Welcome to Texas ProRata, where we take just 10 minutes to get you smarter on the collision of tech, business, and politics.

We're up to you by Facebook. I'm Dan Permac. On today's show, Apple loses part of its core and why the U.S. Air Force is worried about big business mergers.

But first, the future of vice. So no, this isn't about

Joe Biden or about digital media companies. No, I'm talking about real vice here, alcohol,

tobacco, marijuana, and all other things deemed at least at one time to be socially harmful

or immoral. Not too long ago, it was virtually impossible for startups dealing in vice to get

traditional venture capital funding. Not so much because venture capitalists themselves were opposed

or because they didn't see profit potential, but because VCs invest out of funds that are largely

supported by institutions, institutions like university endowments and charitable foundations,

and even church pension funds.

In short, lots of those groups do have moral objections, or at least want to avoid headlines linking them to something like an e-cigarette or sex toy startup.

So we've seen a little bit of softening in Ventureland of late, at least in terms of cannabis companies that, quote, don't touch the plant, but still not too much,

which leads us to a new venture capital fund that was just announced not only to invest in

vice startups, but to invest in nothing but vice startups. In 10 seconds, we'll go deeper with

Axios's Kia Kukleacheva. But first, this. People are asking for more ways to see and

control the information companies have on them, and companies are changing in response. To learn what steps Facebook is taking, check out Facebook.com slash about slash ads.

We're joined now by Axios' Kia Kukleacheva. This morning, you reported on Vice Ventures, which has raised $25 million

to invest in these sorts of companies. And it's led by a woman named Catherine Dockery.

Who is Catherine Dockery?

So Catherine had kind of an interesting background, banking for a bit. And then she worked for

Andy Dunn, who was the CEO of Bonobos. That was this direct-to-consumer men's apparel company.

So then she wanted to get herself into VC.

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