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Photo by Hussein Faleh/AFP via Getty Images

General Electric on Thursday will announce an agreement to sell investments in eleven startups to 40 North Ventures, an affiliate of Standard Industries.

Why it matters: GE was once among the most active corporate investors in startups, but now is in exit mode.

  • The companies are Aras, Carbon, Catalant, Desktop Metal, Enbala, Menlo Micro, Nexar, Proterra, Tamr, Upskill and Volta.
  • 40 North is an early-to-growth stage firm, rather than a secondaries investor, but felt this particular portfolio was in its industrial tech-focused wheelhouse.

The bottom line: GE began prepping in early 2019 what it had hoped would be a sale of its entire GE Ventures portfolio , then with a net asset value of around $500 million. That effort failed, thus leading to mini-auctions like this one — and an earlier deal for 16 health care investments.

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.

Dan Primack, author of Pro Rata
Aug 26, 2020 - Economy & Business

Venture capital firms to include "diversity riders" in term sheets

Illustration: Aïda Amer/Axios

Ten venture capital firms on Wednesday will announce that they're now including "diversity riders" in term sheets submitted to startups, requiring that best efforts are made to bring underrepresented investors into the deals.

Why it matters: This is a tangible effort to diversify cap tables and, in so doing, expand access to investors who have historically been excluded.

Trump's coronavirus adviser Scott Atlas resigns

Photo: Nicholas Kamm/AFP via Getty

Scott Atlas, a controversial member of the White House coronavirus task force, handed in his resignation on Monday, according to three administration officials who discussed Atlas' resignation with Axios.

Why it matters: President Trump brought in Atlas as a counterpoint to NIAID director Anthony Fauci, whose warnings about the pandemic were dismissed by the Trump administration. With Trump now fixated on election fraud conspiracy theories, Atlas' detail comes to a natural end.