Pro Rata Premium: First Look

Venture Capital

• Lovable, a Swedish vibe-coding startup, is on track to raise over $150m at a nearly $2b valuation led by Accel, per the FT. It was previously said to be raising $100m at a $1.5b valuation. Go deeper

• Cekura, an SF-based AI voice agent testing startup, raised $2.4m in seed funding from YC, Flex Capital, Hike Ventures, Kulveer Taggar, and Pioneer Fund. Go deeper

• CIMware, an Indian data center infrastructure startup, raised $2.3m led by Transition VC. Go deeper

• Balthazar, an Amsterdam-based R&D platform, raised €1.2m in pre-seed funding led by CapitalT. Go deeper

Private Equity

• Altaline invested in Brazos Safety Systems, a Fort Worth, Texas-based provider of flight safety tech and analytics. brazossafety.com

• Blackstone is buying the rest of events software platform Cvent from Vista Equity Partners for $1.3b. Blackstone previously bought a stake for $4.6b, while Vista paid $1.7b for the full asset in 2016. Go deeper

⚡ Delta Utilities, a Bernhard Capital Partners portfolio company, acquired Entergy's (NYSE: ETR) two regulated natural gas utilities serving New Orleans and East Baton Rouge Parish. deltautilities.com

• Laz Parking, backed by Argo Infrastructure Investors, acquired a 60% stake in Indigo Park Canada. Go deeper

🚑 Symplr, a Houston-based portfolio company of Clearlake Capital Group and Charlesbank Capital Partners, acquired Smart Square, a scheduling software provider, from AMN Healthcare (NYSE: AMN). Go deeper

Liquidity

• Thesis*, a bitcoin-focused venture studio, acquired Lolli, a Durham, N.C.-based Bitcoin rewards platform that raised around $28m from firms like Acrew Capital, Bitkraft Ventures, and DCG. Go deeper

Funds

• Khosla Ventures is raising up to $4.45b for a trio of new funds, per SEC filings. It includes a limit of $1.95b for its ninth flagship fund, $1.25b for its third growth fund, and $750m for its seventh seed fund. khoslaventures.com

- Ryan Barwick, Natalie Breymeyer, Erin Brodwin, Colin Campbell, Katherine Davis, Katie Fehrenbacher, Ryan Lawler, Chris Metinko, Alan Neuhauser, and Dan Primack contributed to this report.