Raison

How an early bet became our portfolio's top performer

Read the full story on the Raison blog: https://raison.app/news/portfolio-companies/raison-and-anthropic-43x-in-three-years

In June 2023, when most of the market was still figuring out what large language models were, Raison invested $1.5 million in Anthropic at $13.7 per share. On May 28, 2026, Anthropic closed its Series H round at approximately $589 per share — 43 times our initial entry price.

We backed Anthropic when only a narrow circle of specialists knew the company existed. Unlike most players in the market, it focused from the very beginning not just on AI capabilities, but on safety and transparency. We saw that not simply as a philosophical difference, but as a long-term competitive advantage: enterprise clients choose technologies they can trust.

Three years later, that bet has paid off. Today, Claude is used by three of the Big Four auditing firms, major banks, and healthcare organisations. Anthropic has reached operating profitability, its annualised revenue has exceeded $30 billion, and prediction markets put the odds of a trillion-dollar valuation by year end at 93%.

Want to explore this or other investment opportunities? Please contact our expert to get a personal consultation: https://api.whatsapp.com/send/?phone=34641549117&text&type=phone_number&app_absent=0

Raison at Latitude59, Europe's top startup conference

This year, Raison joined Latitude59 — one of the leading startup and tech conferences in Northern Europe, held in Tallinn. The conference brought together 3,000+ participants from 70 countries, 600+ investors, and 140 speakers.

Our CFO, Andrey Afanasyev, spoke on the Future Stage in a talk titled "Exit Is Not the Finish Line: What Founders Must Unlearn." He explored why wealth management after an exit demands a fundamentally different mindset than building a company, and why AI can accelerate decisions, but can't replace judgment or accountability.

We also co-hosted Tech Apéro at L59 alongside Tera Ventures, OTB Ventures, and ThreeVC — an evening of informal conversations about venture capital, AI, and cross-border investment.

Tallinn holds a special place for us: it's where one of our offices is based, and Estonia remains one of Europe's most advanced ecosystems for fintech, venture, and modern wealth management.

If you'd like the full story, read our recap on the blog: https://raison.app/news/company-life/raison-at-latitude59

Quarterly Venture Review: Key Takeaways 🦄

Q1 2026 set all-time records on two fronts simultaneously: investment volume and exit volume.

🔘 Investment

The market raised $267.2B in a single quarter — enough to make 2026 the third-largest year of the past decade already. Total venture assets under management reached $9.4T, with nearly half — $4.41T, or 46.5% — concentrated in AI companies.

Five deals accounted for 73.2% of quarterly volume: OpenAI ($122B), Anthropic ($30B), xAI ($20B), Waymo ($16B), and Databricks ($5B).

Yet capital concentration at the top didn't collapse the broader market: deal count fell by just 17%, while median valuations rose at every stage — from Seed to Series D+.

🔘Exits

The exit market also hit an all-time high — $347.3B, the second-largest figure ever recorded. Two deals drove the bulk of it: SpaceX acquired xAI for $250B, creating the largest private company in history at a $1.25T valuation, while Wiz was acquired by Google for $32B. Together, they accounted for 81.2% of the quarter's total exit volume.

🔘 Europe & Asia

Against the backdrop of US records, Europe and Asia are also posting gains for the third consecutive quarter. Europe is being driven by AI and defense: Q1 saw six megarounds exceeding $1B each. Asia is seeing growth in electronics, AI, and biotech.

🔘 The Bottom Line

The market is concentrating, but not contracting. Five deals accounted for three-quarters of the total volume — yet the ecosystem continues to expand in breadth. That's arguably the defining signal of the quarter.

🔗 The full report with charts, data breakdowns, and deal-by-deal analysis is available on our blog: https://raison.app/news/analytics/venture-capital-market-q1-2026

Humanoid Robots are Becoming Part of the Global Economy

The latest report Global Humanoid Robots Market 2026–2040, reveals that robotics is moving beyond prototypes to industrial-scale production and is becoming a major magnet for investment.

In our new Raison blog post, we have gathered the key insights from the report:

- Investment is accelerating: what moved the market from R&D to real business, and the metrics behind it
- Production is scaling: how serial manufacturing is reshaping costs and access
- Real deployments are here: who’s putting humanoids on the line and into logistics, and what that means for demand
- Use cases: where robots will land first (hint: not only factories!)
- Where Raison fits in: Apptronik from our portfolio and its Apollo humanoid, built to work alongside people and ready to scale

🔗 Read the full post on the Raison blog: https://raison.app/news/analytics/humanoids-enter-the-global-economy

Wealth Club gathered once again—this time in London. Not just a global financial capital, but a city where wealth is understood not only in numbers, but in meaning. Over three days, participants took part in private discussions, one-on-one sessions, and intellectual journeys. We’re sharing a few glimpses from the experience — and the full article is now live on the Raison blog.

https://raison.app/blog/article/company-life/wealth-club-london

In June 2025, two groundbreaking companies captured global attention:

🔹 Neuralink raised $650M in a landmark Series C round
🔹 Scale AI secured a $14.8B investment from Meta, pushing its valuation to $29B

We identified Neuralink in 2022 and Scale AI in 2021 — driven by rigorous analysis and a conviction in their transformative potential.

These milestone deals reinforce the core of what we deliver to our clients: privileged early access to visionary companies shaping the future of AI, neurotechnology, and foundational infrastructure.

Explore how these defining moments validate our long-term investment philosophyhttps://raison.app/blog/article/portfolio-companies/neuralink-and-scale-ai-secure-the-largest-venture-deals-of-june

This year, the Raison team joined Latitude 59 in Tallinn — the Baltic region’s premier technology conference that convenes startups, investors, and industry leaders from around the world.

Raison Co-Founder Alexander Zaytsev and Raison’s European BDO Oxana Raim attended not only as active participants but also as company ambassadors, with Raison serving as one of the event’s sponsors.

“Latitude 59 is more than a conference; it is a focal point for those shaping Europe’s technological future. For Raison, the forum provided an opportunity to deepen ties with talented founders, explore strategic partnerships with funds, and reaffirm our position as a long-term investor committed to sustainable growth. We also held a series of closed-door meetings with funds and portfolio-company teams to discuss joint rounds, market expansion, and capital management at subsequent stages of development.” — Alexander Zaytsev, Co-Founder, Raison

Read the full story on Raison website: https://raison.app/blog/article/events-and-awards/raison-participated-in-latitude59

On May 15, the Raison team took part in the Nordic Fintech Summit 2025 — a key event for the financial technology industry in Northern Europe.

As part of our broader strategy to expand into European markets and enhance financial infrastructure, we participated in the closed-door FINTECH CIRCLE ROUNDTABLE alongside leading banks and technology companies.

Discussions focused on the future of the industry, the integration of AI in capital and risk management, and the development of a global bridge between Asia and the West.

Special attention was given to potential collaboration with EU and UK banks — including debt issuance on the AIX exchange, optimization of cross-border payment rails, and the creation of joint investment funds.

In the first photo from left to right: Janne Salminen — CEO of Nordic Fintech Summit and Fintech Farm Helsinki, and Alexander Zaitsev — CEO and Board Member of Raison.

Raison at Latitude59 in Tallinn | May 21–23

Latitude59 is the leading tech conference in Estonia and one of the top meeting points for startups and investors across Europe. This year, the historic Kultuurikatel venue will host:

– 3,500+ attendees
– 600 investors
– 900 startups from around the world

We’re joining the conference as an official partner — and we invite you to be part of it.

Expect high-impact networking via the Matchmaking App, meetings with startup founders, insights into sustainable innovation, and fresh investment opportunities.

⚡️ Learn more and get your ticket: https://latitude59.ee/ — enjoy 20% off with promo code RAISONtoL59 for our friends and followers.