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The founders of the Axios AM newsletter are coming back into the VC scene with a new fund. It’s called Offline Ventures, and will focus on health and IT startups. It will use a rolling fund structure to raise $50 million in its first year. Among the portfolio companies will be chat app Clubhouse, notetaking platform Notion, and baldness treatment startup hims & hers.
Morin left his previous firm, Slow Ventures, more than a year ago due to mental health issues. He’s now returning to the VC game with his partners including his wife Brit and Tonal co-founder Nate Bosshard.
Andreessen Horowitz could preempt Sequoia Capital with its own messaging app. It is also in advanced talks to lead a large funding round for Yuga Labs, which is behind the NFT project Bored Ape Yacht Club. According to TF Securities analyst Ming-Chi Kuo, Apple and Hyundai will work together.
Another potential new venture from the group is an audio social network, and has already racked up two million users. It is currently valued at $1 billion post-money. But it has generated a growing number of imitators. Despite its success, there have been questions about its long-term sustainability.
Series C funding led by existing investor Andreessen Horowitz
Clubhouse is an invite-only iPhone app that allows you to listen to group conversations. You can create rooms and move between conversations. It’s a new take on content consumption. Andreessen Horowitz is now one of its investors. So is Facebook, Slack and LinkedIn, among others.
The app was launched in January by Paul and Rohan, two former Talkshow co-hosts. It has already been downloaded more than fourteen million times, according to App Annie. This is the most recent round of funding for the company, and will bring in new investors including DST Global, Tiger Global Management and the Andreessen Horowitz investment arm.
Clubhouse is a new kind of social networking, which allows you to listen to group conversations. Unlike traditional social media, you can listen to what’s being said in the room you’re in, which is great for finding new topics, discovering what’s on your mind and engaging in conversation. But it also allows you to organize rooms and invite friends to join in.
If you’ve been watching the news lately, you might have noticed that Clubhouse, the audio social network founded by Paul Davison and David Rosenblatt, recently raised $100 million in Series B funding led by Andreessen Horowitz. The money will go toward infrastructure and content monetization tools. Unlike its competitors, however, Clubhouse has yet to share details about its monetization plans. It also lacks an official way to measure attendance, or conversion rates, and doesn’t have any data points on which to base its monetization strategy.
For the time being, the real moneymakers at Clubhouse are recurring hosting and a new content monetization program that rewards influencers for high-quality content. This includes a tipping feature that lets users send payments to creators. However, the platform is still in beta, and there is no official way to track its progress.
In the past, Clubhouse has discussed the idea of paid club memberships and sponsorships. But, like many other content platforms, it’s unclear whether these features will actually pan out. Nevertheless, the payment feature will be tested by a small test group starting today.
$15 minimum wage proposal by Democrats could cut jobs 1.4 million workers in 2025
The Congressional Budget Office (CBO) has released a study examining the impact of a $15 minimum wage on the federal budget. Its findings suggest that the increased costs of goods and services would result in $54 billion in increased spending. In addition, the report found that 1.4 million jobs will be lost by 2025.
Democrats have long sought to increase the minimum wage. They believe the policy would reduce poverty. However, many Republicans argue that the policy will hurt jobs.
A $15 minimum wage would boost wages for workers earning slightly more than the current federal minimum. It would also have a larger impact on the economy overall.
A CBO report suggests that raising the minimum wage to $10 an hour would cost 0.1 million jobs, while a more gradual increase to $15 an hour would cost 1.4 million. In terms of employment, the report suggests that young, less educated people would have a larger share of job loss than older, more educated workers.