Vercel

Vercel, which operated as ZEIT until it renamed itself in April 2020, provides a cloud platform for building, previewing and deploying web applications, and maintains the open source Next.js framework, the AI SDK and v0, an AI tool for generating websites and apps. Guillermo Rauch founded the company in 2015 and is its chief executive; it is based in San Francisco. Its acquisitions include Turborepo in 2021, Splitbee in 2022, Tremor and NuxtLabs (maker of Nuxt) in 2025, and Better Auth in 2026.

Alongside the rename in April 2020, Vercel announced a $21 million Series A led by Accel and CRV, with angels including Naval Ravikant and Nat Friedman. In December 2020 GV led a $40 million Series B, joined by Greenoaks Capital, Bedrock Capital and Geodesic Capital, bringing funding to $61 million. In June 2021 Bedrock Capital led a $102 million Series C at a $1.1 billion valuation, with participation including Tiger Global, Salesforce Ventures and GGV Capital. In November 2021 GGV Capital led a $150 million Series D at a valuation above $2.5 billion, bringing total funding to $313 million; a Form D reports $150 million sold beginning in October 2021. A $250 million Series E in May 2024 valued the company at $3.25 billion.

On September 30, 2025 Vercel announced a $300 million Series F at a $9.3 billion valuation, co-led by Accel and GIC. New investors were BlackRock, StepStone, Khosla Ventures, Schroders, Adams Street Partners and General Catalyst, and existing backers GV, Notable Capital, Salesforce Ventures and Tiger Global participated. The company also arranged a tender offer of about $300 million for early investors and current and former employees. It reported 82% year over year top line growth, more than 3.5 million unique v0 users and 3 million weekly AI SDK downloads. Vercel remains privately held.

Vercel shows an open source framework acting as the distribution channel for a paid infrastructure business. Accel and CRV entered at the Series A in 2020, and Accel returned to co-lead the Series F, by which point the valuation had risen from $1.1 billion at the 2021 Series C to $9.3 billion. The announced primary rounds total about $863 million. Liquidity so far has come through the 2025 tender offer rather than an IPO or sale.