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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

The Exvangelicals

Illustration: Aïda Amer/Axios

Even as evangelicals maintain their position as the most popular religion in the U.S., a movement of self-described "exvangelicals" is breaking away, using social media to engage tens of thousands of former faithful.

The big picture: Donald Trump's presidency, as well as movements around LGBTQ rights, #MeToo and Black Lives Matter, drew more Americans into evangelical churches while also pushing some existing members away.

Updated 5 hours ago - Science

Huge wildfire reaches edge of Sequoia National Park

A plume of smoke and flames rise into the air as the fire burns towards Moro Rock during the KNP Complex fire in the Sequoia National Park near Three Rivers, California, on Saturday. Photo: Patrick T. Fallon/AFP via Getty Images

Firefighters in Sequoia National Park were working into the night after two wildfires merged to reach the Giant Forest Saturday.

Why it matters: This forest contains over 2,000 giant sequoias, including the General Sherman Tree — the world's largest tree by volume. Park officials wrapped the redwoods in foil last week as the Paradise and Colony Fires, now known as the KNP Complex Fire, neared. Protection efforts appeared to be working overnight.

6 hours ago - World

Hong Kong holds first "patriots only" elections

Hong Kong Chief Executive Carrie Lam during a news conference last Monday. Photo: Lui Siu Wai/Xinhua via Getty Images

Hong Kong's elections to choose the city's Election Committee members opened to a select group of voters on Sunday, under a new "patriots only" system imposed by China's government.

Why it matters: All candidates running to be members of the electoral college have been "vetted" by Beijing, per Reuters. They will go on to choose the Asian financial hub's next leader, approved by China's government, and some of its legislature.