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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.

Go deeper

"Atmospheric river" to whiplash Northern California from drought to flood

A map depicting 24-hour preciptation forecast (inches) ending Monday at 5a.m. local time. Photo: NOAA

A series of powerful "atmospheric river" storms are set dump historic amounts of rainfall across parts of drought-stricken California and the Pacific Northwest from this weekend, forecasters warn.

Why it matters: A strong atmospheric river, packing large amounts of moisture, is predicted to whiplash Northern California from drought to flood.

10,000 trees near giant sequoia groves to be removed after fires

A firefighter looks up at a giant sequoia tree after fire burned through the Sequoia National Forest near California Hot Springs, California, on Sept. 23. Photo: Patrick T. Fallon/AFP via Getty Images

"Upwards of" 10,000 trees near giant sequoia groves have been "weakened by drought, disease, age, and/or fire" and must be removed in the wake of California's wildfires, the Sequoia and Kings Canyon National Parks announced.

Why it matters: The damage to these trees, considered "national treasures," and work to remove them means a nearby key highway must remain closed to visitors as they have "the potential to strike people, cars, other structures, or create barriers to emergency response services," per a statement from the national parks.

Obama stumps for McAuliffe, urges Virginians not "to go back to the chaos"

Photo: Win McNamee/Getty Images

Former President Barack Obama framed a Nov. 2 gubernatorial race as a bellwether for the Democratic Party and the country, telling a crowd at a campaign event for Terry McAuliffe on Saturday that "I believe you, right here in Virginia, are going to show the rest of the country and the world that we're not going to indulge in our worst instincts."

Why it matters: With just over a week to go before Election Day in the Commonwealth, McAuliffe is bringing out the big guns. The 44th president appeared on the campus of Virginia Commonwealth University to urge supporters to get to the polls.