Illustration: Rebecca Zisser / Axios 

Thirty startups have banded together for an initial coin offering that aims to fetch $35 million.

Why it matters: 22x Fund, as it's called, is akin to a startup index fund, enabling investors to buy into a pool of equity from all the companies.

It's also similar to startup accelerator Science's recent ICO, but in reverse—the startups are assembled before the fundraising (all hailing from 500 Startups' recent batch), which means investors know upfront what companies they're backing.

The details: Each startup is contributing up to 10% of its equity in the form of common shares, depending on the total amount raised. Securitize, which owns the fund, will also host the fundraising and handle compliance for 22x Fund. Investors can sell the tokens after one year, and they last nine years.

More benefits: "I saw it as a better deal for my company... better valuation, helps me retain control," explains OpenUp founder and CEO Ashwini Anburajan, who helped spearhead 22x Fund. She adds that it's also a better deal for investors: their IRR increases because there's no lag—the capital is almost immediately deployed into the startups.

Go deeper

Updated 27 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 2:30 p.m. ET: 19,172,505 — Total deaths: 716,327— Total recoveries — 11,608,417Map.
  2. U.S.: Total confirmed cases as of 2:30 p.m. ET: 4,902,692 — Total deaths: 160,394 — Total recoveries: 1,598,624 — Total tests: 59,652,675Map.
  3. Politics: Trump floats executive action even if stimulus deal is reached.
  4. Education: Cuomo says all New York schools can reopen for in-person learning.
  5. Public health: Surgeon general urges flu shots to prevent "double whammy" with coronavirus.
  6. World: Africa records over 1 million coronavirus cases.

General Motors tries to revive incendiary lawsuit vs. Fiat Chrysler

Illustration: Eniola Odetunde/Axios

General Motors is trying to revive an incendiary lawsuit against Fiat Chrysler Automobiles with explosive new allegations including bribes paid from secret offshore bank accounts and a union official acting as a double agent between the two automotive giants.

Why it matters: The extraordinary legal battle is occurring amid earth-shaking changes in the global auto industry that threaten to turn both litigants into dinosaurs if they aren't nimble enough to pivot to a future where transportation is a service, cars run on electrons and a robot handles the driving.

3 hours ago - Health

Cuomo says all New York schools can reopen for in-person learning

Gov. Cuomo on July 23 in New York City. Photo: Jeenah Moon/Getty Images

New York Gov. Andrew Cuomo announced Friday that all school districts across the state can choose to reopen for in-person learning because it has so far maintained low enough coronavirus transmission rates.

Why it matters: It’s another sign that the state, once the global epicenter of the pandemic, has — at least for now — successfully curbed the spread of the virus even as infections have surged elsewhere around the country.