Dick Costolo and Adam Bain, illustrious early Twitter pros who served as the company’s CEO and its chief operating officer, respectively, have quietly closed a 2nd venture fund factual one-and-a-half years after disclosing they’d secured $135 million for a debut fund for their firm, 01 Advisors.
In response to an SEC submitting, they wrapped up their 2nd fund late closing week with $325 million in capital commitments from 81 investors.
We’ve reached out to the firm and hope to fragment more quickly. In the intervening time, its map seems to heart round more concentrated bets in both the client and project spheres — with assessments going out both early and in most cases later in a startup’s trajectory.
Amongst these recipients is Literati, a almost 5-year-dilapidated, Austin, Texas-based totally e book club subscription service that raised $40 million in Collection B funding in January led by Felicis Ventures; Tipalti, a 10-year-dilapidated, Israel-based totally company that develops automation software for world funds and raised $150 million in Collection E funding at a $2 billion valuation attend in October (01 Advisors joined as a follow-on investor); and SpotOn Transact, a funds software startup that raised $50 million in Collection B funding closing year led by 01 Advisors. (Value noting: the company raised a $60 million Collection C round factual six months later. DST International led that next round, with participation from 01 Advisors and others.)
Genuinely, reasonably a few of the outfit’s investments have hit the gasoline in the course of the pandemic, including the San Francisco-based totally psychological correctly being and wellness platform Standard Health, which closing week launched $74 million in Collection D funding factual a few months after announcing a $51 million Collection C funding. The startup, reportedly now valued at $1.17 billion, has raised roughly $170 million to this point; 01 Advisors has joined the closing two rounds.
01 Advisors has itself largely remained the identical size since it publicly launched in August 2019, years after Costolo and Bain began investing in startups on a person and joint foundation.
Moreover to Costolo and Bain and Dave Rivinus, who spent four years in corporate disclose and finance at Twitter and is furthermore a founding accomplice of the firm, Kelly Kovacs is a accomplice at the firm. Kovacs became Costolo’s chief of group at Twitter sooner than joining Coloration Genomics in a identical means, then founding her hold startup supposed to empower govt assistants. She joined 01 Advisors beefy time in 2018.
Lacey Behrens has meanwhile the firm’s operations manager since 2019.
01 Advisors furthermore these days listed a local for a senior partner.
Costolo, who gigantic up in Troy, Michigan, stumbled on himself in the headlines in October when he fired off an incendiary tweet about the determination of Coinbase founder and CEO Brian Armstrong to publicly discourage worker activism and political discussions at work, a stance that drove a minimal of 60 workers to preserve a severance equipment offered to them afterward.
Whereas some industrial leaders have been posthaste to reward Armstrong, Costolo wasn’t timid about hiding his disgust over Armstrong’s space. “Me-first capitalists who train you might well seemingly seemingly also separate society from industrial are going to be the first folks lined up in opposition to the wall and shot in the revolution,” he tweeted. “I’ll happily provide video commentary.”
Bain, a prolonged-suffering-yet-cautiously-optimistic Browns fan, has meanwhile been busy, too. Moreover to scouting for startups, he now sits on the public company boards of both the real estate tech outfit Opendoor and the residence tourism company Virgin Galactic.
01 Advisors served as a co-sponsor of the SPAC that took Opendoor public, alongside with investor Chamath Palihapitiya. Palihapitiya furthermore spun up the blank-take a look at company that took public Virgin Galactic, and the company invited Bain to be a director as that merger became coming together.
Earlier bets by the pair — as angel investors — encompass the corporate trip place TripActions and the linked correctly being startup Tonal.