CapitalG

CapitalG operates as Alphabet's growth-equity vehicle, kept separate from Google Ventures, which handles early-stage bets. It typically writes cheques upward of $50m into companies already past initial proof-of-concept, and its back catalogue includes stakes in Stripe, Duolingo, Airbnb, Lyft and CrowdStrike, built up across multiple sectors over several years rather than in a recent burst of activity.

Its most recent addition to that catalogue came on 12 May 2026, when it joined Thrive Capital, Google Ventures, MGX and Temasek in a $2.1bn round for Isomorphic Labs, Alphabet's drug-discovery subsidiary; Britain's Sovereign AI Unit also bought in, taking its first equity stake in a company Alphabet holds a majority of.

The resulting ownership table is unusual even by Alphabet's own standards: its external growth Arm, its parent company and its early-stage Arm all hold stakes in the same subsidiary at once, topped up by outside money including a foreign government's investment vehicle. That mix suggests Isomorphic Labs operates with enough governance independence to need outside validation of its commercial direction, rather than leaning solely on money from within the Alphabet family.