Illustration: Aïda Amer/Axios

Early Facebook employee Dave Morin is back with a new venture capital fund called Offline Ventures, 15 months after leaving Slow Ventures.

Driving the news: Morin's new effort is called Offline Ventures, and is raising money via a "rolling fund" structure recently introduced by AngelList. Expect it to invest in both health and IT startups.

Rolling fund structure? This is kind of the digital evolution of evergreen funds, whereby limited partners commit via quarterly subscriptions (although some may still want to commit on an annual basis, and then just prorate the checks).

  • Offline's minimum quarterly commitment is $25k, with a source saying the first-year target is $50 million.
  • Morin has some history with AngelList, having used it to raise SPVs for Slow Ventures that invested in Blue Bottle Coffee, PostMates and Slack.
  • AngelList co-founder Naval Ravikant is said to have also used the "rolling fund" structure to raise a new fund of his own.

Team: Morin's partners include wife Brit (who is stepping back her time commitment at Brit+Co, after quietly buying out her investors last year), James Higa (longtime Apple employee who served as a top aide to Steve Jobs), and Nate Bosshard (co-founder of Tonal, ex-Khosla Ventures).

  • Morin, who founded photo-sharing app Path after leaving Facebook, declined to comment, citing unclear SEC marketing rules around "rolling" fundraises. But it's our understanding that he left Slow, in part, because of his growing interest in mental and other health care, which wasn't a major part of that firm's mandate.

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A new startup program puts the focus on urban issues

Illustration: Rebecca Zisser/Axios

As 2020 began, Scrum Ventures was already considering a new startup program focusing on tech for cities and the urban environment. Then the spring brought the coronavirus pandemic and a wave of protests following the killing of George Floyd, sealing the deal.

Driving the news: Scrum Ventures, in partnership with former NBA all-star player and investor Baron Davis, is debuting SmartCityX, a program aimed at helping startups connect with potential advisers and business partners.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Pence chief of staff Marc Short tests positive for coronavirus — COVID-19 looms over White House Halloween celebrations
  2. Health: Fauci says maybe we should mandate masks if people don't wear them — America was sick well before it ever got COVID-19
  3. World: Polish President Andrzej Duda tests positive for COVID-19.

Pence chief of staff Marc Short tests positive for coronavirus

Marc Short with Katie Miller, Vice President Pence's communications director, in March. Photo: Doug Mills/The New York Times via Reuters

Marc Short, Vice President Mike Pence’s chief of staff, tested positive for the coronavirus Saturday and is quarantining, according to a White House statement.

Why it matters: Short is Pence's closest aide, and was one of the most powerful forces on the White House coronavirus task force.