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Illustration: Lazaro Gamio / Axios

San Francisco-based CircleUp has raised $125 million for a new fund that will invest in early-stage consumer packaged goods startups with between $1 million and $10 million in revenue.

Anti-unicorn: Despite all the buzz around CPG companies like Honest Company, which have raised buckets of venture capital in the pursuit of unicorn status, CircleUp is taking a more modest approach. "We don't like the valuations of that model and we don't like the winner-take-all mentality of that model," says CircleUp co-founder and COO Rory Eakin. Instead, CircleUp is looking to invest a few million dollars into companies that could sell for $100 million to $500 million.

Fund:

CircleUp will invest in about 30 to 40 companies in total, with a target of 18 in the first year. The fund's backers include Singapore-based sovereign wealth fund Temasek, along with family offices, institutions, and individuals like Annie's founder John Foraker, and BlackRock's Kenneth Kroner. CircleUp expects to raise more such funds in the future.

Go deeper

Behind GameStop's latest stock surge

Illustration: Aïda Amer/Axios

Back in focus: The meme stock trade.

By the numbers: GameStop finished up 19%, after a wild day that saw shares spike as much as 80%.

AT&T spins off U.S. video business via deal with TPG

Photo: AaronP/Bauer-Griffin/GC Images

AT&T is spinning off three of its video services, including its satellite TV brand DirecTV, to create a new standalone video company called New DIRECTV.

Details: The company will be jointly owned by AT&T and private-equity giant TPG. AT&T will retain a 70% stake and TPG will own 30% of the firm.

Updated 1 hour ago - Sports

Ex-USA Gymnastics coach dies by suicide after being charged with human trafficking

John Geddert. Photo: AFP via Getty Images

The body of John Geddert was found on Thursday, just hours after the former USA Gymnastics coach was charged with 24 counts of criminal misconduct, according to Michigan Attorney General Dana Nessel.

What they're saying: “My office has been notified that the body of John Geddert was found late this afternoon after taking his own life. This is a tragic end to a tragic story for everyone involved," Nessel said in a statement.