How to Get Funded by 01 Advisors: What Dick Costolo's New $72.6 Million Bald Eagle 02 Vehicle Shows

01A Bald Eagle 02, L.P. filed with the US Securities and Exchange Commission on November 6, 2026, reporting $72.6 million sold. Richard Costolo is named as key person. 01A is the short name of 01 Advisors, the venture firm founded by Costolo and Adam Bain, who held senior roles at Twitter. This article explains what the filing shows, what we could verify about the firm, and how founders can approach it. We could not find a press announcement for this vehicle, so some of what follows is inference and we label it.

What the Filing Shows

The vehicle reports $72.6 million sold on November 6, 2026, with a generalist, unspecified sector tag. It was the third largest venture-tagged filing that day, behind a $100.0 million single-deal vehicle and JSL Health Capital Fund II at $93.1 million. A third-party aggregator lists an earlier vehicle called 01A Bald Eagle LP, with an offering dated June 18, 2026 and $131.8 million reported sold. The "02" in the new name suggests a second vehicle in a numbered series, and the aggregator also lists other 01A vehicles with bird names, such as Peregrine, Pelican and Spoonbill. We read these as a family of special-purpose vehicles and not as separate flagship funds, but we could not confirm that.

About 01 Advisors

Costolo, a former Twitter chief executive, and Bain, a former Twitter operating executive, announced 01 Advisors in 2019 with at least $135 million to invest, according to coverage at the time. A Fortune item in 2025 reports that its third fund, a $395 million vehicle, launched in October 2023. The firm is described as investing in companies that typically range from Series A to Series C. Because the firm raises several vehicles with different names, a founder should look at the total capital behind a particular vehicle before assuming it is the source of a cheque.

How to Read the Bald Eagle Numbers

By our arithmetic, $72.6 million is about 55 percent of the $131.8 million reported for the earlier Bald Eagle vehicle, and about 18 percent of the $395 million Fund III. Neither comparison is like for like. A special-purpose vehicle can be formed to make one large investment, and it may pool money from limited partners who want exposure to a single company. In that case the amount reflects the size of one deal and not a new fund's capacity. If the vehicle backs one company, the filing tells founders little about 01A's appetite for new investments.

What This Means for Founders

A growth-stage investor with Series A to Series C focus usually looks for revenue, a clear path to scale, and a founder who has hired a team beyond the first few engineers. Costolo and Bain bring operating experience in a consumer and advertising business, and founders in social, marketplace or media-adjacent categories may find that experience useful. Do not assume a fit by name alone: ask which partner covers your sector, how many companies the firm backs per year, and whether it leads or joins rounds.

When you pitch, show unit economics, retention, and the plan for the next 18 months. Bring a clean cap table and a clear view of the post-money valuation you are seeking. Expect questions on due diligence, including customer references and financial controls. If you are considering a special-purpose vehicle as part of your round, ask how its investors are represented and whether they receive information rights, because that affects your reporting.

What This Means for Fund Managers

The 01A family shows how a firm can run several vehicles at once: flagship funds for core investing and smaller named vehicles for specific deals or relationships. Managers using this model should keep each vehicle's purpose written down for limited partners, avoid adding amounts across related vehicles, and make sure public filings match marketing materials.

Today's Venture Filing Picture

On November 6, 45 venture-tagged vehicles reported $490.8 million. The next largest after 01A Bald Eagle 02 were:

• K5 Tech Fund II, LP, Series 212: $55.4 million
• Encouraging Mountain, L.P.: $40.0 million
• Discipulus Ventures II-A, LP: $23.8 million (Jakob Diepenbrock)
• Picture Capital Leaders Fund I, L.P.: $18.0 million (Rakesh Loonkar)
• Growth Enjin Partners III, LP: $15.3 million (Kazuki Notsu)

What We Could Not Confirm

We could not confirm the purpose of Bald Eagle 02, its investors, or its relationship to the earlier Bald Eagle vehicle. The $131.8 million and the June date come from a third-party aggregator and not from the filing itself. We could not locate a statement from 01 Advisors.

Key Takeaways

01A Bald Eagle 02 reported $72.6 million on November 6, with Costolo as key person. It appears to be one of several special-purpose vehicles run by 01 Advisors, so it should not be read as a new flagship fund. Founders should ask which vehicle, which partner and what stage before pitching.

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