Feb 12, 2018

Homebrew raises $90 million for third seed-stage fund

Homebrew, the seed-stage venture capital firm whose portfolio companies include Chime and TheSkimm, is raising $90 million for its third fund, per an SEC filing. A source close to the situation says a final close is imminent, with most of the commitments coming from existing limited partners. (Update: It's closed)

Bottom line: It's still a bit too early to judge Homebrew from a returns perspective (despite some promising investments), so this fundraise reflects LP belief that the San Francisco-based firm has stuck to the strategy it originally promised.

Homebrew previously raised $85 million for its second fund, which included a $35 million "overage" fund to make pro rata investments in later rounds for Fund I and Fund II portfolio companies. This time it's a single vehicle, with expectations that the investment period will last four years instead of three.

Hunter Walk, the former Google/YouTube executive who co-founded Homebrew with ex-Twitter exec Satya Patel, declined comment.

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Dominic Cummings: "I respectfully disagree" that I broke U.K. lockdown rules

Photo: Peter Summers/Getty Images

Dominic Cummings, the top aide to British Prime Minister Boris Johnson, defended himself Monday against allegations that he broke the U.K.'s coronavirus lockdown rules during a Downing Street press conference.

What he said: "I respectfully disagree. The legal rules do not necessarily cover all circumstances, especially the ones I found myself in."

Netanyahu says July 1 deadline for West Bank annexation won't change

Photo: Artur Widak/NurPhoto via Getty Images

Israeli Prime Minister Benjamin Netanyahu said Monday at a Likud Party faction meeting at the Knesset, Israel's parliament, that his July 1 deadline for starting the process of annexation in the West Bank will not change, according to people in attendance.

Why it matters: The White House and the State Department have stressed over the last few weeks that the deadline set by Netanyahu is "not sacred" to the Trump administration — and that any discussion of annexation needs to be in the context of renewed Israeli-Palestinian peace talks.

Trump threatens to move Republican convention from North Carolina if capacity reduced

President Trump on stage during the 2016 Republican National Convention in Ohio. Photo: Bill Clark/CQ Roll Call via Getty Images

President Trump threatened in a series of Monday tweets to move this summer's Republican National Convention from Charlotte if North Carolina's Democratic governor, Roy Cooper, doesn't allow the event to be held at full capacity.

The state of play: Mandy Cohen, the state's health and human services secretary, said last week that the GOP should "plan for the worst" as mass gatherings will be a "very big challenge" if the number of coronavirus cases in the state continues to increase, per NPR.