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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