Jul 24, 2018

Scoop: Ex-Uber employees form group to invest in former colleagues

Illustration: Axios / Lazaro Gamio

Two former Uber executives are quietly operating an investor syndicate to invest in startups led by their former colleagues, Axios has learned.

Bottom line: There should be plenty of deal-flow, as Uber is known for encouraging its employees to innovate.

  • It's called Moving Capital, and also invests in two-sided marketplace and transportation startups. Initial portfolio companies include Lime and Cargo.
  • The co-founders are Josh Mohrer (launched and led NYC) and William Barnes (led West Coast ops). Mohrer also was briefly a partner at Tusk Ventures, where he led the firm's Series A and Series B investments in Bird.
  • The private syndicate, operated via AngelList, consists of around 100 Uber alums (many of whom have plenty of cash, thanks to the SoftBank tender). Around half of them have been active so far.
  • Don't be surprised if Moving Capital soon evolves from a private AngelList syndicate to a more traditional VC fund structure.

Last week I was chatting with some VCs about the relative dearth of Seattle startups, expressing surprise that neither Amazon nor Microsoft have really become founder factories.

A few of them suggested that lots of startups would likely come out of Uber, due to to a highly-entrepreneurial environment (particularly on the ops side). As one explained:

"No matter what you think about Uber's culture, everyone there will tell you that team leaders were basically running mini-companies, with lots of ability to try new things."

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World coronavirus updates: Global death toll surpasses 34,000

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

The novel coronavirus has now killed more than 34,000 people and infected over 723,000 others globally, per Johns Hopkins data. Italy reported more than 10,700 deaths early Monday.

The big picture: Governments around the world have stepped up public health and economic measures to stop the spread of the virus and soften the financial impact. In the U.S., now the site of the largest outbreak in the world, President Trump said Sunday that his administration will extend its "15 Days to Slow the Spread" guidelines until April 30,

Go deeperArrowUpdated 2 hours ago - Health

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 1 a.m. ET: 722,435 — Total deaths: 33,997 — Total recoveries: 151,991.
  2. U.S.: Leads the world in cases. Total confirmed cases as of 1 a.m.. ET: 142,502 — Total deaths: 2,506 — Total recoveries: 4,856.
  3. Federal government latest: President Trump says his administration will extend its "15 Days to Slow the Spread" guidelines until April 30.
  4. Public health updates: Fauci says 100,000 to 200,000 Americans could die from virus.
  5. State updates: Louisiana governor says state is on track to exceed ventilator capacity by end of this week — Cuomo says Trump's mandatory quarantine comments "panicked" some people into fleeing New York
  6. World updates: Italy on Sunday reports 756 new deaths, bringing its total 10,779. Spain reports almost 840 dead, another new daily record that bring its total to over 6,500.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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U.S. coronavirus updates: Infections number tops 140,000

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

The novel coronavirus has now infected over 142,000 people in the U.S. — more than any other country in the world, per Johns Hopkins data.

The big picture: COVID-19 had killed over 2,400 people in the U.S. by Sunday night. That's far fewer than in Italy, where over 10,000 people have died — accounting for a third of the global death toll. The number of people who've recovered from the virus in the U.S. exceeded 2,600 Sunday evening.

Go deeperArrowUpdated 6 hours ago - Health