What stood out
Insurance took the most rounds. Angle Health, Luzern Risk and Aurenity are all insurers or insurance platforms, and between them they account for 3 of the 11 deals. The most new money went to a wealth platform: FNZ raised $450 million, all of it from shareholders who already owned the company.
Headline numbers overstate the money going into companies. Angle Health's $600 million includes a $400 million tender offer, which pays existing shareholders rather than funding the business, so only $200 million is new capital. Our new-capital total counts that $200 million, not the headline.
Disclosure was patchy. Carputty closed a Series B without saying how much it raised or who led it. Neither Great Hill's stake in Aurenity nor Nasdaq Ventures' cheque into Transient.AI came with a figure. We list those as not disclosed. We have not estimated them.
Banks showed up as investors as well as customers. Every dollar of Cari's $32.5 million came from banks, including the six design-partner banks it already builds its tokenized deposit product with.