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Ron Conway. Photo by Steve Jennings/Getty Images.

The Silicon Valley venture firm that helped popularize seed investing has decided to stop taking outside money, blaming the ballooning size of seed rounds.

Why it matters: SV Angel has backed such firms as Airbnb, Pinterest and Twitter.

SV Angel, co-led by Ron Conway and his son Topher, will no longer raise new funds from outside investors.

  • The Conways will continue to invest their personal money under the SV Angel brand, but the three other SV Angel partners will leave (while continuing to advise on the portfolio).

Per a Medium post from Topher Conway:

Seed investors are raising larger funds, becoming more ownership-focused and investing primarily on adoption and traction... The amount of money in seed rounds has doubled and valuations have increased significantly.
As this dynamic materialized more, we realized there were diverging interests between what’s best for founders and what’s best for our investors. For this reason, we have decided to go back to basics and invest as individual angels instead of raising a new fund.

Go deeper

Updated 12 hours ago - Sports

The potential GOAT of chess faces intriguing challenger

Illustration: Sarah Grillo/Axios

The World Chess Championship between Norway's Magnus Carlsen and Russia's Ian Nepomniachtchi began on Friday, 1,094 days after Carlsen won his fourth consecutive title.

Why it matters: During the long, COVID-fueled layoff, chess entered a new era, and with the championship finally here, the age-old game is ready for its close-up.

Department of Interior proposes raising cost of drilling on public lands

A horizontal drilling rig and a pump jack sit on federal land in Lea County, New Mexico. Photo: Callaghan O'Hare/Bloomberg via Getty Images

Oil and gas companies should pay more to drill on federal lands and waters, the Department of the Interior argued in a report released Friday, saying that the current rates were "outdated."

Driving the news: The Department of Interior report said that the federal government's oil and gas leasing and permitting program "fails to provide a fair return to taxpayers, even before factoring in the resulting climate-related costs that must be borne by taxpayers."

13 hours ago - Health

U.S. to restrict air travel from 8 countries over new COVID variant concerns

A COVID-19 vaccine is administered. Photo by Joe Raedle/Getty Images

The U.S. will impose new air travel restrictions in response to the Omicron variant, a new COVID strain first detected in South Africa, President Biden announced Friday.

The big picture: Air travel from South Africa, Botswana, Zimbabwe, Namibia, Lesotho, Eswatini, Mozambique and Malawi will be restricted starting on Monday.