Connect with us

World News

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

Published

on

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.

Advertisement

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)

Advertisement

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.

Advertisement

​ 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 

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

X Opens the Door to Adult Content With New Policy

Published

on

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.

Registration Code: BolanleVIP

“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.

Advertisement

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.

Advertisement

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.

Stay Connected

If you want to create awesome branded experiences that truly captivate your audience, look no further than Bolanle Media. Our team of experts specializes in crafting immersive, unforgettable events that seamlessly blend creativity and strategy. From product launches to experiential marketing activations, we’ll ensure your brand makes a lasting impression. With our finger on the pulse of the latest trends and technologies, we’ll help you engage customers in innovative ways they’ll be buzzing about. Don’t settle for ordinary – let Bolanle Media elevate your brand with extraordinary experiences tailored to your unique vision. Click this link to learn more and take your marketing to new heights.

 

Advertisement

Continue Reading

News

Trump’s Conviction Raises Stakes for 2024 Election

Published

on

In a stunning fall from grace, Donald Trump has been convicted on 34 felony counts of falsifying business records related to a hush money payment made to conceal an alleged affair during the 2016 campaign. While Trump has vowed to appeal, the guilty verdict represents an unprecedented legal rebuke of the former president and frontrunner for the 2024 Republican nomination.

The question now is whether this first-ever criminal conviction of a former U.S. president will derail Trump’s increasingly plausible path back to the White House. The answer likely hinges on a narrow but potentially decisive sliver of persuadable voters in battleground states.

For Trump’s ardent base of supporters, the conviction seems to matter little. They have remained stubbornly loyal through past scandals, impeachments, and investigations. Many have already shrugged off the guilty verdict as an expected outcome from a “witch hunt” prosecution. In their eyes, Trump is the victim of a politicized injustice system rigged against him.

Advertisement

But for the moderate Republicans, independents, and suburban swing voters who abandoned Trump in 2020, this criminal conviction could prove a bridge too far. The idea of reinstalling a convicted felon in the Oval Office may be unpalatable, even for those underwhelmed by President Biden’s leadership.

Trump’s ability to win back these key voting blocs in Arizona, Georgia, Michigan, Pennsylvania, and Wisconsin will likely decide if the conviction is a fatal blow or a mere speed bump on his return to power. A small but decisive number of alienated moderates could make the difference in another nail-bitingly close Electoral College finish.

Of course, Trump has repeatedly defied conventional wisdom and political norms throughout his improbable rise. His supporters point to examples like Eugene Debs garnering over 900,000 votes while campaigning from prison in 1920 as proof a conviction does not disqualify a candidate.

And Trump will surely leverage the conviction to his advantage, stoking grievances and portraying himself as a martyr persecuted by the “deep state.” His rallying cry will be that the American people, not corrupt prosecutors, should decide his political fate.

Ultimately, the impact of Trump’s conviction may come down to the sentencing and outcome of appeals. A lengthy prison term would be a near-impossible hurdle. But if he avoids incarceration, the stain of being a convicted felon on the campaign trail is a heavy burden.

Advertisement

In a nation deeply divided over Trump’s legacy, voters in 2024 will judge whether his norm-shattering presidency warrants a norm-shattering return to power as a convicted criminal defendant. The stakes for American democracy have never been higher.

Registration Code: BOLANLEVIP

Continue Reading

News

Trump is Found Guilty by Jury

Published

on

The jury in Donald Trump’s hush money trial has reached a verdict after deliberating for less than two days. The 12 jurors will return to the courtroom shortly to announce their decision on the 34 counts of falsifying business records that Trump faced related to the $130,000 payment made to adult film star Stormy Daniels before the 2016 election.

Trump has been present in the courtroom awaiting the verdict.  The jury had requested to rehear portions of testimony from key witnesses David Pecker and Michael Cohen during their deliberations, suggesting they closely scrutinized the evidence around the alleged hush money scheme.

A guilty verdict would represent a significant legal setback for Trump as he campaigns for the 2024 Republican presidential nomination. An acquittal would be a boost for his campaign efforts. The high-profile trial has garnered immense attention, with the testimony providing insight into the alleged cover-up of the payment to Daniels.

Advertisement

Registration Code: BolanleVIP

Stay Connected

If you want to create awesome branded experiences that truly captivate your audience, look no further than Bolanle Media. Our team of experts specializes in crafting immersive, unforgettable events that seamlessly blend creativity and strategy. From product launches to experiential marketing activations, we’ll ensure your brand makes a lasting impression. With our finger on the pulse of the latest trends and technologies, we’ll help you engage customers in innovative ways they’ll be buzzing about. Don’t settle for ordinary – let Bolanle Media elevate your brand with extraordinary experiences tailored to your unique vision. Click this link to learn more and take your marketing to new heights.

Continue Reading

Trending

0
    0
    Your Cart
    Your cart is emptyReturn to Shop