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Former top Twitter execs Dick Costolo and Adam Bain announce 01 Advisors, a new venture capital firm with at least $135 million to put into startups

blank - Former top Twitter execs Dick Costolo and Adam Bain announce 01 Advisors, a new venture capital firm with at least $135 million to put into startups

Dick Costolo

  • Axios reported Tuesday that former top rated Twitter executives Dick Costolo and Adam Bain — after the social network’s CEO and chief working officer, respectively — have been launching a new venture capital company termed 01 Advisors.
  • In the SEC regulatory filing also launched Tuesday, 01 Advisors disclosed it had secured $135 million for its to start with fund, but was nonetheless in search of up to $65 million in more commitments.
  • The two former executives have been prominent angel traders above the final many many years and have invested in dwelling rental startup Lyric, corporate travel web-site TripActions, and linked fitness startup Tonal.
  • Axios also reported that former Twitter executive David Rivinus is also concerned with 01 Advisors, but his function was not clarified.
  • Check out Enterprise Insider’s homepage for additional stories.

Dick Costolo and Adam Bain, formerly the CEO and chief working officer of Twitter, respectively, are obtaining the band back with each other.

The two former top rated Twitter executives are joining forces to launch a new venture capital company termed 01 Advisors, Axios first reported Tuesday. According to the firm’s SEC filing also created public Tuesday, the workforce has by now acquired $135 million in commitments from 31 backers for its to start with fund with hopes to increase an more $65 million.

Given that departing Twitter, each Costolo and Bain have been energetic angel traders in dwelling rental startup Lyric, corporate travel web-site TripActions, and linked fitness startup Tonal, between other folks. It was not clear no matter whether 01 Advisors will have a certain location or business in which is hopes to inject its significant capital sources.

Read through Additional: two many years right after the founder of 500 Startups left amid sexual harassment allegations, two gals are operating the company and setting a new bar in the male-dominated enterprise

Axios also reported that former Twitter executive David Rivinus is also concerned with 01 Advisors, but his function was not clarified. The fund will operate with equity past advisory shares, in accordance to the Axios report, very similar to how former New York Mayor Michael Bloomberg’s Tusk Ventures is structured.

Neither Costolo nor Bain instantly responded to Enterprise Insider’s request for comment.

SEE ALSO: This former Social Capital spouse is betting that early-stage wellness tech startups have been misunderstood for also extended, and she’s joining CRV to modify that

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