Axios reported Wednesday that Rosenthal and Newman, who previously led Airbnb’s data science team, are heading up a new firm called Wave Capital that is raising $35 million for its first fund. Axios noted that the firm will focus on early-stage marketplace startups.
GeekWire spoke with Rosenthal today, but he declined to comment about the new firm. Rosenthal did confirm that he left Madrona this summer and moved back to San Francisco.
Rosenthal first joined Madrona in 2010 as an associate before moving to Silicon Valley to earn his MBA from Stanford. He also worked at Meritech Capital and StartX while in California.
Rosenthal came back to Seattle in 2014 and rejoined Madrona as a principal.
“David was a valuable asset to Madrona, our portfolio companies and Pacific NW technology ecosystem,” Tim Porter, managing director at Madrona, said in a statement. “He brought thoughtful opinions, a sharp intellect, and creative problem-solving to both evaluating investments and working with entrepreneurs. We wish he and his wife well in their return home to the Bay Area and are looking forward to collaborating in the future.”
Rosenthal, who also has experience at UBS and The Wall Street Journal’s venture and corporate development group, still hosts Acquired.fm, a podcast he created with Ben Gilbert, co-founder of Seattle-based startup studio Pioneer Square Labs.
Newman, meanwhile, was Airbnb’s first data scientist and worked at the travel company for six years before departing in August 2016. He also has Seattle roots, earning his undergraduate degree from the University of Washington in 2006.