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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Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 20,755,406 — Total deaths: 752,225— Total recoveries: 12,917,934Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 5,246,760 — Total deaths: 167,052 — Total recoveries: 1,774,648 — Total tests: 64,831,306Map.
  3. Politics: House Democrats to investigate scientist leading "Operation Warp Speed" vaccine projectMcConnell announces Senate will not hold votes until Sept. 8 unless stimulus deal is reached.
  4. 2020: Biden calls for 3-month national mask mandateBiden and Harris to receive coronavirus briefings 4 times a week.
  5. States: Georgia Gov. Brian Kemp to drop lawsuit over Atlanta's mask mandate.
  6. Business: Why the CARES Act makes 2020 the best year for companies to lose money.
  7. Public health: Fauci's guidance on pre-vaccine coronavirus treatments Cases are falling, but don't get too comfortable.

Trump says he intends to give RNC speech on White House lawn

President Trump speaking to reporters on South Lawn in July. Photo: Jabin Botsford/The Washington Post via Getty Images

President Trump told the New York Post on Thursday that he plans to deliver his Republican National Convention speech from the White House lawn, despite bipartisan criticism of the optics and legality of the location.

Why it matters: Previous presidents avoided blurring staged campaign-style events — like party conventions — with official business of governing on the White House premises, per Politico.

Fauci's guidance on pre-vaccine coronavirus treatments

Illustration: Aïda Amer/Axios

Antibody drugs and various medicine cocktails against the coronavirus are progressing and may provide some relief before vaccines.

The big picture: Everyone wants to know how and when they can return to "normal" life, as vaccines are not expected to be ready for most Americans for at least a year. Two therapies are known to be helpful, and more could be announced by late September, NIAID Director Anthony Fauci tells Axios.