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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

Kamala Harris resigns from Senate seat ahead of inauguration

Vice President-elect Kamala Harris. Photo: Mason Trinca/Getty Images

Vice President-elect Kamala Harris submitted her resignation from her seat in the U.S. Senate on Monday, two days before she will be sworn into her new role.

What's next: California Gov. Gavin Newsom has selected California Secretary of State Alex Padilla to serve out the rest of Harris' term, which ends in 2022.

3 hours ago - World

Putin foe Navalny to be detained for 30 days after returning to Moscow

Russian opposition leader Alexey Navalny. Photo: Oleg Nikishin/Epsilon/Getty Images

Russian opposition leader Alexey Navalny has been ordered to remain in pre-trial detention for 30 days, following his arrest upon returning to Russia on Sunday for the first time since a failed assassination attempt last year.

Why it matters: The detention of Navalny, an anti-corruption activist and the most prominent domestic critic of Russian President Vladimir Putin, has already set off a chorus of condemnations from leaders in Europe and the U.S.

Biden picks Warren allies to lead SEC, CFPB

Photo: Justin Sullivan/Getty Images

President-elect Joe Biden has selected FTC commissioner Rohit Chopra to be the next director of the Consumer Financial Protection Bureau (CFPB) and Obama-era Wall Street regulator Gary Gensler to lead the Securities and Exchange Commission (SEC).

Why it matters: Both picks are progressive allies of Sen. Elizabeth Warren (D-Mass.) and viewed as likely to take aggressive steps to regulate big business.