Oct 18, 2017

Airbnb vet launches VC fund

Airbnb

Airbnb's former head of data science, Riley Newman, has quietly formed a venture firm with David Rosenthal (ex-Madrona Venture Group). Sources say that it's called Wave Capital, and is raising $35 million for its debut fund focused on early-stage marketplace startups, with a $50 million hard cap.

  • History: Newman and Rosenthal first met years ago through their wives, who grew up together. They also had business contacts when Madrona put the first check into Rover (i.e., Airbnb for dogs), and visited Airbnb to learn more about its marketplace model.
  • Why now: Wave is telling prospective LPs that it should be able to take advantage of paper-rich unicorn employees at companies like Airbnb who want to launch startups, but remain liquidity-constrained.
  • Regulatory reasons: No comment from Newman or Rosenthal, natch.
  • Déjà vu? Last month we reported that Airbnb vets Andrew Swain and Jonathan Golden are raising a $60 million debut fund for their own marketplace-focused VC firm. One strategy difference seems to be that Wave plans to lead most of its rounds.

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Trump sees "sooner rather than later" return of pro sports

Photo: Sarah Silbiger/Getty Images

President Trump predicted yesterday that the Republican National Convention will open as scheduled in Charlotte on Aug. 24 — "We have no contingency plan" — setting a new bar for a phased return to business in America.

The big picture: With the virus peak for New York projected as Thursday, and for the nation as April 15 (a week from Wednesday), Trump continued trying to leaven dire warnings with a sunny streak.

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