Jan 16, 2019

DFJ to become Threshold Ventures

Tim Draper, the founder and former managing director of Draper Fisher Jurvetson. Photo: Ramin Talaie/Corbis via Getty Images

Draper Fisher Jurvetson (DFJ), one of Silicon Valley's oldest venture capital firms, is changing its name to Threshold Ventures, Axios has learned. Limited partners were informed last night via email.

What happened: None of the three name partners are still involved. Tim Draper and John Fisher left more than five years ago, as part of a larger shake-up. Steve Jurvetson was pushed out 14 months ago under still-murky circumstances.

Lesson learned: Don't name investment firms after people. It just creates conditions for future confusion. There are still plenty of tree species and rock types that don't yet have a sign on Sand Hill Road.

  • Fisher continues to be a partner with DFJ Growth, an independent, later-stage affiliate that is expected to retain its name.
  • DFJ will not rename existing funds, but is expected to use the Threshold brand for a new, 13th fund that is expected to hold a first close this June. It still has around $125 million of dry powder in DFJ Venture XII.
  • Threshold's two managing partners will be Josh Stein and Emily Melton. Longtime partners Andreas Stavropoulos and Bill Bryant are expected to transition into non-GP roles with the new fund.
  • When asked for comment, Stein emailed: “We’re really excited to open this new chapter for our team and plan to continue the focused and high-conviction investment strategy that we’ve followed in our prior two Venture funds."

Go deeper: How to name your startup

Go deeper

Fed temporarily lifts Wells Fargo's growth restrictions

Photo: Streeter Lecka/Getty Images

The Federal Reserve said Wednesday it will temporarily lift Wells Fargo’s growth restrictions, which were put in place following the bank’s customer abuse scandals.

Why it matters: The Fed’s only reason for lifting the cap is so Wells Fargo can dole out more loans to struggling small businesses as part of the government’s coronavirus aid package. Earlier this week, the bank said it could only lend a total of $10 billion, thanks to Fed restrictions that it can’t grow its assets beyond $1.95 trillion.

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 12 p.m. ET: 1,450,343 — Total deaths: 83,568 — Total recoveries: 308,617Map.
  2. U.S.: Total confirmed cases as of 12 p.m. ET: 399,979 — Total deaths: 12,912 — Total recoveries: 22,539Map.
  3. Business updates: Roughly one-third of U.S. apartment renters didn't make April payments.
  4. Federal government latest: The U.S. has begun to see "glimmers of hope" despite its highest recorded number of deaths in 24 hours, Anthony Fauci said.
  5. Public health latest: Surgeon General Jerome Adams highlighted the disproportionate impact the illness is having on African-American communities.
  6. World latest: Indians look to Taiwan amid China's coronavirus missteps
  7. 🚌 Public transit: Systems across the country are experiencing ridership collapse, squeezed funding streams and slow recovery from the pandemic.
  8. What should I do? Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  9. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Bernie Sanders suspends presidential campaign

Photo: ANDEL NGAN/AFP via Getty Images

Sen. Bernie Sanders announced Wednesday that he is suspending his presidential campaign.

The big picture: It's an end to the campaign of the leading progressive in the race — and the candidate who seemed to be the clear front-runner for the Democratic nomination just a few months ago. It also makes Biden the presumptive Democratic nominee four months before the party's convention in Milwaukee.