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.

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Biden: The next president should decide on Ginsburg’s replacement

Joe Biden. Photo: Drew Angerer / Getty Images

Joe Biden is calling for the winner of November's presidential election to select Ruth Bader Ginsburg's replacement on the Supreme Court.

What he's saying: "[L]et me be clear: The voters should pick the president and the president should pick the justice for the Senate to consider," Biden said. "This was the position the Republican Senate took in 2016 when there were almost 10 months to go before the election. That's the position the United States Senate must take today, and the election's only 46 days off.

Trump, McConnell to move fast to replace Ginsburg

Photo: Alex Wong/Getty Images

President Trump will move within days to nominate his third Supreme Court justice in just three-plus short years — and shape the court for literally decades to come, top Republican sources tell Axios.

Driving the news: Senate Majority Leader Mitch McConnell and Senate Republicans are ready to move to confirm Trump's nominee before Election Day, just 46 days away, setting up one of the most consequential periods of our lifetimes, the sources say.

Updated 7 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 30,393,591 — Total deaths: 950,344— Total recoveries: 20,679,272Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 6,722,699 — Total deaths: 198,484 — Total recoveries: 2,556,465 — Total tests: 92,163,649Map.
  3. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  4. Health: Massive USPS face mask operation called off The risks of moving too fast on a vaccine.
  5. Business: Unemployment drop-off reverses course 1 million mortgage-holders fall through safety netHow the pandemic has deepened Boeing's 737 MAX crunch.
  6. Education: At least 42% of school employees are vulnerable.