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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

7 hours ago - World

Maximum pressure campaign escalates with Fakhrizadeh killing

Photo: Fars News Agency via AP

The assassination of Mohsen Fakhrizadeh, the architect of Iran’s military nuclear program, is a new height in the maximum pressure campaign led by the Trump administration and the Netanyahu government against Iran.

Why it matters: It exceeds the capture of the Iranian nuclear archives by the Mossad, and the sabotage in the advanced centrifuge facility in Natanz.

Scoop: Biden weighs retired General Lloyd Austin for Pentagon chief

Lloyd Austin testifying before Congress in 2015. Photo: Chip Somodevilla/Getty Images

Joe Biden is considering retired four-star General Lloyd Austin as his nominee for defense secretary, adding him to a shortlist that includes Jeh Johnson, Tammy Duckworth and Michele Flournoy, two sources with direct knowledge of the decision-making tell Axios.

Why it matters: A nominee for Pentagon chief was noticeably absent when the president-elect rolled out his national security team Tuesday. Flournoy had been widely seen as the likely pick, but Axios is told other factors — race, experience, Biden's comfort level — have come into play.

Updated 9 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: WHO: AstraZeneca vaccine must be evaluated on "more than a press release."
  2. Politics: Supreme Court backs religious groups on New York COVID restrictions.
  3. World: Thailand, Philippines sign deal with AstraZeneca for vaccine.
  4. Economy: Safety nets to disappear in December Black Friday shopping across the U.S., in photosAmazon hires 1,400 workers a day throughout pandemic.
  5. Education: National standardized tests delayed until 2022.