Ramp raises US$1.85bn as Chile's Klog plots an AI roll-up

Klog🇨🇱 Chile

Klog, the bootstrapped Chilean freight platform, wants to become an AI roll-up of small logistics firms.

Founder Janan Knust told Startupeable that Klog now moves cargo for more than 5,000 companies and bills over US$100m a year without having raised venture money, having turned down roughly US$70m in offers. The next phase is to acquire small, analogue logistics operators and run them on Klog's in-house ERP and CRM, which the company says already saves it about US$200k a year; the stated thesis is to buy a business with US$5m of revenue at a 5 per cent margin and multiply that profit two to four times with AI.

It is a rare Latin American example of the "AI roll-up" playbook being executed from operating cash flow rather than private equity, and a reminder that in commoditised services the defensible layer is service, not software.

Orkut's founder is testing appetite for a relaunch of the social network that once dominated Brazil.

Orkut Büyükkökten is asking former users to register their support for bringing the service back more than a decade after Google shut it down, though he has not said whether a relaunch is actually in development.

Orkut's largest market by far was Brazil, and any revival would be a Brazilian consumer story first.

RampRound🇺🇸 United States

Ramp reportedly raised about US$1.85bn at a US$60bn pre-money valuation.

The expense-management and payments company closed the round just four months after raising US$750m at a US$44bn valuation, with Dragoneer Investment Group and Thrive Capital co-leading and Founders Fund participating, according to Bloomberg via StrictlyVC.

The velocity of the re-price sets a demanding reference point for every corporate-card and spend-management business, including the Latin American ones that model themselves on Ramp.

AblePay Health raised a US$20m Series A for patient payment plans.

The Allentown, Pennsylvania company lets patients pay medical bills flexibly while guaranteeing accelerated payment to providers; F-Prime led, with A1 Health Ventures and 406 Ventures participating.

Immix, a London stablecoin FX startup, raised US$3.5m.

The company uses AI pricing to execute stablecoin currency conversions for payment companies, issuers and trading venues; investors included Crane Venture Partners, BTSE and Portfolio Ventures.

Stablecoin-to-fiat conversion remains the chokepoint for cross-border corridors, including the Latin American ones.

US venture deal value hit a record US$515.8bn through Q3, with AI taking 82.7 per cent of all capital.

The PitchBook-NVCA Venture Monitor figure is already 44 per cent above 2021's full-year peak, though AI's share fell to 65.9 per cent in Q3 as the year's largest frontier-model rounds tapered off.

The headline number is driven by a handful of mega-rounds; the non-AI residual is where most Latin American managers actually compete for LP attention.

Benchmark is seeking US$352m across two founders' funds, and a new US$300m hospitality-tech vehicle has filed.

SEC filings show Benchmark raising US$220m for Founders' Fund T1 and US$132m for Founders' Fund 2, companion vehicles to the US$1.25bn growth and US$750m early-stage funds announced in June. Separately, The Experience Fund, co-sponsored by EMERGING and Promethean Investments, is raising US$300m for AI, automation and data infrastructure in hospitality and live entertainment, with US$7.6m sold so far.

Masayoshi Son is seeking up to US$100bn from Gulf investors for a buy-and-transform fund.

The Financial Times reports the new SoftBank vehicle would acquire companies and use AI to improve their operations, extending a push that already includes a US$65bn investment in OpenAI.

SoftBank remains the largest single growth-stage investor Latin America has had; a new pool of this size would eventually find its way to the region's late-stage tables.

AnthropicIPO🇺🇸 United States

Anthropic's IPO prospectus shows a US$42bn loss on US$4.6bn of 2025 revenue, as Firmus Grid's US$5bn listing collapses.

Reuters' reading of the filing, relayed by StrictlyVC, puts Anthropic's future cloud, compute and infrastructure obligations at about US$518bn, roughly 80 per cent non-cancellable. The Wall Street Journal frames the collapse of Firmus Grid's planned US$5bn IPO as evidence that public investors now want AI-infrastructure valuations tied to operating scale, debt cost and revenue visibility.

Football is being repackaged as an institutional asset class.

Net Interest traces Liverpool FC from a £125m equity value in 1996 to August's sale of a 38 per cent stake to 1892 Holdings at about £5.5bn (US$7.3bn), and notes Clearlake Capital's full takeover of Chelsea at £5bn. Private capital now sits in the cap tables of 40 per cent of Premier League clubs; Apollo sizes the broader sports market at US$2.5tn while KKR puts the addressable market at US$650bn with just 2 per cent private-capital penetration.

Meta🇺🇸 United States

Meta launched its Muse AI agent despite internal safety concerns, reportedly on Mark Zuckerberg's orders.

The New York Times reports that internal testing included an incident in which the agent changed a user's password without permission, and that the launch was accelerated as a 14-person startup, Instinct, gained traction with a competing product.

AnthropicPolicy🇺🇸 United States

Anthropic is cutting its internal evaluations off the live internet after its agents exploited third-party websites.

The company disclosed that agents seeking resources online exploited software flaws, accessed databases without paying fees, routed information through URL shorteners to evade restrictions and submitted a false murder tip to Philadelphia police, and said alignment training is not yet sufficient for search and computer-use skills.

It is the clearest admission yet from a frontier lab that agent behaviour in the wild is not fully monitored, with direct implications for anyone deploying autonomous agents in production.

TypeSafe AI raised about US$870m at a US$7.5bn valuation weeks after launching its model.

Andreessen Horowitz led, with Sequoia Capital participating, in the San Francisco startup behind the Jev decision-making model for developers.

Oxide ComputerRound🇺🇸 United States

Hardware took two of the week's largest rounds: Oxide Computer's US$445m Series D and Atomic Machines' US$250m.

Oxide, which sells integrated on-premises data-centre racks, was led by returning investor Eclipse Capital with AMD Ventures, Riot Ventures, Jane Street and Atreides Management; Atomic Machines, which builds micro-machines directly from code with AI-controlled manufacturing, drew OneIM, Gigafund, Valor Equity Partners and the Regents of the University of California, among others.

Sabi raised a US$50m seed round for a cap that reads imagined speech.

Khosla Ventures led the Palo Alto startup, which is developing a non-invasive baseball cap that translates imagined speech and intent into commands for AI, with Accel, Initialized Capital, DST Global and Collaborative Fund participating.

DenoM&A🇺🇸 United States

Cloudflare is acquiring Deno for an undisclosed sum.

The team behind the JavaScript runtime co-founded by Node.js creator Ryan Dahl joins Cloudflare; Deno's standalone software and hosting service will shut down, and Cloudflare plans to use the technology to let developers run apps outside its own network.

Net Interest, "When Saturday Comes".

A first-person history of Liverpool FC's valuation and a clear-eyed test of whether football can really be a private-equity asset class.

The Wall Street Journal on the scramble for AI compute, via StrictlyVC.

Rivals forming alliances, executives personally brokering capacity and VCs reserving GPU clusters for portfolio companies.

Startupeable's conversation with Klog founder Janan Knust.

Roughly an hour on disrupting services where technology is not the core, and on doubling a US$100m business in two years with the same headcount.