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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.

Tina Reed, author of Vitals
50 mins ago - Health

Experts fear a bad flu season on top of COVID

Illustration: Sarah Grillo/Axios

Public health officials are warning that the U.S. may be on the verge of a dangerous double whammy: COVID and flu, spreading simultaneously.

The big picture: The Delta variant is still circulating across the U.S., and the Omicron variant isn't far behind. On top of that, experts see potential warning signs of a bad flu season, which could leave millions of Americans vulnerable and strain health care resources.