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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.

Go deeper

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.

2 hours ago - Sports

Unvaccinated athletes face 21-day quarantine at Beijing Olympics

Logos for the 2022 Winter Olympics at Yanqing Ice Festival in February 2021 in Beijing. Photo: Lintao Zhang/Getty Images)

Athletes, staff members and journalists at the 2022 Beijing Olympic and Paralympic Winter Games who have not been vaccinated against the coronavirus will be required to quarantine for three weeks, the International Olympic Committee (IOC) outlined in its newly-published "playbooks."

Why it matters: The quarantine period is longer than the Games themselves, meaning vaccinations or an earlier arrival date will be required to participate in or cover the Games.

Dan Primack, author of Pro Rata
4 hours ago - Economy & Business

FTX CEO predicts more U.S. crypto flight

Photo: "Axios on HBO"

FTX doesn't look much like a company valued at $25 billion. Its new headquarters, located in a sleepy part of The Bahamas, is so nondescript as to not even have a sign. But it does expect to soon have neighbors.

Driving the news: Founder and CEO Sam Bankman-Fried tells "Axios on HBO" to expect "more and more crypto flight from the states" if the U.S. doesn't soon create a regulatory regime for cryptocurrencies.