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Wedding tech startup felled by its own married co-founders

Dan Primack, author of Pro Rata

Online wedding vendor marketplace Borrowed & Blue last November raised $7 million in VC funding led by Foundry Group. But now the Charlottesville, Va.-based startup is shuttered -- and more than two dozen employees are out of work — after the board discovered alleged financial improprieties related to Borrowed & Blue's married co-founders, Adam and Christin Healey.

What happened? Sources tell Axios that Christin used a company credit card to make large personal purchases, both domestic and international. Adam claims that he was unaware of the charges until after a company audit. There also were broader questions about Chirstin's role and compensation, as she originally was introduced to investors as a non-operating co-founder, but that seemed to shift over the past year.

Scoop credit: Many of these details also appear in a local CBS affiliate report.

What now? There was still some money in the bank that is being returned to investors, and we hear there is an asset sale process in place. The company's website remains online.

Due diligence: Expect this situation to be used by other VCs as an example of why they won't back married co-founders, despite notable success stories like Eventbrite.

For the record: Foundry Group declined comment, and Adam Healey did not return my email.

Go deeper

Rebecca Falconer
Updated 3 hours ago - Politics & Policy

Supreme Court backs religious groups on New York coronavirus restrictions

Photo: Saul Loeb/AFP via Getty Images

The U.S. Supreme Court ruled late Wednesday that restrictions previously imposed on New York places of worship by Gov. Andrew Cuomo (D) during the coronavirus pandemic violated the First Amendment.

Why it matters: The decision in a 5-4 vote heralds the first significant action by the new President Trump-appointed conservative Justice Amy Coney Barrett, who cast the deciding vote in favor of the Catholic Church and Orthodox Jewish synagogues.

Go deeper (1 min. read)Arrow
Jonathan Swan, Alayna Treene
9 hours ago - Politics & Policy

USAID chief tests positive for coronavirus

An Air Force cargo jet delivers USAID supplies to Russia earlier this year. Photo: Mikhail Metzel/TASS via Getty Images

The acting administrator of the United States Agency for International Development informed senior staff Wednesday he has tested positive for coronavirus, two sources familiar with the call tell Axios.

Why it matters: John Barsa, who staffers say rarely wears a mask in their office, is the latest in a series of senior administration officials to contract the virus. His positive diagnosis comes amid broader turmoil at the agency following the election.

Go deeper (1 min. read)Arrow
Bryan Walsh, author of Future
11 hours ago - Health

COVID-19 shows a bright future for vaccines

Illustration: Annelise Capossela/Axios

Promising results from COVID-19 vaccine trials offer hope not just that the pandemic could be ended sooner than expected, but that medicine itself may have a powerful new weapon.

Why it matters: Vaccines are, in the words of one expert, "the single most life-saving innovation ever," but progress had slowed in recent years. New gene-based technology that sped the arrival of the COVID vaccine will boost the overall field, and could even extend to mass killers like cancer.

Go deeper (2 min. read)Arrow