2025 Annual Review & Outlook

Jan 15

We are pleased to share our Annual Review & OUTLOOK AS WE BEGIN The 2026 CHAPTER BUT FIRST….

hAPPY NEW YEAR!

THE 7GC TEAM WISHES YOU & YOUR FAMILY A WONDERFUL 2026!

2025 marked a year of clear progress across both our portfolio and platform. Fund II has benefited from exceptional momentum, firmly positioning it in the top decile of its vintage, driven by outsized performance in our AI infrastructure portfolio including Anthropic, Fluidstack, and Poolside. we also completed the year with a final investment in Dream Security, bringing the portfolio to full deployment.

Alongside portfolio performance, we continued to institutionalise the 7GC platform. This included the expansion of our investment team with a new hire, the opening of our Los Angeles office, and the rollout of Fundrbird as our new investor portal to enhance reporting and LP experience. We have been previewing Fund III with select institutional LPs in the US and internationally, supported by the strong underlying progress across Fund II.

Throughout 2025, we remained actively engaged in market dialogue and thought leadership. Jack was invited to contribute on Bloomberg TV and industry podcasts, and we continued to publish research and commentary to help LPs navigate a rapidly evolving technology landscape, including our recent paper examining AI capex through the lens of the late-1990s telecom bubble.

We look forward to sharing a detailed review of portfolio developments, market insights, and our outlook for the year ahead.

7GC II PORTFOLIO HIGHLIGHTS & UPDATE

ANTHROPIC CONTINUED TO DEMONSTRATE EXCEPTIONAL MOMENTUM THROUGHOUT 2025, REINFORCING ITS POSITION AS ONE OF THE MOST IMPORTANT GLOBAL AI PLATFORMS.

Based on the pending Series G financing, Anthropic has now fully returned 7GC II as a single investment.

IN MARCH 2025, THE COMPANY COMPLETED A SERIES E FINANCING. THIS WAS FOLLOWED BY A LANDMARK $13BN SERIES F ROUND IN SEPTEMBER 2025, WHICH REPRESENTED A SIGNIFICANT VALUATION STEP-UP AND ONE OF THE LARGEST PRIVATE FINANCINGS IN THE HISTORY OF VENTURE CAPITAL.

At year end the company announced a new pending investment with $15bn of new capital from Nvidia and Microsoft. The round is now in motion with financial investors Coatue and QIA as the named lead for a $350bn post money valuation.

OPERATIONALLY, ANTHROPIC CONTINUED TO SCALE RAPIDLY ACROSS ENTERPRISE AND DEVELOPER USE CASES, SUPPORTED BY GROWING DEMAND FOR LARGE LANGUAGE MODELS WITH STRONG SAFETY AND GOVERNANCE CHARACTERISTICS. ANTHROPIC SURPASSED $7BN IN ANNUAL RECURRING REVENUE (ARR) DURING THE YEAR, WITH A TARGET OF $10BN BY YEAR-END, MARKING ONE OF THE FASTEST REVENUE SCALING TRAJECTORIES EVER SEEN IN a software business.

AS CAPITAL MARKETS REOPEN FOR LEADING TECHNOLOGY PLATFORMS, ANTHROPIC HAS ALSO BEEN CITED IN EARLY DISCUSSIONS AROUND A POTENTIAL IPO TIMEFRAME, ALTHOUGH NO FORMAL PLANS HAVE BEEN ANNOUNCED.

FLUIDSTACK MADE TRANSFORMATIONAL PROGRESS IN 2025, EMERGING AS ONE OF THE MOST STRATEGICALLY IMPORTANT AI INFRASTRUCTURE PLATFORMS GLOBALLY. THROUGHOUT THE YEAR, THE COMPANY SIGNIFICANTLY EXPANDED ITS ROLE AS A PROVIDER OF LARGE-SCALE GPU AND DATA-CENTRE CAPACITY TO FRONTIER AI LABS AND HYPERSCALERS.

A KEY MILESTONE WAS THE ANNOUNCEMENT OF A LONG-TERM AI INFRASTRUCTURE PARTNERSHIP WITH ANTHROPIC, ENCOMPASSING A $50BN MULTI-YEAR DATA-CENTRE BUILD-OUT, POSITIONING FLUIDSTACK AS A CORE INFRASTRUCTURE PARTNER TO ONE OF THE FASTEST-GROWING AI COMPANIES GLOBALLY.

IN PARALLEL, FLUIDSTACK SECURED SEVERAL LANDMARK COMMERCIAL AND STRATEGIC AGREEMENTS, INCLUDING LONG-DATED CONTRACTS WITH MAJOR TECHNOLOGY COUNTERPARTIES AND SOVEREIGN-BACKED INITIATIVES ACROSS EUROPE. THESE AGREEMENTS MATERIALLY INCREASED REVENUE VISIBILITY AND UNDERPINNED A SHARP ACCELERATION IN CONTRACTED REVENUES, WITH ARR PROJECTIONS STEPPING UP MEANINGFULLY INTO 2026.

FROM A CAPITAL MARKETS PERSPECTIVE, FLUIDSTACK PROGRESSED TOWARD A MAJOR INSTITUTIONAL FINANCING ROUND DURING 2025, which will increase the companies valuation to $7.5bn. THE COMPANY’S SCALE, CONTRACTED DEMAND, AND IMPROVING UNIT ECONOMICS CONTINUED TO ATTRACT STRONG INTEREST FROM GLOBAL INVESTORS, REINFORCING ITS POSITION AT THE CENTRE OF THE AI COMPUTE AND INFRASTRUCTURE STACK.

OPERATIONALLY, FLUIDSTACK EXPANDED ITS GLOBAL FOOTPRINT, INCREASED ITS OWNED AND MANAGED GPU FLEET, AND ADVANCED ITS TRANSITION TOWARD HIGHER-MARGIN INFRASTRUCTURE OWNERSHIP. THESE DEVELOPMENTS COLLECTIVELY POSITION THE BUSINESS FOR SIGNIFICANT OPERATING LEVERAGE AND VALUE CREATION AS DEMAND FOR AI COMPUTE CONTINUES TO OUTPACE SUPPLY.

POOLSIDE CONTINUED TO MAKE MEANINGFUL PROGRESS IN 2025 AS IT ADVANCED TOWARD BECOMING A FRONTIER-SCALE AI PLATFORM FOCUSED ON FULL-STACK SOFTWARE AND INFRASTRUCTURE.

A KEY MILESTONE DURING THE YEAR WAS THE ANNOUNCEMENT OF A STRATEGIC INFRASTRUCTURE PARTNERSHIP WITH COREWEAVE, SECURING LONG-TERM ACCESS TO LARGE-SCALE, NEXT-GENERATION GPU CAPACITY. THIS AGREEMENT MATERIALLY STRENGTHENED POOLSIDE’S COMPUTE POSITION AND PROVIDED DEDICATED, COST-EFFICIENT INFRASTRUCTURE TO SUPPORT THE TRAINING AND DEPLOYMENT OF PROPRIETARY FOUNDATION MODELS.

IN PARALLEL, POOLSIDE PROGRESSED TOWARD A SIGNIFICANT INSTITUTIONAL FINANCING ROUND, WITH MARKET REPORTS REFERENCING A TRANSACTION VALUING THE COMPANY AT APPROXIMATELY $12BN. INVESTOR INTEREST REFLECTED GROWING CONFIDENCE IN POOLSIDE’S DIFFERENTIATED STRATEGY, WHICH COMBINES PROPRIETARY MODELS, INFRASTRUCTURE CONTROL, AND ENTERPRISE-FOCUSED DEPLOYMENT. THE PROSPECTIVE FINANCING WOULD PROVIDE SUBSTANTIAL CAPITAL TO ACCELERATE MODEL DEVELOPMENT, INFRASTRUCTURE EXPANSION, AND COMMERCIAL SCALE.

POOLSIDE’S MOMENTUM AND AMBITION WERE FURTHER HIGHLIGHTED BY A FEATURE IN THE WALL STREET JOURNAL, WHICH UNDERSCORED THE COMPANY’S POSITIONING AS AN INDEPENDENT, VERTICALLY INTEGRATED AI LAB FOCUSED ON ENTERPRISE-GRADE SOFTWARE DEVELOPMENT.

COMMERCIALLY, POOLSIDE CONTINUED TO REFINE ITS GO-TO-MARKET STRATEGY, WITH INCREASING EMPHASIS ON API-DRIVEN AND ON-PREMISE USE CASES. CUSTOMER ENGAGEMENT AND REVENUE VISIBILITY IMPROVED THROUGHOUT THE YEAR, SUPPORTED BY DEEPER PARTNERSHIPS ACROSS CLOUD, INFRASTRUCTURE, AND SOFTWARE ECOSYSTEMS.

AS AI DEVELOPMENT INCREASINGLY FAVOURS PLATFORMS WITH SECURE ACCESS TO COMPUTE AND PROPRIETARY TECHNOLOGY, POOLSIDE ENTERS 2026 WITH STRONG STRATEGIC MOMENTUM, REINFORCED INFRASTRUCTURE ACCESS, AND A CLEAR PATHWAY TOWARD SCALE. THE COMPANY REMAINS AN IMPORTANT COMPONENT OF FUND II’S EXPOSURE TO NEXT-GENERATION AI PLATFORMS AND INFRASTRUCTURE-ENABLED SOFTWARE BUSINESSES.

…AND MORE

Beyond our core AI holdings, the remainder of the Fund II portfolio made solid progress during 2025 across cybersecurity, consumer, fintech, and applied AI.

In Q3, we completed our most recent Fund II investment with a follow-on into Dream, supporting its $100m Series B led by Bain Capital Ventures to accelerate the development of its AI-driven cybersecurity platform protecting governments and critical infrastructure.

Lucra continued to execute on its B2B pivot, expanding its white-label offering across sports, fitness, and media partners and strengthening its positioning as an engagement infrastructure provider with improving unit economics and enterprise adoption.

Because Market delivered exceptional commercial momentum, surpassing a $50m annual run rate and achieving a major retail milestone with a nationwide launch across 2,700 Walmart, CVS, and Target stores, where it was recognised as the number one new brand launch nationally.

Moonfare sustained strong growth, with platform assets exceeding €3.7bn, more than €120m raised during the year, and revenue growing over 20 PERCENT, supported by product expansion, technology enhancements, and disciplined cost management.

7GC I PORTFOLIO Highlights & UPDATE

During 2025, Fund I continued to progress through its harvesting and value realisation phase, with portfolio companies demonstrating a mix of recovery, stabilisation, and selective growth.

Jio Platforms remained the most strategically important holding in the portfolio. The business continued to benefit from strong structural tailwinds across digital connectivity, cloud, and consumer services in India, with its core telecom operations generating significant cash flow and supporting expansion across adjacent verticals. Ongoing progress across cloud, AI-enabled services, commerce, and financial services continues to enhance Jio’s long-term value creation potential, with a public listing remaining a meaningful medium-term optionality.

Roofstock emerged as one of the most significant contributors to the portfolio following a period of operational recovery and improved execution. The company delivered strong revenue growth and material margin expansion as it benefited from a more diversified, recurring revenue mix and disciplined cost management. Management reached important operational milestones during the year, strengthening the balance sheet and positioning the platform to capture upside as residential real estate transaction activity gradually normalises.

The Mom Project made steady operational progress, closing the year with solid revenue performance and improving margins. With A new CEO in 2025, Management focused on cost discipline, automation, and a strategic shift toward higher-margin permanent placements, positioning the business on a clearer path toward profitability.

Capsule prioritisED operational efficiency and core market focus following earlier restructuring. While growth remains measured, the company retains strategic relevance through its differentiated digital pharmacy platform and enterprise partnerships.

Overall, Fund I remains positioned for continued value realisation, anchored by Jio Platforms and Roofstock as key contributors, alongside improving fundamentals across the remainder of the portfolio.

INTERVIEWS & PODCASTS

BLOOMBERG TV

EU|VC

VC10x

INSIGHT PAPERS & MARKET COMMENTARIES

**INSIGHT PIECE:**
**AI CAPEX AND THE TELECOM BUBBLE: A COMPARATIVE ANALYSIS**

THE CURRENT DEBATE AROUND AI CAPEX OFTEN DRAWS DIRECT PARALLELS TO THE TELECOM BUBBLE OF THE LATE 1990S. UNLIKE TELECOM OPERATORS AT THE TIME, TODAY’S CORE HYPERSCALERS ACCOUNT FOR THE MAJORITY OF AI CAPEX AND ARE SUPPORTED BY STRONG FREE CASH FLOW AND DIVERSIFIED LEGACY BUSINESSES, MATERIALLY REDUCING SYSTEMIC RISK. THAT SAID, RISK IS EMERGING AT THE PERIPHERY OF THE ECOSYSTEM, PARTICULARLY AMONG AI NEOCLOUD INFRASTRUCTURE PROVIDERS, WHERE LEVERAGE, CUSTOMER CONCENTRATION, AND FINANCING STRUCTURES MORE CLOSELY RESEMBLE TELECOM-ERA VULNERABILITIES.

AND IN CASE YOU MISSED IT…

WHAT'S STRUCTURALLY WRONG WITH EU VCS?

SPOTLIGHT ON DEEPSEEK: CHINA'S AI RESEARCH LAB

7GC NEWS & INITIATIVES

WE ARE PREPARING TO LAUNCH FUND III AND HAVE BEGUN PREVIEWING THE STRATEGY WITH SELECT GROUPS OF INSTITUTIONAL LPS IN THE US AND INTERNATIONALLY. THESE EARLY CONVERSATIONS ARE TAKING PLACE ALONGSIDE CONTINUED MEANINGFUL DEVELOPMENTS ACROSS FUND II, WHICH WE BELIEVE PROVIDE STRONG MOMENTUM FOR THE NEXT VINTAGE. OUR OBJECTIVE IS TO REACH A FIRST CLOSE IN Q1, FOLLOWED BY A BROADER AND MORE DELIBERATE LAUNCH OVER THE COURSE OF 2026

WITH A DEEP PASSION FOR FRONTIER TECHNOLOGY AND AI, CHASE JOINED our team last October BRINGing A STRONG EXPERIENCE IN SOURCING, DILIGENCE, AND PORTFOLIO STRATEGY. PREVIOUSLY AN ASSOCIATE AT ADVAITA, HE IS ALSO AN ENTREPRENEUR AT HEART WHO CO-FOUNDED A SEED-STAGE AI DATA INFRASTRUCTURE COMPANY THAT WAS LATER ACQUI-HIRED BY A RESEARCH LAB. ACTIVELY INVOLVED IN THE LOS ANGELES DEEP TECH ECOSYSTEM AND THE LGBT VENTURE COMMUNITY, HE HOLDS A BA IN ECONOMICS, POLITICS, AND PHILOSOPHY FROM THE UNIVERSITY OF PENNSYLVANIA, GRADUATING SUMMA CUM LAUDE.

DURING THe yEar, 7GC continued to advance its Women in Venture initiative, bringing together founders, investors, and institutional partners to foster meaningful dialogue and support across the venture ecosystem. In partnership with Rathbones, we co-hosted a dedicated evening focused on elevating women founders and investors, featuring candid discussions on company building, exits, capital allocation, and the role of institutional capital in addressing the gender funding gap. The event reinforced 7GC’s commitment to ecosystem building and to supporting diverse leadership across tech VC & growth investing.

Hope this update was useful and Interesting. We look forward to reconnecting soon.

On that note..Shall we SEE you there? Let us know!

Caroline Rausch

2025 Annual Review & Outlook

Leeney on EU|VC