Dick Costolo and Adam Bain, renowned traditional Twitter execs who served considering the company’s CEO and its chief using officer, respectively, have quietly it is not open a second venture fund just one-and-a-half years after disclosing they’d safe $135 million for a debut account for their firm, 01 Advisors .
According to an SEC filing , they wrapped up their second fund advanced last week with $325 million throughout capital commitments from 81 associates.
We’ve reached out of the firm and hope to share some more soon. In the meantime, its strategy seems to center around more concentrated gambling bets in both the consumer and enterprise spheres — with checks going out both of early and sometimes later in a startup’s trajectory.
Among these recipients is Literati , a nearly five-year-old, Austin, Texas-based book driver subscription service that raised $40 million in Series B backing in January led by Felicis Ventures; Tipalti , a 10-year-old, Israel-based corporation} that develops automation software for global payments and raised $150 million in Series E resourcing at a $2 billion valuation previously in October (01 Advisors joined as the follow-on investor); and SpotOn Transact , a single payments software startup that high $50 somme in Series Ful funding last year led by 01 Advisors. (Worth noting: the company embossed a $60 million Series C round just six months later. DST Global led that next on hand, with participation from 01 Advisors and others. )
In fact , numerous of the outfit’s investments have hit the power during the pandemic, including the San Francisco-based mental health and wellness platform Modern Health , and that last week announced $74 million appearing in Series D funding just a few seasons after announcing a $51 contenance Series C funding. The start op, reportedly now valued at $1. 17 billion, has raised just about $170 million to date; 01 Analysts has joined the last two models.
01 Advisors has got itself largely remained the same sort of since it publicly launched in August 2019, years after Costolo and Bain began investing in startups on an unique individual and joint basis.
In addition to Costolo and Bain together with Dave Rivinus, who spent about four years in corporate development and as well as finance at Twitter and is also a great founding partner of the firm, Kelly Kovacs is a partner at the stable. Kovacs was Costolo’s chief among staff at Twitter before subscribing to Color Genomics in a similar size, then founding her own startup eradicating empower executive assistants. She registered with 01 Advisors full time in 2018.
Lacey Behrens brings meanwhile the firm’s operations direttore since 2019.
01 Advisors also recently listed a situation for a more mature associate .
Costolo, who great up in Troy, The state of michigan, found himself in the headlines when October when he fired off an incendiary tweet about the decision of the Coinbase founder and CEO Brian Armstrong to publicly discourage staff members activism and political discussions at work, a stance that drove at least 60 for to take a severance package offered to them afterward.
While some business leaders have been quick to praise Armstrong, Costolo wasn’t shy about hiding recuperation disgust over Armstrong’s position. “Me-first capitalists who think you can disconnect society from business are going to be phase people lined up against the wall and thus shot in the revolution, ” your ex tweeted. “I’ll happily provide online commentary. ”
Bain, a long-suffering Browns fan (such all native Clevelanders), has unfortunately been busy, too. In addition to scouting for startups, he now is found on the public company boards associated with both the real estate tech outfit Opendoor and the space tourism company Virgin Galactic.
01 Analysts served as a co-sponsor of the SPAC that took Opendoor public, through investor Chamath Palihapitiya. Palihapitiya as well as spun up the blank-check company in which took public Virgin Galactic, so the company invited Bain to be a boss as that merger was attending together.
Earlier bets by the pair — as angel investors — include the corporate leave the house site TripActions and the connected the actual startup Tonal.