Name: Austin Emerges as a Hot Spot for Silicon Valley Investors
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Austin Emerges as a Hot Spot for Silicon Valley Investors

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Austin’s startup scene is getting a jolt of new capital, this time from a wave of investors transplanted from Silicon Valley.Since March, Sapphire Ventures, Draper Associates, 8VC and Breyer Capital have either opened an Austin office, hired a local partner or are considering an outpost there. Austin’s lack of a state income tax, plus its lower cost of living, is attracting venture capitalists and entrepreneurs, and a push toward remote work has spurred them to rethink where they live.&nbsp;Local venture firms are also expanding. Third Craft, a new firm backed by former Heinz CEO William Johnson, is raising up to $75 million to invest in Austin consumer startups, according to two people familiar with the matter. And the co-founder of men’s apparel company Bonobos has joined Austin-based Brand Foundry Ventures as a general partner in its biggest fund yet, according to three people familiar with the matter.&nbsp;- or -Continue with AppleAlready a subscriber?Get access to exclusive coverageRead deeply reported stories from the largest newsroom in tech.Latest Articles&nbsp;We’ve been hearing a lot lately about what Snap CEO Evan Spiegel didn’t anticipate. Last week, he told employees, according to The Verge, that he hadn’t anticipated the extent to which interest rates would rise (really?). Also last week, speaking at the Code conference, he said ”nobody” in the U.S. had anticipated ByteDance would spend billions on marketing to sign up users for TikTok. Isn’t it...Latest Briefs&nbsp;Peloton Founder John Foley ResignsOracle Slightly Misses Cloud Revenue Growth It ProjectedAppLovin Abandons Bid for UnityStay in the knowReceive a summary of the day's top tech news—distilled into one email.Access on the goView stories on our mobile app and tune into our weekly podcast.Join live video Q&amp;A’sDeep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.Enjoy a clutter-free experienceRead without any banner ads.Recent Popular Stories

Austin’s startup scene is getting a jolt of new capital, this time from a wave of investors transplanted from Silicon Valley.Since March, Sapphire Ventures, Draper Associates, 8VC and Breyer Capital have either opened an Austin office, hired a local partner or are considering an outpost there. Austin’s lack of a state income tax, plus its lower cost of living, is attracting venture capitalists and entrepreneurs, and a push toward remote work has spurred them to rethink where they live.&nbsp;Local venture firms are also expanding. Third Craft, a new firm backed by former Heinz CEO William...

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Senior Reporter  @theinformation  covering the money powering Silicon Valley. Author of Dealmaker. Tips: Kate@theinformation dot com. Signal: 415-409-9095.

Kate Clark

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Austin Emerges as a Hot Spot for Silicon Valley Investors

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