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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

18 mins ago - Health

Standardized testing becomes another pandemic victim

Photo: Edmund D. Fountain for The Washington Post via Getty

National standardized reading and math tests have been pushed from next year to 2022, the National Center for Education Statistics (NCES) announced Wednesday.

Why it matters: There’s mounting national evidence that students are suffering major setbacks this year, with a surge in the number of failing grades.

42 mins ago - World

European countries extend lockdowns

A medical worker takes a COVID-19 throat swab sample at the Berlin-Brandenburg Airport. Photo by Maja Hitij via Getty

Recent spikes in COVID-19 infections across Europe have led authorities to extend restrictions ahead of the holiday season.

Why it matters: "Relaxing too fast and too much is a risk for a third wave after Christmas," said European Commission President Ursula von der Leyen.

1 hour ago - Health

Africa CDC: Vaccines likely won't be available until Q2 of 2021

Africa CDC director Dr. John Nkengasong. Photo: Mohammed Abdu Abdulbaqi/Anadolu Agency via Getty

Africa may have to wait until the second quarter of 2021 to roll out vaccines, Africa CDC director John Nkengasong said Thursday, according to the Associated Press.

Why it matters: “I have seen how Africa is neglected when drugs are available,” Nkengasong said.