CINCINNATI and SEATTLE, Oct. 16, 2025 — SaaS Capital, the leading provider of growth debt for recurring-revenue software businesses, today announced the closing of SaaS Capital Fund V, LP, totaling $100 million. The new fund enables SaaS Capital to expand its support for “Subscription AI and Software” (SaaS) businesses with non-dilutive, flexible capital.

“Founder-friendly, flexible growth debt has helped hundreds of recurring-revenue companies scale efficiently while preserving control,” said Rob Belcher, Managing Director at SaaS Capital. “With Fund V, we can now support an important next wave: subscription AI application companies building durable, recurring revenue technology businesses alongside traditional SaaS. Our goal is to provide committed, right-sized facilities that adapt to growth, reduce financing friction, and lower the overall cost of capital.”

Fund V will continue SaaS Capital’s strategy of providing committed, multi-year growth debt facilities to companies with meaningful recurring revenue, enabling investments in sales and marketing, product development, acquisitions, and working capital. The firm will maintain its focus on business-to-business (B2B) companies with at least $3 million in annualized recurring subscription revenue, whether they are bootstrapped independents or backed by equity investors.

“SaaS Capital has always focused on pragmatic, data-driven credit for recurring-revenue companies,” said Randall Lucas, Managing Director at SaaS Capital. “Fund V extends that approach to serve the growing number of teams productizing AI into subscription applications, while we continue to back the core SaaS market. The through-line is the same: align with founders on efficient growth, protect optionality, and deliver capital that works with, not against, the operating plan.”

For more information, visit www.saas-capital.com.

About SaaS Capital

SaaS Capital is the leading provider of growth debt designed explicitly for B2B SaaS and subscription AI application companies. SaaS Capital’s growth debt is structured to provide a significant source of committed funding, deployment flexibility, and lower overall cost of capital, all while avoiding the loss of control associated with selling equity. SaaS Capital was the first to offer lending alternatives to SaaS businesses based on their future recurring revenue. Since 2007, SaaS Capital has committed more than $375 million in growth debt facilities to deliver better outcomes for more than 120 clients, resulting in more than $2 billion in total enterprise value created. Visit www.saas-capital.com to learn more.

SaaS Capital lends $2M to $15M to B2B Subscription AI and Software (SaaS) companies with $3M in ARR and up, registered and banked in the U.S., Canada, Ireland, or the U.K. Companies do not need to be venture-backed, nor do they need to be profitable. The borrowing base formula is typically 5x to 8x monthly subscription revenue.

Contact
Rob Belcher
[email protected]
303-870-9529

SOURCE SaaS Capital

Series G round led by Neuberger Berman Funds

SAN FRANCISCO, Oct. 16, 2025 — Upgrade, Inc., a fintech company that offers affordable and responsible credit and banking products to mainstream consumers, today announced that it raised $165 million in new equity investment. Upgrade’s Series G Preferred Round was led by Neuberger*, with participation from LuminArx Capital Management**. Existing shareholders, including DST Global, Ribbit Capital and several others, also increased their investment in the company. Peter Sterling, Head of Specialty Finance at Neuberger, is joining Upgrade’s Board of Directors.

Upgrade has delivered over $42 billion in affordable credit to over 7.5 million customers since its inception in 2017. It offers a wide range of banking and credit products, including mobile banking, BNPL, credit cards, personal loans, home improvement financing and auto financing. Upgrade has established unique distribution channels with hundreds of airlines, cruise lines and other travel brands, as well as thousands of home improvement contractors and car dealerships across the country.

“Upgrade presents an unmatched opportunity in fintech,” said Peter Sterling. “As many companies in the space struggle with acquisition costs and monetization strategy, Upgrade has sustained profitable growth through a multi-product, multi-channel strategy that relies on low-cost, proprietary distribution channels to acquire new customers and its ability to monetize users through multiple products. We have known Renaud and the Upgrade founding team for over a decade and are very excited to expand our partnership.”

Upgrade recently achieved significant growth milestones, including $2 billion dollars in cumulative home improvement financing and $1 billion in auto financing, denoting fast growth as both products launched in the last three and two years, respectively.

“We are thrilled to expand our relationship with Neuberger and welcome Peter as a new board member,” said Upgrade co-founder and CEO Renaud Laplanche. “We are planning to use the new equity capital to keep developing new products and expand distribution to achieve our goal of helping more mainstream consumers get the banking and credit products they need today, while improving their financial and credit standing in the long run.”

Upgrade, Inc. has raised $750 million in equity capital since inception. BofA Securities served as the exclusive placement agent to Upgrade.

About Upgrade 

Upgrade is a financial technology company that offers affordable and responsible credit, mobile banking, and payment products to mainstream consumers. Since its inception in 2017, Upgrade has delivered over $42 billion in credit to over 7.5 million customers. Upgrade’s platform includes six core products: Personal Loans, Credit Cards, Mobile Banking, BNPL, Home Improvement Financing and Auto Financing. Loans and credit lines are issued, and banking services are provided, by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender, Blue Ridge Bank, a nationally chartered commercial bank, Member FDIC, and Celtic Bank, a Utah State Chartered Industrial Bank, Member FDIC.

Upgrade is headquartered in San Francisco, California, with an operations center in Phoenix, Arizona, a technology center in Montreal, Canada, and regional offices in Atlanta, Georgia, and Irvine, California.

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SOURCE Upgrade, Inc.

Zaloganan (PLG0206) enters Phase 2/3 study for treating prosthetic joint infections (PJI)

PITTSBURGH, Oct. 16, 2025 — Peptilogics, a clinical-stage biotechnology company developing transformative surgical therapeutics to effectively treat and prevent serious medical device infections, today announced the completion of an oversubscribed $78 million Series B2 financing round. The funding will support the company’s Phase 2/3 pivotal trial of zaloganan (PLG0206), an investigational treatment for prosthetic joint infections (PJI).

Presight Capital, Thiel Bio, and Founders Fund led the round, with participation from new investors AMR Action Fund, Narya Capital, and Beyond Ventures. This brings Peptilogics’ total equity funding to approximately $120 million, along with substantial grant support from CARB-X.

“What these investors understood is that hardware-related infections like PJI are different from other common infections. We chose to focus on this huge unmet need because the lack of effective therapeutic options alters the commercial landscape that has made antibiotic development difficult,” said Peptilogics’ CEO Jonathan Steckbeck, PhD. “Developing treatments for these infections allows us to create a new category of surgical therapeutics for patients who currently have to undergo multiple life-changing surgeries to eliminate the infection.”

Addressing Orthopedic Surgery’s Most Challenging Complication to Create a New Category of Surgical Therapeutics

Prosthetic joint infections are a devastating complication that can turn a successful joint replacement into a patient’s worst nightmare. With 45,000 PJI cases each year in the U.S. and no approved therapeutics specifically indicated for this condition, patients face limited and often unsuccessful treatment options.

Current approaches force difficult choices: implant-preserving procedures such as DAIR (debridement, antibiotics, and implant retention) have reported failure rates of approximately 50% in published literature, while grueling two-stage revision procedures require multiple surgeries, extended hospitalization, and months of disability, yet still fail 15-25% of the time. The financial burden is equally staggering, with total PJI costs often reaching more than $390,000 per patient, according to a study by Hany Bedair, MD published in Clinical Orthopedics and Related Research.

“Biofilm is the common enemy and the reason why existing standard-of-care surgical interventions fail, even with systemic antibiotics,” says Nick Pachuda, a former orthopedic surgeon and Peptilogics Chief Operating Officer. “Hardware-related infections are difficult to treat because bacteria on foreign surfaces hide in drug-resistant biofilm that current antibiotics cannot eliminate. Zaloganan quickly penetrates the biofilm locally and kills the hiding bacteria.”

In Peptilogics’ Phase 1b study, zaloganan irrigation administered during DAIR procedures resulted in 13 of 14 patients (93%) remaining infection-free at 12 months. These encouraging results supported the company’s decision to advance into pivotal trials.

Growing Problem, Expanding Opportunity

The challenge is growing as more joint replacement surgeries are expected. Projections show that by 2030, 3.48 million knee and 572,000 hip replacements will be done each year in the U.S., each with a PJI risk that current medicine cannot fully manage.

The implications reach well beyond individual patients. Healthcare systems are under increasing pressure as PJI cases strain resources through longer hospital stays, repeat surgeries, and complex care coordination. For investors, this represents a substantial and growing market opportunity where effective treatment could deliver significant value to patients, providers, and payers alike.

Regulatory and Development Progress

Peptilogics has received multiple regulatory designations that support the development pathway for zaloganan, including:

• QIDP (Qualified Infectious Disease Product) designation, which provides 5 additional years of market exclusivity upon approval
• Orphan Drug Designation for the treatment of PJI
• Fast Track Designation to facilitate development and expedite FDA review

The upcoming Phase 2/3 randomized, placebo-controlled superiority trial will enroll 240 patients beginning in December 2025, with the primary endpoint measuring the reduction in clinical failure rates. The study will also evaluate health economics measures including hospitalization duration, readmission rates, and additional surgical procedures to quantify the cost savings that zaloganan can create for hospitals, health systems, and payers.

“Periprosthetic joint infections are a striking example of how antimicrobial resistance is rapidly undermining modern medicine,” said AMR Action Fund CEO Henry Skinner, PhD. “The financial costs, diminished quality of life, and mortality associated with such infections are frankly unacceptable, and we are pleased to support the Peptilogics team as they advance zaloganan through the clinic and toward patients in need.”

About Peptilogics

Peptilogics is developing therapeutics for orthopedic hardware-related infections. The company’s lead candidate, zaloganan (PLG0206), is an investigational treatment for prosthetic joint infections currently in clinical development. For more information, visit www.peptilogics.com.

About the Investor Syndicate

The investor syndicate is a group of leading venture firms and strategic healthcare investors who share a commitment to advancing transformative technologies. These investors have backed paradigm-shifting companies including AbCellera (ABCL), Atai Life Sciences (ATAI), New Amsterdam Pharma (NAMS), Compass Pathways (CMPS), Kriya Therapeutics, and F2G. This group combines deep domain expertise with a shared commitment to advancing breakthroughs that improve patient outcomes and redefine standards of care — creating an alignment of capital, science, and purpose to accelerate meaningful change for the healthcare system.

Media Contact:
Kate Kaminsky
[email protected]
1-475-213-3198

SOURCE Peptilogics

STOCKHOLM, Oct. 16, 2025 —

Delivering on our priorities

“It has been a busy third quarter across public and private markets, with activity picking up in Asia, Europe and the US. As clients increasingly seek diversification across geographies and asset classes, EQT’s global platform is well positioned to deliver. In Q3, we maintained our focus on investment and exit activity around the world, made significant headway in our fundraising efforts, and continued to scale our evergreen offerings. This reflects the priorities set earlier in the year: striving for excellence in dealmaking and value creation across everything we do and continuing to build the most attractive counterparty for clients in the private markets industry.”

Per Franzén,
CEO and Managing Partner

Highlights for the period Jul-Sep 2025 (Jul-Sep 2024)

Strategic

• EQT maintained its focus on realizations and distributions to clients during the third quarter, paced by public market exits
• Fundraising continued with healthy momentum for EQT’s strategies across the globe, notably BPEA IX (Asia), EQT XI (Europe and North America), and certain other funds
• During the quarter, EQT introduced an ELTIF evergreen structure that broadens access to EQT Nexus PE for individual investors across Europe, enabling strategic distribution partnerships in key growth markets
• Fundraising continued for EQT’s recently launched US evergreen vehicle focused on private equity, as well as for EQT’s Nexus strategies in Europe and Asia, while preparations for a US evergreen vehicle focused on infrastructure continued
• EQT continued work to identify operational efficiencies across the platform to ensure it is set for continued scalable growth

Fundraising

• Gross inflows amounted to €2bn (€3bn), primarily driven by closed out commitments from BPEA IX and selected other funds
• FAUM increased to €139bn (€134bn) and Total AUM was €267bn (€246bn)
• As of 16 October 2025, BPEA Private Equity Fund IX has received commitments of $12.0bn, with closed and pending commitments exceeding its $12.5bn target fund size. Fundraising is expected to materially conclude before year-end, and the fund is expected to reach its $14.5bn hard cap upon final close in early 2026
• Following the launch of EQT XI in June 2025, fundraising is progressing well, underpinned by strong exit activity within Private Capital Europe & North America. EQT XI has a target fund size of €23bn and is expected to be activated during the first half of 2026. EQT XI will not contribute to gross inflows or FAUM until activation
• Fundraising continued for EQT Healthcare Growth, EQT Transition Infrastructure and EQT Exeter Logistics Europe V. All funds charge fees on committed capital from the date of activation¹
• EQT launched an open-ended Active Core Infrastructure fund. The fund is a continuation of our successful Active Core Infrastructure (ACI) strategy, which was initiated with the ACI I fund. The open-ended fund will target long-term, yield-oriented opportunities in energy, digital, and transport infrastructure across OECD countries, leveraging EQT’s active ownership approach and industrial mindset

Investment performance

• All Key funds continue to perform On or Above plan.
• Key fund valuations increased by 3% on average, during the period. Performance in EQT Infrastructure funds was particularly strong, supported by strong operational performance and supportive valuation feedback for companies being readied for exit

Investment activity

• Total investments by the EQT funds amounted to €‌5‌bn during the period, which was approximately €‌2bn higher than in Q2. EQT Private Capital was particularly active, announcing new investments across Europe, Asia and North America within focus themes such as health and well-being and the digitalization of society
• In addition, EQT provided co-investment opportunities of €2bn for its clients during the period

Exit activity

• Total gross fund exits amounted to €‌2‌bn during the period, as EQT continued to seize supportive market conditions to execute various realizations
• As of September, EQT has been the most active private markets firm globally in terms of Equity Capital Markets activity this year². In Q3, additional sell-downs were made in Galderma and Waystar (EQT Vlll), Beijer Ref (EQT IX), Kodiak Gas Services (EQT Infrastructure Ill, EQT Infrastructure IV) and Horizon Robotics (BPEA VII)
• During the past twelve months, gross exits by the EQT funds amount to €‌19bn. In addition, €6bn of proceeds were generated on behalf of clients from realizations of co-investments

People

• The number of full-time equivalent employees (FTE) was ‌1,941‌ (‌‌1,861‌) at the end of the period, a net increase of 33 FTEs during the quarter. Hires were primarily made within the Infrastructure and Capital Raising teams to support EQT’s growth agenda
• In line with EQT’s ongoing work to create an even more streamlined and high-performing organization, operational efficiency actions are being implemented during the third and fourth quarter. By year-end, EQT expects the number of FTEs to return towards the number of FTEs at the start of 2025

Other

• EQT completed a share buyback program of 5.5 million ordinary shares (€171 million). As previously communicated, EQT expects to execute share buyback programs twice a year to offset the dilution impact from EQT’s equity incentive programs. Over the last twelve months, EQT has executed share buybacks of €298 million and distributed €416 million in dividends
• Lock-ups related to 11% of EQT’s share capital expired during the quarter, with approximately 35% of released shares being owned by current members of the Board or Executive Committee. Since the IPO in 2019, EQT’s free float has increased from approximately 24% to almost 50%
• At the end of the period, the number of portfolio companies with validated science-based targets amounted to 65, representing more than 70% of invested capital. In addition, four companies are in the process of setting targets

Events after the reporting period

• EQT’s Nomination Committee has proposed Jean Eric Salata, Chair of EQT Asia and founder of Baring Private Equity Asia, as the next Chairperson of the EQT Board. He is proposed to succeed EQT’s founder and current Chairperson, Conni Jonsson, at the Annual Shareholders’ Meeting on 12 May 2026
• Investment levels in EQT Key funds as of 16 October 2025 were 60-65% in EQT X, 50-55% in EQT Infrastructure VI and 5-10% in BPEA IX

1. EQT Exeter Logistics Europe V is expected to be activated in Q4 2025
2. Source: Dealogic as of 30 September 2025. Includes all sponsor-related deals YTD, measured in terms of transaction volume

Presentation of EQT AB’s Q3 Announcement 2025

Financial analysts and media are invited to participate in a conference call, including a presentation at 08.30 CEST.

The presentation and a link to follow the webcast and conference call live can be found here and a recording will be available afterwards.

To participate by phone, please register here. You will then receive your personal dial-in details, to be able to ask questions during the Q&A.

Information on EQT AB’s financial reporting

The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.

The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.

Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Shareholder Relations, [email protected] 
Rickard Buch, Head of Corporate Affairs, +46 72 989 09 11
EQT Press Office, [email protected], +46 8 506 55 334

This is information that EQT AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 07.00 CEST on 16 October 2025.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/eqt/r/eqt-ab–publ–q3-announcement-2025,c4251038

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SOURCE EQT

SAN FRANCISCO, Oct. 15, 2025 — California based Graph AI, focused on patient safety and pharmacovigilance, announced its $3 million Seed round, led by Bessemer Venture Partners. The investment will enable Graph to accelerate product innovation, expand its engineering team, and drive global market adoption.

Graph is a prime example of the new wave of AI-native challengers reshaping the pharma and life sciences landscape, especially the $8 billion pharmacovigilance market. Pharmacovigilance, mandated by global drug regulatory authorities, requires pharmaceutical companies to continuously monitor, detect, and report adverse drug events (ADE) across a drug’s entire lifecycle.

Currently, pharma companies outsource this process to services firms, who deploy armies of individuals to manually scrape data from various sources and report ADEs. By keeping a human-in-the-loop only for select regulatory-mandated steps, Graph enables companies to transition from manual, error-prone, and time-intensive workflows to highly automated, AI-driven systems that enhance the efficiency and accuracy of medical reviews while ensuring regulatory compliance.

Founded in 2024, Graph is led by Raghav Parvataraju (CEO), Vijay Ponukumati (CTO), Mohan Konyala (CPO), and Ashutosh Bordekar (CFO), industry veterans with significant experience across leading global organizations including Infosys, Google, and ServiceNow.

In just over a year, Graph AI has delivered remarkable traction with enterprise customers and built a rapidly growing pipeline spanning over 7,000 drugs. Customers have reported up to 70% efficiency gains, 90% faster regulatory reporting, and substantial cost savings while ensuring end-to-end traceability and audit readiness.

The founders said: “The life sciences industry continues to grapple with outdated technology, fragmented point solutions, data silos, and manual handoffs that hinder decision-making and elevate compliance risks. At Graph, we’re addressing these challenges with a unified, AI-native safety platform that integrates context, compliance, and intelligence into a single seamless ecosystem. Our vision is to make patient safety smarter, faster, and more connected, empowering pharmaceutical enterprises to achieve safer outcomes, stronger regulatory confidence, and exponential efficiency across safety operations.“

Nithin Kaimal, Partner at Bessemer Venture PartnersIndia, said: “We’re excited to partner with Graph AI as they redefine labour intensive and inefficient pharmacovigilance workflows through AI-native solutions that prioritize accuracy and scalability. At Bessemer, we’re deeply optimistic about the transformative potential of AI to reimagine traditional services models as for the first time, delivery is shifting from labour arbitrage to intelligence arbitrage, empowering enterprises to work with firms that deliver faster, smarter, and more adaptive solutions. We look forward to supporting the Graph team as they continue to scale new heights.”

Photo: https://mma.prnewswire.com/media/2797185/Raghav_Parvataraju_Graph_AI.jpg

SOURCE Graph AI

Digital Twins help organizations act fast, retain expertise, and adapt quickly in an era of rapid AI adoption and workforce change.

SAN FRANCISCO, Oct. 15, 2025 — Viven today emerged from stealth with $35 million in seed funding from Khosla Ventures, Foundation Capital, FPV Ventures, Operator Collective, and leading angel investors to bring AI-powered Digital Twins to the enterprise. This is a new class of intelligent systems that create personalized digital counterparts for employees, capturing their knowledge, decisions, and context — enabling teams to move faster, collaborate across silos, and preserve institutional memory long after projects or personnel change.

A New Operating Model for AI-Driven Enterprises

Today, every CEO faces the same existential challenge: AI isn’t just a technology trend, it’s a competitive reckoning. While some organizations are racing ahead with intelligent systems, others risk falling behind, stuck with silos, slow decisions, and knowledge that disappears when people do.

Viven’s Digital Twins go beyond avatars or personal assistants. Each twin is trained on the user’s real work, including internal documents, emails, meetings, and chat threads to replicate how they think, communicate, and act. Twins brief users before meetings, distill conversations across channels, and even answer questions from teammates when they’re unavailable.

Enterprises can also create team-level twins that support entire departments or account groups. For example, a CEO can query the twin of a global account team spanning sales, forward-deployed engineers, product managers, and support to get a holistic customer update before a key meeting. Digital Twins make the full depth of an organization instantly accessible.

“Viven offers a new way to run the enterprise where knowledge doesn’t vanish, collaboration is instant, and leaders operate with clarity at every level,” said Ashutosh Garg, co-founder and CEO of Viven. “Digital Twins give executives immediate access to the thinking, context, and decisions of their entire organization so they can move faster, see across silos, and stay ahead of the curve.”

Proven in Global Enterprises

Viven is already deployed inside enterprises such as Genpact, the Josh Bersin Company, Red Crackle, Eightfold, and others. In just eight weeks, Genpact, an agentic and advanced technology solutions company recognized for its deep industry knowledge, process intelligence, and last-mile expertise, deployed Viven’s Digital Twins across its global leadership, improving internal collaboration, and ensuring uninterrupted decision-making.

“Speed and agility are fundamental elements of our culture, making us natural partners for innovations like Viven’s Digital Twins, which gives our leadership team the organizational velocity to collaborate with clarity, speed, and confidence,” said Balkrishan “BK” Kalra, President and CEO, Genpact.

Enterprise-Grade Security and Compliance

Viven is designed for enterprise-grade security from the ground up, with deployments in the enterprise’s own cloud or on-premises environment. Its privacy framework includes pairwise privacy, granular role-based access controls (RBAC), and full audit trails ensuring that Digital Twins only share what both parties are entitled to see. Trust and compliance aren’t add-ons — so they’re embedded in the system’s architecture.

Backed by Proven Builders

Viven is led by established entrepreneurs Ashutosh Garg and Varun Kacholia, who together have founded two unicorns. With deep experience in building and scaling category-defining companies like Eightfold AI, they bring proven leadership to this next wave of enterprise AI.

“Time is the scarcest resource in any company,” said Vinod Khosla, founder of Khosla Ventures. “By creating a digital twin for every employee, Viven gives organizations the ability to move faster, accelerate decision making, and preserve institutional knowledge. Ashutosh and team have the expertise and track record to build out this bold vision.”

About Viven

Viven is building Digital Twins for the enterprise — and eventually, for everyone. By combining personalized language models, agentic workflows, and privacy-first design, Viven helps organizations preserve knowledge, move faster, and scale human potential. Viven was incubated at Eightfold.ai and is headquartered in Santa Clara, California. For more information visit: https://viven.ai/.

SOURCE Viven

Total funding reaches $100 million in just 12 weeks as finance teams accelerate the shift to AI-driven operations.

SAN FRANCISCO, Oct. 15, 2025 — Campfire, the company reimagining ERP for modern finance teams, today announced a $65 million Series B co-led by Accel and Ribbit, with continued investment from Foundation Capital and Y Combinator, along with angel investors including Karim Atiyeh, Co-Founder & CTO at Ramp, Brad Floering, VP of Finance, FP&A at Snowflake, Steve Sidhu, Controller at Clay, Scott Buxton, CFO at Supabase, and Naeem Ishaq, Former EVP, CFO & Chief Strategy Officer at Checkr.

The round comes only 12 weeks after Campfire’s $35 million Series A, bringing total funding to more than $100 million. Campfire reached this milestone faster than any other AI-native ERP this year. The raise follows 10x year-to-date revenue growth as finance teams across six continents turn to Campfire to automate manual work, close faster, and scale with clarity.

ERP is one of the largest and most established categories in enterprise software, long dominated by SAP and Oracle – systems that have barely evolved since the 1990s. As AI reshapes how finance operates, Campfire is emerging as the modern alternative, built for today’s fast-moving, global teams.

“Legacy ERPs are structured for a different era, and as a finance exec I felt that pain firsthand,” said John Glasgow, Founder & CEO at Campfire. “We built Campfire to reimagine ERP for the AI age with workflows that think, learn, and move as fast as finance teams do today. We’re proud to deepen our partnership with Accel, who led our Series A, and to welcome Ribbit as a new partner as we bring that vision to more companies around the world.”

Campfire’s product has seen rapid adoption from both high-growth startup and enterprise businesses. Customers like PostHog, Decagon, Replit, Heidi Health, Klarity, CloudZero, and Advisor360 have replaced legacy systems to run their core financial operations on Campfire.

“Campfire is modern, flexible, and has an intuitive design that makes day to day tasks less of a grind. I’m looking forward to spending more time analyzing, and less time troubleshooting clunky processes. Campfire’s AI automates your reconciliations, flags anomalies, and even helps draft reports. It’s a real game changer,” said Ryan Ang, Controller, Decagon.

“Since we operate in the public markets, we have to be thoughtful with every decision we make. Our team was impressed by the robust features, extensibility of the platform, and granularity of permissioning for a SOX environment. We’ve enjoyed building with the Campfire team to modernize the future of our accounting, together,” said Patrick Journy, CFO, LimaOne (NYSE: MFA).

The company’s momentum reflects a broader shift underway in the $3 trillion ERP market. Campfire has grown 10x year to date, completed multiple large-scale migrations off legacy platforms, including SAP, and established partnerships with public company customers listed on the NYSE.

A key part of Campfire’s differentiation is its advanced use of AI, including L.A.M. (Large Accounting Model), its newly announced proprietary AI model, trained exclusively on accounting data to automate tasks with industry-leading accuracy. Already achieving 95% accuracy on key workflows like reconciliations and variance detection, L.A.M. represents a foundational step toward fully intelligent finance operations.

“Campfire is building a special company. We’re excited to deepen our partnership with John Glasgow and the team, and to work with our friends at Ribbit,” said John Locke, Partner at Accel. “Campfire is addressing a massive opportunity in the market, and we look forward to doing the work together to build the ERP for the future.” 

“Campfire caught our attention by solving a problem every CFO knows: finance teams still rely on Excel and email while the rest of the organization moves on to modern software,” said Nick Shalek, General Partner at Ribbit. “John understands the reality of financial operations because he’s experienced them, and that authenticity drives every product decision. By quietly building the infrastructure that makes AI in finance useful, Campfire represents exactly what Ribbit looks for: companies that transform critical but historically underserved functions and industries.”

About Campfire
Campfire is the AI-first ERP powering modern finance and accounting teams. A full replacement to legacy ERPs, it offers a general ledger, revenue automation, close management, and so much more – all on one unified platform. Campfire empowers finance teams with powerful, intuitive software that saves time on the monthly close, unlocks deeper financial insights, and scales with you. The company is headquartered in San Francisco and is backed by Accel, Ribbit, Foundation Capital, Y Combinator, Capital49 and notable finance execs from public and private companies. For more, visit www.campfire.ai.

About Accel
Accel is a global venture capital firm that is the first partner to exceptional teams everywhere, from inception through all phases of private company growth. Atlassian, Bumble, CrowdStrike, Fiverr, Flipkart, Freshworks, Qualtrics, Scale, Segment, Slack, Spotify, Squarespace, Tenable, and UiPath are among the companies Accel has backed over the past 40+ years. We help ambitious entrepreneurs build iconic global businesses. For more, visit www.accel.com or www.X.com/accel.

About Ribbit
Ribbit is a global investment firm that partners with visionary entrepreneurs revolutionizing traditional markets. For over a decade, Ribbit has partnered with founders challenging the status quo and building transformative companies across six continents, including Coinbase, Coalition, Credit Karma, Crusoe, Decagon, Groww, Listen Labs, Harmonic, Nubank, ONE, Revolut, Robinhood, and others.

Media Contact
Campfire
[email protected]

SOURCE Campfire Software, Inc.

True Ventures leads funding to scale BEACON platform that gives benefits consultants their time back for strategic client work

SAN FRANCISCO, Oct. 15, 2025 — Planyear, the AI-native platform transforming how benefits consultants work, announced it has raised $12 million in seed funding led by True Ventures. The round will accelerate development of Planyear’s BEACON platform, which automates administrative tasks that consume up to 70% of consultants’ time, freeing them to focus on strategic guidance and client relationships.

“AI has begun to transform the underlying economics of insurance brokerage,” said Craig Hasday, President, National Employee Benefits Practice at EPIC. “Using AI, firms will increase the efficiency and accuracy of their interaction with clients and insurance carriers with significantly improved control of data and awareness of pricing and coverage trends. This will reduce response times and increase profitability at the same time. The result will be an improved client experience with a greater focus on consulting and streamlined administration.”

Founded by benefits industry veterans who experienced firsthand the frustration of spending more time on spreadsheets than serving clients, Planyear emerged from a working brokerage with a deep understanding of the industry’s operational challenges. The BEACON platform combines AI automation with benefits expertise to handle client & employee questions, document processing, census standardization, renewal workflows, and RFP responses—tasks that traditionally require countless manual hours during peak seasons.

“Benefits consultants entered this industry to help people navigate healthcare decisions, not to wrestle with data entry,” said Tariq Hilaly, CEO of Planyear. “We’ve lived the late nights during renewal season, the frustration of manual processes, and the missed opportunities when you’re too buried in administration to focus on strategy. BEACON gives consultants their most valuable resource back: time.”

The benefits consulting industry manages over $1.4 trillion in annual healthcare spending, yet relies heavily on manual processes that haven’t evolved with modern technology expectations. Planyear’s AI-powered approach addresses critical bottlenecks including repetitive and high-volume employee support requests, plan spreading that can take hours per client, census data standardization across multiple formats, and the creation of custom, branded employee communications materials such as benefits microsites and decisioning support. Planyear is already working with 6 of the top 10 brokerage firms. Early customers report a 75% reduction in manual data entry, a 50% faster renewal process, and nearly double the client capacity within the first year of using the technology.

“The benefits industry is ripe for transformation, but it needs solutions built by people who understand the nuanced challenges consultants face daily,” said Puneet Agarwal, Partner at True Ventures. “Planyear’s team combines deep industry expertise with sophisticated AI capabilities to create genuine operational leverage. They’re not just automating tasks—they’re restoring the strategic advisory role that makes benefits consulting valuable.”

Benefits consultants spend far less time on strategic advisory work than on time-consuming data processing and administrative tasks. This imbalance has contributed to consultant burnout and limited the industry’s ability to deliver the personalized guidance that modern employers increasingly demand.

The funding will support platform expansion across key workflow areas as well as enhanced support for employers, general agents and carriers. Planyear will also expand its sales team and further develop its AI products to keep up with rapid technological changes and prepare for future capabilities.

About Planyear

Planyear is the AI-native platform that gives benefits consultants their time back. Born from a brokerage and built by benefits professionals, our BEACON platform automates the manual tasks that steal time from strategic work—from document processing to renewal workflows. We combine deep industry knowledge with AI innovation, empowering consultants to advise with confidence and deliver modern experiences that today’s employers and employees expect. Planyear transforms how benefits consultants work, strengthening relationships while driving growth. Learn more at www.planyear.ai.

SOURCE Planyear

Category-Defining Platform for Community Management Reaches Unicorn Status with Growth Investment to Accelerate Market Expansion

WILMINGTON, N.C., Oct. 15, 2025 — Vantaca, the AI-first community association management platform, today announced a $300+ million minority growth investment led by Cove Hill Partners at a $1.25 billion valuation. Cove Hill Partners joins existing minority investor JMI Equity in supporting Vantaca’s vision and next phase of growth, with the founding management team continuing to lead the company’s strategy and operations. This momentum builds on five consecutive years of recognition on the Inc. 5000 reflecting Vantaca’s consistent growth trajectory, including a 95% revenue increase over the last year, while serving more than 500+ management companies and six million households nationwide.

The $300+ million minority investment represents strong validation of Vantaca as a category winner in the rapidly expanding community association management software market. The investment will fuel expansion of Vantaca’s winning market strategies, including but not limited to:

• AI-driven transformation for Community Association Management companies (CAMs) – democratized, deeply embedded AI that helps customers move faster, operate smarter, and scale with confidence.
• Market momentum – accelerating adoption among the fastest-growing management companies, powered by expanded go-to-market capabilities to capture market share and reach additional households nationwide.
• Ecosystem expansion – extending end-to-end capabilities that enhance the full homeowner experience, including residents, vendors, boards, and management companies.

With its proven ability to drive customer success through operational transformation, Vantaca is well-positioned to capture significant market share as the industry embraces AI-driven modernization.

“This investment validates what our customers and industry partners already know, which is that Vantaca is defining the future of community management through AI-native automation and operational excellence,” said Ben Currin, CEO of Vantaca. “Leading investment firms recognized our unique position as the platform delivering true agentic AI capabilities that transform daily operations rather than just digitizing old processes. This partnership accelerates our mission to help management companies scale profitably while delivering exceptional homeowner experiences.”

Vantaca’s HOAi platform transforms how community management companies operate, automating and streamlining critical workflows spanning finance, budgeting, communications, and resident services. Early adopter customers are achieving dramatic operational improvements, with more than one million tasks already automated through agentic AI, resulting in over 100K+ hours being saved and returned to management company teams. These efficiencies are freeing teams to focus on strategic growth and better service for the communities they support. Transformation stories such as these are spreading rapidly through industry networks as respected management company executives share their success at conferences and peer discussions.

“Vantaca represents the rare combination of market leadership, technological innovation, and exceptional execution that we believe defines category-winning companies,” said Jane Levy Vance, Co-Founder and Partner at Cove Hill Partners. “We believe their AI-first approach has sustainable competitive advantages and delivers significant value to customers. We’re excited to partner with the Vantaca team as they scale their platform, introduce new capabilities, and expand into new markets.”

“We’ve had the privilege of partnering with Vantaca over the past few years through a period of tremendous growth and execution,” said David Greenberg, Partner at JMI Equity. “It’s rewarding to see the Company continue on this trajectory and we look forward to partnering with the team as they continue to accelerate innovation and extend their market share in the industry.”

Vantaca’s comprehensive platform combines core community management software with integrated payments, business intelligence, and agentic AI capabilities that create a unified ecosystem for all stakeholders. Vantaca’s recent achievements include recognition on the Inc. 5000 list, industry-leading customer advocacy scores, and dominant presence at major industry conferences where the company’s thought leadership and customer success stories demonstrate the tangible impact of AI transformation on community management operations.

Goodwin Procter LLP served as legal counsel to Vantaca. William Blair acted as Vantaca’s exclusive financial advisor.

About Vantaca
Vantaca is the AI-first community association management platform that empowers management companies to automate routine work while focusing on relationships and growth. Serving over 500 management companies, representing six million doors across the United States, Vantaca combines intelligent automation, comprehensive workflows, and integrated tools to help build better communities.

Recognized on the Inc. 5000 list for five consecutive years, Vantaca combines integrated payments, business intelligence, and agentic AI to unify the entire ecosystem for management companies including vendors, boards, and homeowners and is uniquely positioned to lead modernization through operational excellence and customer success.

For more information about Vantaca, visit www.vantaca.com

About Cove Hill Partners

Cove Hill Partners is a leading investment firm focused on partnering with exceptional management teams building category-defining software companies. Cove Hill brings deep expertise in vertical software markets and a track record of supporting companies through transformational growth phases. Cove Hill has an innovative structure that provides the flexibility to enable a patient, concentrated, and value-add approach in a small portfolio of long-term investments. For more information, visit www.covehillpartners.com.

About JMI Equity

Founded in 1992, JMI Equity is a leading growth equity software investor based in the greater Washington, D.C. area and San Diego. With a focus on software companies, JMI has collaborated with countless entrepreneurs, founder-owners, and management teams, investing in more than 190 companies since its inception. To date, the firm has completed more than 120 exits and facilitated 19 IPOs. As of June 30, 2025, JMI’s portfolio of industry-leading cloud software companies represents $10 billion in combined revenue, $84 billion in aggregate enterprise value, and over 38,000 jobs. For more information, visit: www.jmi.com.

Media Contact:
Ryan Kelly
PR and Communications Director, Vantaca
732.770.5942 I [email protected]

Investor Relations Contact:

Jane Levy Vance
Co-Founder and Partner, Cove Hill Partners
1-857-245-6060 I [email protected]

SOURCE Vantaca LLC