AngelList co-founder Naval Ravikant at TC Disrupt NY 2017. Photo: Noam Galai/Getty Images for TechCrunch

Less than 2 years after formally debuting its VC fund management service, AngelList says these funds have raised $123 million, participated in more than half of all deals on its site in 2018, and provided about one-third of of the capital that companies raised.

The bigger picture: AngelList’s venture funds have evolved over time. Initially designed to be very small, about $500,000 to $1 million each, some are now larger than $10 million, CEO Kevin Laws tells Axios.

  • That’s because AngelList funds are no longer just for angels expanding their investing activities, but also used by venture capital firms choosing to outsource their back office to the company.
  • There are more than 130 funds, and only 28% of fund managers previously led syndicates through AngelList, according to Laws, suggesting that its funds aren’t necessarily cannibalizing AngelList’s syndicates or the rest of its services.
  • The funds service has also evolved since its debut, now allowing for capital calls and management fees.

Yes, but: It still remains to be see how well these funds, especially those led by first-time managers, do.

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NIAID director Anthony Fauci told CNN on Friday evening that if "people are not wearing masks, then maybe we should be mandating it."

Why it matters: Fauci made the comments the same day the U.S. hit its highest daily COVID-19 case count since the pandemic began.

Harris to Black voters: Casting a ballot is about honoring your ancestors

Democratic vice presidential nominee Kamala Harris speaks at a "Get Out The Vote" rally at Morehouse College. Photo: Elijah Nouvelage/AFP via Getty Images

Sen. Kamala Harris appealed to Black voters in Georgia on Friday, urging them to "honor the ancestors" by casting ballots, and again calling President Trump a "racist."

Why it matters: The U.S. saw a significant decline in African-American voter turnout between 2012 and 2016, reaching its lowest point since 2000. Higher turnout among Black Americans this year could tip the balance in favor of Democrats in key battleground states, including Georgia.

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Illustration: Aïda Amer/Axios

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