Axios reported Tuesday that former top Twitter executives Dick Costolo and Adam Bain — once the social network’s CEO and chief operating officer, respectively — were launching a new venture capital firm called 01 Advisors.
In the SEC regulatory filing also released Tuesday, 01 Advisors disclosed it had secured $135 million for its first fund, but was still seeking up to $65 million in additional commitments.
Both former executives have been prominent angel investors over the last several years and have invested in home rental startup Lyric, corporate travel site TripActions, and connected fitness startup Tonal.
Axios also reported that former Twitter executive David Rivinus is also involved with 01 Advisors, but his role was not clarified.
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Dick Costolo and Adam Bain, formerly the CEO and chief operating officer of Twitter, respectively, are getting the band back together.
The two former top Twitter executives are joining forces to launch a new venture capital firm called 01 Advisors, Axios first reported Tuesday. According to the firm’s SEC filing also made public Tuesday, the team has already received $135 million in commitments from 31 backers for its first fund with hopes to raise an additional $65 million.
Since departing Twitter, both Costolo and Bain have been active angel investors in home rental startup Lyric, corporate travel site TripActions, and connected fitness startup Tonal, among others. It was not clear whether 01 Advisors will have a specific area or industry in which is hopes to inject its substantial capital resources.
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Axios also reported that former Twitter executive David Rivinus is also involved with 01 Advisors, but his role was not clarified. The fund will operate with equity beyond advisory shares, according to the Axios report, similar to how former New York Mayor Michael Bloomberg’s Tusk Ventures is structured.
Neither Costolo nor Bain immediately responded to Business Insider’s request for comment.
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Source:: Business Insider