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Dick Costolo (l), Adam Bain (r). Photos: Steve Jennings/Getty Images, Romeo Gacad/AFP/Getty Images.

Former Twitter CEO Dick Costolo and former Twitter COO Adam Bain have launched a San Francisco-based startup advisory and investment firm called 01 Advisors, Axios has learned from multiple sources.

The bottom line: Costolo and Bain have been angel investing and advising together for the past couple of years, including in companies like TripActions, but are now formalizing their efforts.

  • 01 Advisors is also raising a fund so that it can get equity beyond "advisory shares." In this way, it's a bit similar to how Tusk Ventures, led by former Uber and Michael Bloomberg campaign adviser Bradley Tusk, operates.
  • Former Twitter investor relations executive David Rivinus is also involved, in addition to Costolo and Bain.

Update: After this story was published, 01 Advisors disclosed in an SEC filing that it has secured $135 million for a fund targeting a total of $200 million.

Go deeper

51 mins ago - World

At least 2 dead after Tonga volcano eruption and tsunami

A satellite image of the explosive eruption of the Hunga Tonga-Hunga Ha'apai volcano on Saturday. Photo: UNICEF/NOAA

At least two people are confirmed to have died in Tonga following the undersea volcanic eruption that sent tsunami waves toward the island nation and across the Pacific over the weekend, officials said Monday.

The big picture: Officials reported major damage along the western coast of the main island of Tongatapu, where the capital, Nuku'alofa, was covered in ash and dust, including on the runway of the airport. A New Zealand Ministry of Foreign Affairs spokesperson told Axios over the phone that two people had been confirmed to have died in the disaster.

Airlines call for Biden admin's "immediate intervention" in 5G deployment

Photo: Tayfun Coskun/Anadolu Agency via Getty Images

The CEOs of leading U.S. air cargo and passenger carriers on Monday warned the Biden administration there could be "catastrophic disruption" after AT&T and Verizon deploy a new 5G service this week.

Driving the news: They said in a letter to Transportation Secretary Pete Buttigieg and other top federal officials ahead of the C-Band 5G service's deployment Wednesday that "the nation's commerce will grind to a halt" and "could potentially strand tens of thousands of Americans overseas."

Updated 5 hours ago - Energy & Environment

Thousands without power as "hazardous" winter storm lashes East Coast

Satellite imagery of the Northeastern U.S. taken by NOAA on Jan. 17. Photo: NOAA

A major winter storm lashed much of the East Coast Sunday and Monday, causing widespread power outages and disrupting travel over the holiday weekend.

The latest: Authorities in North Carolina confirmed that two people died in a car crash and that they responded 600 vehicle accidents during the storm on Sunday, per the Washington Post.