Mar 26, 2018

Lerer Hippeau assumes management for Binary Capital fund

Binary Capital co-founders Jonathan Teo and Justin Caldbeck. Image: Axios visuals.

Lerer Hippeau has agreed to assume management of a $125 million venture capital fund raised and invested by Binary Capital, around nine months after the firm imploded over allegations of sexual harassment against co-founder Justin Caldbeck, according to multiple sources.

Why it matters: Startups backed by Binary no longer have a disreputable manager on their cap tables.

New York-based LV has has some experience in this sort of thing, having assumed management of the SoftBank Ventures portfolio in 2015. It also may become the general partner of Binary's second fund, which has far fewer portfolio companies than its first, but those discussions remain ongoing.

The firm, which has several limited partners in common with Binary and also is an investor in Axios, declined comment.

Go deeper

Trump administration backs Oracle in Google fight

Photo illustration: Aïda Amer/Axios. Photo via The Washington Post.

The Trump administration is siding with Oracle in the database giant's dispute with Google before the Supreme Court — a move that comes as Oracle's founder hosts a high-dollar fundraiser for the president.

Why it matters: Billions of dollars — and, Google argues, the future of software innovation — are at stake as a long-running copyright dispute between the two giant companies heads to the Supreme Court next month.

Established VCs turn to "super angels" to grow their network

Illustration: Eniola Odetunde/Axios

Thanks to companies like AngelList and Carta that make it easier than ever to set up small VC funds, a new generation of so-called “super angels” is cropping up — and established venture funds are backing them.

Why it matters: Just like the boom in scout programs a number of years ago, it’s all about the deal flow.

Scoop: Top NSC official reassigned to Energy Department amid "Anonymous" fallout

Photo: Mark Wilson/Getty Images

Deputy national security adviser Victoria Coates will be reassigned as a senior adviser to Energy Secretary Dan Brouillette, the National Security Council said Thursday — and a senior White House official said that the administration "rejects" the rumors that she is "Anonymous."

Why it matters: Coates has battled claims that she is the still-unknown Trump administration official that penned a New York Times op-ed and book critical of President Trump.