VC Deal Tracker: a16z, Sequoia & YC - Issue #5 (July 2-9, 2026)

Pearl Health was the largest verified tracked-investor deal in the July 2-9 window: a $110 million capital raise split between a16z-led equity and Trinity-led debt. The week was otherwise lighter than the prior issue, with five public announcements clearing the inclusion bar and no verified Sequoia current-round or portfolio-exit item found in the checked source set.

Deal tape

Sector	Company	Tracked investor signal	Round or exit	Disclosed size / valuation	One-line company description	Source
Healthcare AI	Pearl Health	a16z led the equity portion	Capital raise: $50M equity plus $60M credit facility	$110M total capital; valuation undisclosed	AI platform for value-based Medicare care, risk management, and provider workflows	PR Newswire
Consumer / circular commerce	Fleek	Existing investors a16z and Y Combinator participated	Series B	$25M / EUR21.9M; valuation undisclosed	B2B marketplace and AI system for secondhand clothing wholesalers and retailers	Fortune
Construction software	Agave	Y Combinator continued participation	Series A	$15M; valuation undisclosed	AI platform that automates construction accounting and back-office financial workflows	Business Wire
Fintech / crypto infrastructure	Nium / Cypher	Cypher was backed by Y Combinator	Acquisition	Deal value undisclosed	Cypher built crypto-native wallet and issuing products; Nium is adding that team and product knowledge to its cross-border payments infrastructure	Nium
Fintech / SMB banking	Axos Financial / Arc Technologies	Arc was backed by Y Combinator	Acquisition agreement, expected to close in July 2026	Deal value undisclosed	Arc provides cash management, capital markets, and AI-powered finance software for technology and growth companies	Business Wire

Sector notes

Healthcare AI: Pearl adds debt to an a16z-led equity round

Pearl Health's $110 million raise is structured as $50 million of equity led by Andreessen Horowitz and a $60 million credit facility led by Trinity Capital. The company says the money will expand its AI platform for value-based Medicare care, including risk prediction, workflow orchestration, annual wellness visit scheduling, post-discharge follow-ups, and care-management outreach. Pearl also disclosed more than 10,000 providers across more than 40 states, over 250,000 Medicare beneficiaries, and about $3.6 billion in annualized medical spend under management through its network. PR Newswire

The financing is part growth round and part credit line, so it should not be read like a pure priced equity round. The disclosed deal size is $110 million, but the valuation was not public.

Consumer and circular commerce: Fleek pulls a16z and YC into a Series B

Fleek raised a $25 million Series B led by Burda Principal Investments, with eBay, FJ Labs, and H14 joining alongside existing investors Andreessen Horowitz, HV Capital, and Y Combinator. The company declined to disclose its valuation. Fortune

Fleek sits at the infrastructure layer of secondhand apparel rather than at consumer resale. It connects roughly 2,000 verified wholesale suppliers with more than 50,000 buyers across more than 100 countries, and it is building computer-vision tooling to help sort, grade, price, and route used garments.

Construction software: Agave turns YC participation into a $15M Series A follow-on

Agave announced a $15 million Series A led by Accel, with continued participation from Y Combinator. The company says the round brings total funding to more than $20 million and will fund hiring and product expansion. Business Wire

The product focus is narrow and operational: construction accounting, invoice processing, job-cost reconciliation, vendor compliance, and AI agents that sit on top of contractors' existing ERP and project-management systems. Agave says it is used by more than 500 contractors across North America and has touched more than 80,000 projects representing over $100 billion in construction volume.

Fintech exits: two YC-backed companies move into larger platforms

Nium announced the acquisition of Cypher, a crypto-native non-custodial wallet and issuing company backed by Y Combinator and Coinbase Ventures. Terms were not disclosed. Cypher's founder Kuberan Marimuthu joined Nium as vice president of digital assets, and Cypher's engineering team also joined Nium. Nium

Axos Financial entered a definitive agreement to acquire Arc Technologies, a cash-management and capital-markets platform for technology and growth companies. Arc's listed backers include Y Combinator, Left Lane Capital, NFX, Bain Capital Ventures, Atalaya, Clocktower Technology Ventures, and Torch Capital. The release did not disclose consideration, and Axos said the transaction is expected to close in July 2026 subject to customary conditions. Business Wire

What did not clear the bar

Switch was excluded because the Bloomberg report described a private funding round that could raise about $2 billion, not a completed announced financing. Norm Ai was excluded because its Series C named Khosla Ventures, Blackstone, Bain Capital Ventures, Craft Ventures, Coatue, Vanguard, Fenwick, and Jeff Hammes, but not a16z, Sequoia, or YC as a current-round participant. Probably and Ollin Biosciences were excluded because their announcement dates fell before this issue's July 2-9 window.