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Get a daily digest of the most important stories affecting your hometown with Axios Charlotte Enter your email address[ ] Please enter a valid email. Please enter a valid email. Subscription failed Subscribe for free Thank you for subscribing! Enter your email address[ ] Please enter a valid email. Please enter a valid email. Subscription failed Subscribe for free Thank you for subscribing! 7 hours ago - Economy & Business TinySeed raises $25 million to back more bootstrapped startups Kia Kokalitcheva Illustration: Aida Amer/Axios TinySeed, which runs an accelerator program for very early-stage business software startups that are largely bootstrapped, has raised $25 million for its second fund, the company tells Axios exclusively. Why it matters: The news comes at the heels of the recent shuttering of Indie.vc, an experiment from O'Reilly AlphaTech Ventures in backing revenue-generating startups not seeing heaps of venture funding. The big picture: While buzzy multibillion dollar acquisitions and IPOs tend to hog all the headlines, tons of software companies quietly sell for around $100 million--and generate healthy returns for shareholders, explains TinySeed co-founder Einar Vollset. * TinySeed's focus on business-to-business software companies means that the startups it backs are capital efficient, and can quickly get on a path of growing revenue thanks to the accelerator program. * Its investors include Bloomberg Beta, Eric Ries, Patrick McKenzie, Steli Efti, and Rand Fishkin. Behind the scenes: While Indie VC failed to attract the necessary interest of limited partners who back traditional venture funds, TinySeed mostly struggled with another problem: a regulatory limit of 99 investors for a fund larger than $10 million, Vollset says. * To go along with its larger fund size and investor limit, TinySeed had to raise its minimum investment. Its first fund was only $5 million. * But this meant that a number of its existing investors, who are largely software entrepreneurs and executives, could not afford to participate in this new fund. * On the other end of the spectrum, institutional investors who do back micro-VC funds, were uncomfortable with TinySeed's index-like investing strategy. They prefer to back small, concentrated portfolios, they told the firm. The bottom line: Alternatives to traditional venture capital want to exist, but they're still facing various challenges when it comes to assembling the necessary capital. Go deeper: Venture capital platform Indie.vc is shutting down Go deeper Jacob Knutson 34 mins ago - Politics & Policy Texas attorney general sues Austin officials over mask mandate Texas Attorney General Ken Paxton speaking at 2021 CPAC in Orlando, Florida, in February. Photo: Joe Raedle/Getty Images Texas Attorney General Ken Paxton announced that he filed a lawsuit on Thursday against Austin authorities, seeking a temporary restraining order to prevent city and Travis County officials from enforcing a face mask mandate. Why it matters: The lawsuit claims that Austin Mayor Steve Adler, Travis County Judge Andy Brown and Mark Escott, interim medical director and health authority for the city, are illegally defying an order issued by Gov. Greg Abbott last week that rescinded a statewide mask mandate. Go deeper (1 min. read) Jacob Knutson 2 hours ago - Politics & Policy Ex-acting Defense Secretary Miller blames Trump's speech for Capitol riot Former acting Secretary of Defense Christopher Miller speaking at the Pentagon in Arlington, Virginia, in November 2020. Photo: Alex Wong/ Getty Images Former acting Secretary of Defense Chris Miller told "VICE on Showtime" that he believes former President Trump incited the mob that attacked the Capitol on Jan. 6 with his speech preceding the deadly riot. Why it matters: Miller, who Trump appointed to lead the Pentagon after firing Mark Esper following the 2020 election, said, "it's pretty much definitive" that the riot, which left five people dead, would not have happened without the president's "Save America" rally speech. Go deeper (1 min. read) Jacob Knutson 2 hours ago - Health The Week America Changed NewYork-Presbyterian Hospital CEO Steven Corwin recalls COVID "tsunami" Photo illustration: Aida Amer/Axios. Photo: Bloomberg/Getty Images Steven Corwin, chief executive of NewYork-Presbyterian Hospital, said the medical center had four cases of COVID on March 8 of last year. By March 29 that number had jumped to 600. Why it matters: In an interview on Thursday with Axios Re:Cap, Corwin described how the hospital managed the "tsunami" of cases in the early days of the pandemic while struggling to maintain a supply of protective and medical equipment during a global supply shortage. Go deeper (1 min. read) Axios gets you smarter, faster with news & information that matters. Copyright Axios Media, 2021 About About Axios Advertise with us Careers Events Axios on HBO Axios HQ Privacy and terms Online tracking choices Contact us Subscribe Axios newsletters Axios app Axios podcasts Courses