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

9 mins ago - Health

The two sides of America's coronavirus response

Illustration: Eniola Odetunde/Axios

America's bungled political and social response to the coronavirus exists side-by-side with a record-breaking push to create a vaccine with U.S. companies and scientists at the center.

Why it matters: America's two-sided response serves as an X-ray of the country itself — still capable of world-beating feats at the high end, but increasingly struggling with what should be the simple business of governing itself.

Joe Biden introduces Kamala Harris in first joint appearance

Joe Biden formally introduced Sen. Kamala Harris as his running mate on Wednesday, telling a socially distanced audience in a Wilmington, Del., gymnasium: "I have no doubt that I picked the right person to join me as the next vice president of the United States of America."

Why it matters: Harris is a historic pick for vice president, becoming the first Black woman and first South Asian woman to be named to a major-party U.S. presidential ticket. "Kamala knows how to govern," Biden said. "She knows how to make the hard calls. She is ready to do this job on day one."

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 4:30 p.m. ET: 20,439,274 — Total deaths: 744,941— Total recoveries: 12,632,604Map.
  2. U.S.: Total confirmed cases as of 4:30 p.m. ET: 5,180,226 — Total deaths: 165,510 — Total recoveries: 1,714,960 — Total tests: 63,252,257Map.
  3. Politics: Pelosi says Mnuchin called her, White House is "not budging" on stimulus position.
  4. Business: U.S. already feeling effects of ending unemployment benefits.
  5. Public health: America is flying blind on its coronavirus response.
  6. Education: New Jersey governor allows schools to reopenGallup: America's confidence in public school system jumps to highest level since 2004.