Niv Dror. Photo: Shrug Capital

Niv Dror has raised $3 million for his debut venture capital fund, called Shrug Capital.

Why it matters: Dror has spent the past two years as head of marketing for AngelList (via its 2016 purchase of Product Hunt), and AngelList has become a burgeoning launchpad for small venture funds.

Dror, who is leaving AngelList to focus full-time on Shrug, says that he’s investing in founders working on “things that I’m excited to talk about for more than an hour to a non-tech audience. "So far, that’s been mostly consumer startups, such as HQ Trivia, Superhuman, Atoms, Molly, and Breaker.

  • “At these early stages it’s all about founders... and Niv has a pretty good eye,” Founders Fund partner Cyan Banister, who personally invested in Dror’s fund.

Dror is following in the footsteps of Product Hunt founder Ryan Hoover who also raised his own small fund last year.

  • Both are using AngelList’s VC fund management service. In the case of small funds led by angel investors, there are no management fees, though AL takes a portion of the carry for taking care of things on the backend. It's also started managing professional VC funds, which have traditional fee and carry structures.

A-list investors: Dror has been able to attract the who’s who of Silicon Valley as investors into his fund, including Banister, Chris and Crystal Sacca, Marc Andreessen, Chris Dixon, Amity Ventures, Social Capital, David Sacks, Keith Rabois, and Kevin Rose.

1 fun thing: Dror named his firm Shrug Capital after the ¯\_(ツ)_/¯ emoticon, which is tattooed on his wrist.

Go deeper

Updated 2 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 8 a.m. ET: 12,520,431 — Total deaths: 560,830 — Total recoveries — 6,900,718Map.
  2. U.S.: Total confirmed cases as of 8 a.m. ET: 3,184,722 — Total deaths: 134,830 — Total recoveries: 983,185 — Total tested: 38,856,341Map.
  3. Public health: The reality of the coronavirus bites.
  4. Trade: Trump says he's no longer considering phase-two trade deal with China because the pandemic damaged the two countries' relationship.
  5. 🎧 Podcast: Rural America has its own coronavirus problem.
1 hour ago - Health

We're losing the war on the coronavirus

Chart: Danielle Alberti/Axios

By any standard, no matter how you look at it, the U.S. is losing its war against the coronavirus.

Why it matters: The pandemic is not an abstraction, and it is not something that’s simmering in the background. It is an ongoing emergency ravaging nearly the entire country, with a loss of life equivalent to a Sept. 11 every three days — for four months and counting.

Trump commutes Roger Stone's sentence

Roger Stone arriving at his sentencing hearing on Feb. 20. Photo: Drew Angerer/Getty Images

President Trump on Friday evening commuted the sentence of his longtime associate Roger Stone, according to two senior administration officials. Stone in February was sentenced to 40 months in prison for crimes including obstruction, witness tampering and making false statements to Congress.

Why it matters: The controversial move brings an abrupt end to the possibility of Stone spending time behind bars. He had been scheduled to report to prison on July 14.