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Tuesday Capital, a Silicon Valley firm that moved to Austin during the pandemic, captures $31M for its newest seed-stage fund on August 1, 2023 at 7:40 pm
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1 year agoon
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Austin seems to agree with Tuesday Capital.
When the 12-year-old seed stage outfit — originally called CrunchFund — was co-founded by longtime Patrick Gallagher and TechCrunch founder Michael Arrington, it was interwoven with the Silicon Valley scene. In has since widened its net. Part of the shift owes to the pandemic, when many venture firms began meeting with far-flung founders online. Part of it owes to Prashant Fonseka. He joined Tuesday Capital as an associate in 2015, was promoted to partner in 2020, and lived like a “nomad” for much of that strange time, connecting in person with founders Tuesday Capital might have missed otherwise.
Indeed, Tuesday’s team ultimately decided to move the firm from San Francisco to Austin, and it has “definitely been easier to get to NY and other East Coast cities,” says Gallagher, who says he feels “great about the decision” to pull up the firm’s Bay Area stakes. “We have a strong community of founders from our portfolio companies that are now based in Austin,” he says, referring to some who moved during the pandemic and three other teams that Tuesday Capital has backed since it relocated. Austin also “expanded our reach and increased our access to really great deal flow,” Gallagher insists.
The transition went smoothly enough that Gallagher says the outfit just closed its fifth seed-stage fund with $31 million in capital commitments from many of the same family offices and institutions that have supported Tuesday Capital for years.
It wasn’t a piece of cake, suggests Gallagher. The firm is too small for large institutional investors. SPACs have fallen out of fashion, cutting off one avenue for some of Tuesday Capital’s portfolio companies to go public. (Those of its portfolio companies that merged with blank-check companies and got themselves onto the market: Rover, Opendoor, Satellogic, Inspirato, and Getaround.)
Meanwhile, the economic climate has obviously changed meaningfully between now and when Tuesday Capital announced a similar size fund ($30 million), almost exactly two years ago. “I definitely think that it is harder than ever to raise a fund in general, regardless of size,” Gallagher says.
Nevertheless, the firm’s portfolio, along with the support it offers startups — which includes PR, design, and community building — were leading reasons that LPs have continued to back the firm across its various funds, Gallagher says. Though Tuesday Capital doesn’t yet have the kind of cash on cash returns about which some firms might brag (“it takes a long time for our funds to start to generate meaningful liquidity,” he explains), it has shown its ability to get into buzzy deals, certainly. In addition to writing checks to Uber, Digital Ocean, Gitlab, Opendoor, and Airbnb, among others, its still-private portfolio also holds some highly valued companies, including Zipline (valued at $4.2 billion back in April), Solugen ($2 billion as of last October), and Human Interest ($1 billion as of a year ago)
LPs also see what a lot of VCs have seen across 2023, suggests Gallagher, including the opportunity for VCs to get more bang for their buck, at long last.
Though the firm plans to continue writing initial checks of $250,000 to $500,000, it’s “definitely getting more ownership today compared to 18 months ago,” though Gallagher adds that it’s “still less” than when the firm started in 2011.
Tuesday Capital is far from alone is choosing to move its headquarters from the Bay Area to Austin. Other venture firms to do so in recent years include Founders Fund, Mithril Capital, 8VC, and Breyer Capital, among others.
Bill Gurley, a Texas native who was long the highest-profile investor at the boutique venture firm Benchmark, also recently made the move to Austin, reportedly fulfilling a promise when he married his wife that they’d move back to Texas once they were empty nesters.
Austin seems to agree with Tuesday Capital. When the 12-year-old seed stage outfit — originally called CrunchFund — was co-founded by longtime Patrick Gallagher and TechCrunch founder Michael Arrington, it was interwoven with the Silicon Valley scene. In has since widened its net. Part of the shift owes to the pandemic, when many venture firms
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Humans Need Not Apply: The AI Candidate Promising to Disrupt Democracy
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Published
3 months agoon
June 15, 2024![](https://bolanlemedia.com/wp-content/uploads/2024/06/Screenshot-2024-06-15-at-6.46.14 PM.png)
The rise of AI Steve, the artificial intelligence candidate running for a seat in the UK Parliament, has sparked a heated debate about the role of AI in governance and the potential disruption it could bring to traditional democratic processes.
Steven Endacott, the human force behind AI Steve, envisions his AI co-pilot as a conduit for direct democracy, enabling constituents to engage with the AI, share concerns, and shape its policy platform through a voting system of “validators.” Endacott has pledged to vote in Parliament according to the AI’s constituent-driven platform, even if it conflicts with his personal views.
Proponents argue that AI Steve can revolutionize politics by bringing more voices into the process and ensuring that policies truly reflect the will of the people. They claim that an AI candidate can engage in up to 10,000 conversations simultaneously, allowing for unprecedented levels of public participation and input.
However, critics raise valid concerns about transparency, accountability, and the potential for AI systems to be manipulated or influenced by their creators, data limitations, or external actors. There are also questions about whether an AI can fully grasp the nuances and human elements involved in complex political issues.
Some argue that AI Steve is merely a clever marketing ploy to garner attention and votes, rather than a genuine effort to “humanize” politics. There are fears that the use of AI in elections could undermine faith in electoral outcomes and democratic processes if voters become aware of potential scams or manipulation.
Beyond the specific case of AI Steve, the rise of AI candidates and the increasing use of AI in political campaigns and elections raise broader questions about the integrity of democratic systems and the need for effective regulations and guidelines.
Anti-democratic actors and authoritarian regimes may seek to exploit AI technologies for censorship, surveillance, and suppressing dissent under the guise of enhancing governance. There are also concerns about the potential for an “AI arms race” between political parties to develop and deploy the most sophisticated AI technologies, further eroding public trust.
As AI tools become more advanced and accessible, upholding electoral integrity will require proactive efforts to establish guardrails, transparency measures, and accountability frameworks around their use in politics. Policymakers, advocates, and citizens must work together to ensure that AI is leveraged as a force for a better and more inclusive democracy, rather than a tool for manipulation or consolidation of power.
The rise of AI candidates like AI Steve serves as a wake-up call for democratic societies to grapple with the implications of artificial intelligence in governance and to strike the right balance between harnessing its potential benefits and mitigating its risks to the democratic process.
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Author: Bolanle Media Staff
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Saudi Arabia is reportedly considering abandoning the US dollar for oil trade settlements, a move that could shake the foundations of the global financial system. For decades, the petrodollar system has propped up the dollar’s status as the world’s reserve currency, with Saudi Arabia insisting on dollar payments for its vast oil exports.
However, recent comments from Saudi officials hint at exploring alternatives to the dollar amid growing tensions with the US over various geopolitical issues and the rise of economic powerhouses like China.
Implications of a Petrodollar Shift
If Saudi Arabia abandons the petrodollar, the implications could be significant:
1. Dollar Dominance Eroded: The dollar’s reserve currency status could weaken, potentially leading to a decline in its value.
2. Global Financial Instability: A sudden shift could trigger volatility in global markets as investors adjust portfolios.
3. Geopolitical Realignment: The move could signal Saudi alignment with China and challenge US economic hegemony.
Challenges and Uncertainties
While the prospect is significant, challenges remain:
1. Finding a suitable alternative currency with the dollar’s liquidity and stability.
2. Potential economic disruption for Saudi Arabia and trading partners.
3. Political backlash and strained relations with the US and allies.
As the world watches, it remains uncertain whether Saudi Arabia’s comments signal a negotiating tactic or a profound shift in the global financial order.
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Author: Bolanle Media Staff
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X, the social media platform formerly known as Twitter, has made a significant policy shift by officially permitting adult content on its platform with some restrictions and guidelines.
In an update to its rules, X stated that users can now share “consensually produced and distributed adult nudity or sexual behavior” as long as it is properly labeled and not prominently displayed in areas like profile pictures or header images.
“We recognize that many of our users are adults who want to freely express themselves by sharing legal adult content,” said an X spokesperson. “At the same time, we have a responsibility to protect minors and prevent exposure to explicit material without proper labeling.”
Under the new guidelines, users who “regularly post” adult content must adjust their settings to automatically mark images and videos as sensitive content, which blurs or hides the media by default. By default, users under 18 or who haven’t entered their birth date cannot view this sensitive adult content.
The policy prohibits content “promoting exploitation, nonconsent, objectification, sexualization or harm to minors, and obscene behaviors.” It applies to all adult content, whether photographic, animated, or AI-generated.
X has stated that it will monitor user-generated content and adjust account settings for those who fail to properly mark pornographic posts. Similar rules and enforcement will apply to violent content as well.
The move aligns X with Apple’s app store guidelines, which allow apps with adult content as long as it is hidden by default and behind proper age gates and content warnings.
While adult content was already present on X, this policy update officially permits and regulates it, aiming to balance freedom of expression for consenting adults with protecting minors from exposure to explicit material.
However, enforcing these rules consistently may prove challenging for X’s reduced content moderation teams following recent layoffs and cost-cutting measures.
The policy shift has drawn mixed reactions, with some praising X for embracing adult expression while others raise concerns about the potential for the platform to become inundated with pornographic content despite the restrictions.
As X navigates this new territory, the effectiveness of its labeling requirements, age verification measures, and content moderation efforts will be closely watched by users, regulators, and advocacy groups alike.
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Author: Bolanle Media Staff
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