Former Twitter Execs Dick Costolo And Adam Bain Are Setting Up A $200 Million Fund

By Amit Chowdhry ● August 12, 2019
  • Former Twitter CEO Dick Costolo and COO Adam Bain are setting up a $200 million fund for their venture firm 01 Advisors

Former Twitter CEO Dick Costolo and COO Adam Bain are launching an advisory and investment company called 01 Advisors, according to Axios. And in an SEC filing, it was revealed that Costolo and Bain have already raised $134.7 million for the inaugural fund out of a targeted $200 million.

Costolo served as CEO in between Jack Dorsey’s first round and second round as the head of the social media company. Costolo was previously the founder of Feedburner (acquired by Google for a reported $100 million). Costolo also worked as a consultant for HBO’s “Silicon Valley” and launched a fitness startup called Chorus. In February 2016, Costolo joined Index Ventures as a partner.

Bain worked as a producer at Cleveland.com and the LA Times. And he also worked as an executive at Fox Interactive Media before joining Twitter. Plus Bain had also invested in companies like Reddit, Opendoor, Lime, Reddit, Lyric, Density, Quartzy, Reverb, and Cheddar.

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Axios also pointed out that former Twitter investor relations executive David Rivinus is also involved in 01 Advisors as a partner. Previously, Rivinus worked at Yahoo and Sterling Johnston in investor relations. And Rivinus also worked at PwC Consulting as an IT Consultant in the late 1990s and as an equity research associate at Bank of America Securities after that.

According to LinkedIn, Kelly Kovacs — the former EA and chief of staff to the CEO of Twitter — is also listed as a partner at 01 Advisors. Kovacs is also known as a co-founder of EA Mafia and is the former head of workplace and chief of staff at Color Genomics.