Breakthrough Energy Ventures, Congruent Ventures, Dangerous Ventures, and M1C. axios.link/4enb6uW

• PreScalar, an SF-based advanced manufacturing data platform founded by Cruise alums, raised $7m in seed funding, per Axios Pro. Dynamo Ventures and BMW i Ventures led, joined by Blue Wire Capital, Uplift Ventures, and Antler. axios.link/3VX5660

⚡️ Stellios Technologies, an Austin-based developer of high-power energy tech, raised $5m in pre-seed funding from Sofreh Capital, Wave Function Ventures, Cubit Capital, Mana Ventures, Atoms & Bits, Output Capital, and Erik Bruckner. axios.link/4srBXfd

🏈 Apollo and Blackstone each are seeking approval to buy minority stakes in NFL teams, per Bloomberg. axios.link/4Bl2dvS

• Bregal Milestone acquired a majority stake in Nethive, an Italian cybersecurity provider that simultaneously acquired IT security group JoyComm. axios.link/4ywatGD

• Enceladus Partners and Merit Capital Partners acquired DS18, a U.K. maker of aftermarket audio parts. axios.link/4zLxAOD

🚑 EQT agreed to acquire European molecular testing company Qiagen (Paris: QIA) for €9.6b. axios.link/4BhVTFg

• H.I.G. Capital acquired a majority stake in L4A, an Italian provider of infrastructure maintenance, renewal, and upgrading. axios.link/4yZ7RlF

• KKR agreed to acquire the Explosion Protection and Static Control units of Switzerland's Hoerbiger. axios.link/4enhyC8

• Platform Accounting Group, an acquirer and operator of boutique accounting and advisory firms, raised $355m in financing. Treville Capital Group led, joined by Vista Credit Partners, Siguler Guff, Aquiline, Brightwood Capital Advisors and insider The Cynosure Group. axios.link/4sjLHbm

🚑 Renovus Capital Partners took a majority stake in Aspire Home Health Care, a Chicago-based provider of orthopedic and home health services. axios.link/4yEaQ2a

• Power Sustainable acquired Fine Choice Foods (dba SUMM!), a Canadian provider of Asian-inspired fresh and frozen foods, from Swander Pace Capital. axios.link/48ahbHA

🚑 Savillex, a Thompson Street Capital Partners portfolio company, acquired the life sciences fluid management unit of Entegris (Nasdaq: ENTG). axios.link/3VNE0OC

• Stone-Goff Partners invested in Quandary Consultants, a Denver-based provider of regulatory and compliance-focused environmental services for infrastructure operators. axios.link/47ukJ7o

🚑 TA Associates invested in MedEnvision, a Belgian medtech focused on improving orthopedic surgery efficacy. axios.link/4zNBned

• WilliamsMarston, a Kelso & Co. portfolio company, acquired the NetSuite services unit of Level Equity portfolio company Charted. axios.link/4emyx7E

🚑 Rezera, a Boston-based biotech focused on inflammatory diseases, filed for an IPO. The Phase 3 company plans to list on the Nasdaq (RZRA), and has raised over $150m from firms like Novo Holdings, Blue Owl, 5AM Ventures, F-Prime, Epidarex Capital, and Sofinnova Capital. axios.link/4yYLNHX

• London Stock Exchange Group (LSE: LSEG) agreed to acquire credit platform Octus from Permira for $3.54b. axios.link/4dU8DIi

• AkzoNobel, a listed Dutch paintmaker, is in talks to sell its European vehicle refinishing business in order to secure regulatory approval for its takeover of Philadelphia-based rival Axalta Coating Systems (NYSE: AXTA), per the WSJ. axios.link/4875H7

• ArcelorMittal (AMS: MT) agreed to sell its South Africa unit for around $610m to the country's Industrial Development Corp. axios.link/4sqO5x1

🚑 Hackensack Meridian Health, a N.J. health system, agreed to acquire fellow New Jersey hospital system Hunterdon Health for $230m. axios.link/47xCIK8

• UBS (NYSE: UBS) acquired a 4.8% stake in listed Indian wealth manager 360 One, via warrant conversions. axios.link/4esDpbp

⚽ Viessmann Generations Group, a German family office, agreed to buy a 5% stake in soccer club FC Bayern München at a valuation north of €4b, per Bloomberg. axios.link/3WGmnjV

• Masia, a Spanish VC firm, raised €18m for its debut fund. axios.link/4k7GeSP

• Mustafa Neemuchwala stepped down as a partner with NEA to join NEA portfolio company Valarian as chief business officer. axios.link/4zLkzEO

• Eddie Washington joined Touring Capital as an operating partner focused on talent and community. He previously was with Carrara. axios.link/4zcfO7d

Token prices have tumbled in recent months, which could prompt a recalculation of one of the largest investment booms in U.S. history, Axios' Matt Phillips writes.