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  "slug": "big-private-rounds-keep-flowing",
  "edition": "2026-11-05T00",
  "url": "https://hangingcontext.com/stories/2026-11-05/big-private-rounds-keep-flowing/",
  "newsroom": "finance-investing",
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  "newsroom_title": "Finance & Investing",
  "angle": "Revolut's $115 billion valuation, Horizon3's $250 million Series E and Fact Base's Series D reward revenue and customers, not just models.",
  "headline": "Revolut at $115 billion leads a day of private rounds that reward revenue, not just ambition",
  "dek": "Revolut closed a fundraising at a $115 billion valuation on 2025 revenue of $6.0 billion, while Horizon3 raised $250 million and Fact Base raised 4.5 billion yen. OpenAI also agreed to buy a developer-tools firm.",
  "published_at": "2026-11-05T00:31:11Z",
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    {
      "text": "Revolut closed a fundraising establishing a $115 billion valuation, led by Glade Brook, Coatue, Durable, T. Rowe Price and Baillie Gifford, the company says.",
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      "text": "Revolut reported 2025 revenue of $6.0 billion, up 46%, and pre-tax profit of $2.3 billion, up 57%, the company says.",
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      "text": "Horizon3 raised $250 million in a Series E round at a valuation above $2 billion, the company says.",
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      "text": "Fact Base raised 4.5 billion yen in a Series D round led by Insight Partners, taking cumulative fundraising to 11.25 billion yen, the company says.",
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    {
      "text": "OpenAI said it will acquire Pierre Computer Company, subject to regulatory approvals.",
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  "sections": [
    {
      "heading": "The headline round",
      "paragraphs": [
        {
          "markdown": "Revolut has closed a fundraising process that establishes a company valuation of 115 billion dollars, the company says, led by Glade Brook Capital Partners, Coatue, Durable Capital Partners, T. Rowe Price Associates and Baillie Gifford.",
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          "markdown": "The valuation rests on reported operating results rather than projections alone: the company says it reported 2025 revenue of 6.0 billion dollars, up 46 percent, and pre-tax profit of 2.3 billion dollars, up 57 percent, with pre-tax margins expanding to 38 percent.",
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          "markdown": "The company also says it launched banks in the UK, Mexico, Australia and New Zealand in 2026, secured banking licences in France, Colombia and Argentina, received conditional national bank charter approval from the US Office of the Comptroller of the Currency, and aims to serve more than 100 million active customers across more than 100 countries.",
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    {
      "heading": "Security and factory software raise too",
      "paragraphs": [
        {
          "markdown": "Horizon3 raised 250 million US dollars in a Series E funding round, the company says, taking its valuation above 2 billion dollars. The company says it is hiring more than 50 people across Asia Pacific and Japan and has launched an Australian point of presence in Sydney to support local security-data hosting requirements.",
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        {
          "markdown": "Horizon3's pitch is usage, not just headcount: the company says its NodeZero product has executed more than 350,000 production-safe autonomous security tests and has been used by more than 7,000 organisations worldwide.",
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        {
          "markdown": "Horizon3 also named its regional leadership for the push: Chris Wood as Director of Sales for Australia and New Zealand, and Vivienne Horsfall as Growth Marketing Director for Asia Pacific and Japan.",
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          "markdown": "In Japan, Fact Base raised 4.5 billion yen in a Series D round led by Insight Partners, with Artemis Ventures and MPower Partners joining as new investors, the company says. Cumulative fundraising has reached 11.25 billion yen, sales increased 2.3 times year on year, adoption of its Zume-n manufacturing software grew 2.2 times, and the company has expanded to 14 countries.",
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        {
          "markdown": "Fact Base currently operates 4 domestic bases and 11 overseas bases, and says it plans to invest in new business development and governance systems to support its global expansion.",
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    {
      "heading": "An acquisition alongside the rounds",
      "paragraphs": [
        {
          "markdown": "OpenAI said it will acquire Pierre Computer Company, the company behind Code Storage, in a deal subject to regulatory approvals, with the two companies remaining separate until the acquisition closes.",
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        {
          "markdown": "OpenAI said it plans to bring Code Storage features into Codex, its coding-agent platform, and that Pierre's open-source projects will remain open source. Codex already uses Pierre's Trees and Diffs libraries, and OpenAI said it intends to adapt Git workflows to support coding agents.",
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        {
          "markdown": "OpenAI also said it uses an in-house source control backend called Pando, and that Pierre's Diffs library includes an Edit mode for fixing code, which gives a sense of how much of the coding-agent workflow the acquisition is meant to cover.",
          "cites": [
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        {
          "markdown": "Fact Base, meanwhile, says it will use its new funds for overseas recruitment, stronger sales structures and technical development of Zume-n, and that it is building an organisational foundation with an eye toward an initial public offering. The common thread across the day's deals is that investors paid for distribution and customers already won, whether in banking, security testing or factory software.",
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  "unresolved": [
    "Revolut's path from conditional US charter approval to a full national bank charter.",
    "Whether Fact Base's IPO groundwork turns into a filing, and on what timetable.",
    "The price and closing date of the OpenAI-Pierre deal, neither of which OpenAI disclosed in the announcement."
  ],
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    "useful_for": [
      "Investors comparing private valuations against reported revenue and customer counts",
      "Founders weighing expansion hiring against product depth after a raise"
    ],
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      "Anyone looking for a valuation verdict on Revolut or Horizon3"
    ],
    "compare_against": [
      "The companies' next reported results and, for Fact Base, any IPO filing"
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