Sep 29, 2017

Ex-500 Startups partners launch their own fund

Two former 500 Startups partners, Elizabeth Yin and Eric Bahn, are raising up to $50 million for a new venture capital effort called Hustle Fund, according to an SEC filing. A source tells Axios that the fund will back pre-seed startups.

Backstory: Yin and Bahn left 500 Startups earlier this summer after several women accused founder Dave McClure of sexual harassment (he also resigned from the organization). Prior to 500 Startups, both founded startups and worked at Google and Facebook, respectively. Hustle Fund declined to comment.

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#MeToo gets Weinstein

A man carries out Weinstein's walker. Photo: Johannes Eisele/AFP/Getty Images

Hollywood titan Harvey Weinstein is now a convicted rapist, two years and four months after accusations against him helped ignite the #MeToo movement.

Why it matters: To date, #MeToo has resulted in hundreds of powerful men losing their jobs. Seven have been criminally convicted, with four others still facing charges.

JPMorgan Chase to pull support for some fossil fuels

Illustration: Sarah Grillo/Axios

JPMorgan Chase said Monday that it won’t directly finance new oil and gas development in the Arctic and will significantly curtail its financing of the extraction and burning of coal.

Why it matters: JPMorgan is the world’s largest funder of fossil-fuel companies, according to a report by the Rainforest Action Network (RAN). The announcement follows similar moves by other big banks and investment firms, including Goldman Sachs and BlackRock.