journey one ventures

2023 Innovator Award Winner

HONORS | Experienced Alumnae

Helene Servillon, AMD’12

Founding partner, journeyone ventures.

Cannabis and Capital? Life’s Green (and Growing) for Helene Servillon.

by Brilee Weaver   |  October 20, 2023

Cannabis has a bad rap. It’s an unconventional industry with significant barriers to growth—but Helene Servillon is clearing the way. For the founding partner of JourneyOne Ventures , a capital fund that invests in fast-growing cannabis companies, success starts at the roots.

“Most people have a default, negative natural sentiment around cannabis,” says Helene Servillon. But for her—a native of California, the first state to legalize marijuana for medical purposes in the United States—cannabis was less a vice and more a vehicle of social connection while growing up. In San Francisco, she says, “it was just weed .”

Today, another definition seeds Servillon’s current pursuits in venture capital.

“When I talk about cannabis, I like to talk about a plant,” says Servillon, founding partner at JourneyOne Ventures , an early stage venture capital fund that invests in what she calls “misunderstood” markets. And, as access to medicinal and recreational cannabis expands in states across the U.S., that eccentric plant is in need of a rebrand.

The industry is, in a word, complicated. Though some research estimates that the legal cannabis sector will reach between $50 and $70 billion in annual sales by the end of the decade—making it, in Servillon’s words, a “high-value crop”—regulatory blockades to business still exist at the federal level.

  Cannabis is currently classified by the federal U.S. Food and Drug Administration, or FDA, as a “ Schedule 1” substance, defined as a drug “with no currently accepted medical use and a high potential for abuse.” It’s the same designation attributed to heroin and ecstasy, and that bad rap can have serious implications for cannabis entrepreneurs. First, the federal tax code prohibits them from “writ[ing] off a lot of their business expenses.” Second, banks can currently be penalized for providing services to cannabis businesses—which means they often have to rely on all-cash models.

These modern manifestations of the decades-long War on Drugs, which began when President Richard Nixon declared substance abuse America’s “public enemy number one,” have tested Servillon’s ambition to heal and connect people with cannabis—though she’s stayed the course as the national conversation around the plant shifts .

“There are a lot of people who would have given up and gone home,” says Sarah Stewart, venture partner at JourneyOne, which has raised millions in investments so far. “But I don’t think it’s ever once crossed Helene’s mind to stop trying to build.”

Early in her venture capital career, Servillon discovered little “diversity” among investors. Women, people of color, and members of the queer community weren’t writing the checks, she says. Industries such as cannabis were on the outs, too. Servillon resolved to ditch the status quo of traditional markets and their investors—men, who continue to represent upwards of 80 percent of senior investment professionals—and bring budding businesses and partners together.

At JourneyOne, Servillon pairs fast-growing cannabis companies with investors who have backgrounds in different fields. Because they raise in more established markets, she says, those investors often have more green to give (along with lessons from other industries in their portfolios). In turn, the investors have the opportunity to expand their networks to include people from unexpected and underestimated backgrounds. Those partnerships are what really turn high risk into high reward, says Servillon.

“We’re not just living in the cannabis world,” she says of JourneyOne. “I’ve built relationships and bridges to traditional venture capitalists. Part of my job as an industry leader is to help them understand our industry.”

Servillon’s mission to catalyze cannabis recently captivated fellow entrepreneurs affiliated with her alma mater, Northeastern University. At the 2023 Innovator Awards , Women Who Empower judges—hailing across disciplines—recognized Servillon with honors in the experienced alumnae category. She’s one of 28 founders who took the spotlight for both trailblazing thought leadership and expert execution this year.

“[Journey is] a word that helps ground me in what I’m doing. You may never get to the end goal. But if the journey to that end goal isn’t enjoyable or fulfilling, why would you ever take that journey?”

—Helene Servillon, AMD’12

The startup scene first intrigued Servillon as she reflected on her co-op experiences at Northeastern, where she studied media communication and business. She’d leaned into her curiosities and tested different roles on co-op, but she yearned for greater challenges than the traditional corporate world could offer her, she says. Her “spirit of being entrepreneurial” would be fully realized, she thought, when she had the chance to build from the ground up.

She spent a few years spearheading distribution and development for electric bicycle companies, then transitioned to voice analytics. The artificial intelligence and machine learning central to her job may have been built for detecting patterns, but Servillon became most interested in breaking them—especially in her own life.

“I didn’t feel it,” says Servillon of her role at the time. “And I wanted to feel [deeply connected to]   my work. I wanted to be in a culture that really inspires me, and work with products that really inspire me.” Before long, she’d given up her office in downtown Los Angeles and embarked on the defining (albeit ongoing) search for a purpose that led her to JourneyOne.

Servillon is a lifelong learner at heart. As the youngest of four siblings who moved around a lot as children, she says, she grew to embrace change as part of her DNA. When her personal and professional foundations inevitably shift, Servillon finds her footing by absorbing what’s new (she’s known for “shotgunning podcasts”), reconsidering what’s known, and accelerating what’s to come. Because, for her, life is an experiment to be tested and questioned.

“I get the sense with Helene that she really enjoys the process,” says Stewart, who started out as an investor with JourneyOne. She’d caught on to Servillon’s tenacious energy from their first call, admiring how she balanced the agility required of her startup mindset and the cannabis industry with her unwavering, long-term vision to change markets and minds.

The journey has been winding, and that’s the whole point. Upon founding the fund, Servillon was conscious that—if it were to be anything like her or the cannabis industry itself—JourneyOne would need to evolve to meet the moment. Its moniker, then, would communicate the growth and momentum to come.

“[Journey is] a word that helps ground me in what I’m doing,” says Servillon. “You may never get to the end goal… But if the journey to that end goal isn’t enjoyable or fulfilling, why would you ever take that journey?”

It’s been a literal trip, too. Servillon recently charted a European tour from Stockholm and Berlin to Amsterdam and London to assess potential international opportunities for JourneyOne. Though legalization and operation are a “whole different ball game” outside the U.S., she says, the potential to augment our lives is the same. And she’s not just talking about cannabis.

Take, for example, Servillon’s mindfulness retreat in the countryside of Holland. There, she embarked on her first facilitated psychedelic experience among a “room full of healers.” Her mind? Blown.

“I gained so much from this,” she says of the retreat. “How can I create more opportunities for people of all classes and wealth demographics to get this same kind of help [in] their lives?”

Servillon’s ability to bring people and resources together is her hallmark, says Stewart. The “village” at the center of JourneyOne—rich with social capital—is what makes progress in an industry as challenging as cannabis possible, she says.

That’s why, as new markets emerge across the U.S. and internationally, Servillon remains committed to learning about the people she encounters beyond what they do professionally.

“Your work will always change,” says Servillon. “I’d rather learn about your life journey and where you want to be on it.”

JourneyOne Ventures

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JourneyOne Ventures overview

Journeyone ventures contact information, journeyone ventures funds managed, funds in market: 1.

Capital One Venture Rewards vs. Wells Fargo Autograph Journey: Which $95 card is better?

The mid-tier travel rewards card space is a cramped one. One of the best options on the market is the Capital One Venture Rewards Credit Card , which offers great value to the average traveler with just a $95 annual fee (see rates and fees ). It racks up 2 miles per dollar spent on all purchases and comes with a Global Entry or TSA PreCheck credit of up to $100.

But there's a new kid on the block: the recently launched Wells Fargo Autograph Journey℠ Card (see rates and fees ). It also has a $95 annual fee, plus valuable earning rates and benefits that make it a serious competitor to the more established Venture card.

Which is the better option for you now, and which will be the better option going forward? Let's dig into the cards' details to find out.

Capital One Venture Rewards vs. Wells Fargo Autograph Journey comparison

Capital one venture rewards vs. wells fargo autograph journey welcome offer.

The Venture Rewards comes with a welcome offer of 75,000 bonus Capital One miles after spending $4,000 in the first three months of account opening.

Those miles are worth $1,388 based on TPG's valuations , so you'll get a great value from the bonus, even though this is the standard offer for the card based on its offer history .

The Autograph Journey , meanwhile, comes with 60,000 bonus points after spending $4,000 in the first three months. These points are worth $960 based on our valuations.

Winner : Venture Rewards. It has a more valuable welcome offer than the Autograph Journey.

Related: How to redeem Capital One's 75,000-mile sign-up bonuses for maximum value

Capital One Venture Rewards vs. Wells Fargo Autograph Journey benefits

The Venture Rewards comes with an up-to-$100 credit for TSA PreCheck or Global Entry , plus rental car and travel accident insurance, extended warranty protection, Hertz Five Star status* and access to Capital One's Lifestyle Collection of hotels and Capital One Entertainment .

Meanwhile, the Autograph Journey comes with a $50 annual statement credit for airfare purchases, effectively lowering the annual fee to $45 if you can take advantage of that perk. Cardholders also receive cellphone protection and access to a new benefit called "Autograph Card Exclusives."

While details are scant at the moment, Autograph Card Exclusives promises to offer access to concerts showing "big-name artists in small venues," seemingly delivering an intimate experience with popular acts.

Winner : Venture Rewards. Despite the promise of the Autograph Journey's perks, the Venture's longer list of established benefits wins out.

Earning miles on the Capital One Venture Rewards vs. the Wells Fargo Autograph Journey

With the Venture Rewards , you'll earn 5 miles per dollar spent on hotels and rental cars booked through Capital One Travel and 2 miles per dollar spent on all other purchases.

But the Autograph Journey has much broader bonus categories. With it, you'll earn 5 points per dollar spent on hotels, 4 points per dollar spent on airlines, 3 points per dollar spent on other travel and dining and 1 point per dollar spent on other purchases.

Winner : Autograph Journey. While we figure Wells Fargo points to be worth slightly less than Capital One miles, the additional bonus categories — namely, dining and airlines — will more than make up for that difference for most consumers.

Redeeming miles on the Capital One Venture Rewards vs. the Wells Fargo Autograph Journey

The Venture Rewards earns extremely valuable Capital One miles, giving you a bevy of redemption options that make the miles worth about 1.85 cents apiece, per our valuations.

You'll get the most value by transferring your miles to one of Capital One's travel partners , but you can also redeem them for a statement credit to cover travel purchases or for gift cards or cash back.

The Autograph Journey has a much smaller list of redemption options and transfer partners upon launch. It remains to be seen how these options will change. However, the issuer has promised more transfer partners will come throughout the year (more on that below).

Winner : Venture Rewards. Again, this could change if the Wells Fargo program continues to expand, but for now, Capital One still has the edge.

Related: Should you transfer Capital One miles to partners or redeem directly for travel?

Transferring miles with the Capital One Venture Rewards vs. the Wells Fargo Autograph Journey

The Venture Rewards allows you to transfer your miles to any of Capital One's 15-plus hotel and airline partners, including valuable options like Avianca LifeMiles , British Airways Executive Club and Turkish Airlines Miles&Smiles .

And if you can take advantage of a transfer bonus, you'll get even more value from your miles. For instance, I prefer to redeem my miles by transferring them to Air France-KLM Flying Blue during a transfer bonus promotion and using them to book business-class flights to Europe.

The Autograph Journey currently allows cardholders to transfer points to five airline programs:

• Air France-KLM Flying Blue
• Avianca LifeMiles
• British Airways Executive Club, Aer Lingus AerClub and Iberia Plus (all earning Avios)

These are all great transfer partners and TPG favorites, though the number of options is obviously much smaller than those available with the Venture Rewards.

You'll also be able to transfer to a single hotel program, Choice Privileges , though that list hopefully will continue to grow as well.

Winner : Venture Rewards. Again, the current Wells Fargo transfer lineup isn't quite at Capital One's level.

Related: Wells Fargo transfer partners: How to use Go Far Rewards points

Should I get the Capital One Venture Rewards or the Wells Fargo Autograph Journey?

If you want an established card with great benefits and redemption options, you'll want to stick with the Venture Rewards . You'll get a strong earning rate, the ability to take advantage of Capital One's transfer partners and some travel benefits for just a $95 annual fee (see rates and fees ).

If you want higher earning rates, the newly launched Autograph Journey is a viable option worth considering.

Bottom line

Despite their differences, the Venture Rewards and the Autograph Journey are excellent travel rewards cards with valuable benefits and earning rates for their mid-tier annual fee. The Venture Rewards' established list of perks and transfer partners give it the edge, but the Autograph Journey could be neck and neck soon given its growing list of redemption options.

Taking advantage of both cards could definitely make sense, too, if you can handle two $95 annual fees (see rates and fees for the Venture Rewards)..

For additional details, read more about the Venture Rewards and the Autograph Journey .

Apply here: Capital One Venture

Apply here: Wells Fargo Autograph Journey

For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.

*Upon enrollment, accessible through the Capital One website or mobile app, eligible cardholders will remain at upgraded status level through Dec. 31, 2024. Please note, enrolling through the normal Hertz Gold Plus Rewards enrollment process (e.g. at Hertz.com) will not automatically detect a cardholder as being eligible for the program and cardholders will not be automatically upgraded to the applicable status tier. Additional terms apply.

Cloud seeding startup Rainmaker raises $6.3 million

S omewhere in El Segundo, surrounded by Moon Pods and a mysteriously large water jug, Rainmaker cofounder Augustus Doricko and I are talking about faith. 

Doricko—mulleted, casual, and an El Segundo fixture—went looking for God in his late teens and (really) early 20s. 

"I studied under two nondenominational pastors, a Catholic priest and Anglican priests, a Sunni Imam, an Orthodox rabbi, a Reform rabbi, and a Buddhist monk––the Buddhist monk really quickly dropped off,” he told me with a smile. 

It may seem like a non sequitur (if you’re wondering, Doricko now identifies as a Christian). But it’s groundwork for the sort of philosophical, existential kind of person who, at 24, has founded a startup devoted to cloud seeding, a weather modification technique that seeks to introduce ice nuclei to clouds, causing precipitation to form—in short, making it rain. And lest you think this is a crackpot idea with no backers, you’d be sorely mistaken. 

Rainmaker has raised $6.3 million for its seed round, the company announced today. The group of investors include Long Journey Ventures, Day One Ventures, Tamarack Global, 1517 Fund, Starship VC, and Champion Hill Ventures, along with Garry Tan and (among other things) former Andreessen Horowitz partner Balaji Srinivasan.

And Doricko (a Thiel Fellow) knows you think this is wild. I asked him how often he gets told he’s crazy.

“Every single day!” 

There’s a glee to it, especially since as we dig deeper he’s armed with something pretty persuasive: history.

As it turns out, cloud seeding actually has a long, colorful history in the U.S. Cloud seeding was invented in Schenectady, N.Y. in 1946, and that group of inventors included atmospheric scientist Bernard Vonnegut, the brother of novelist Kurt Vonnegut. And, from 1962 to 1983, the U.S. government’s Project Stormfury sought to weaken cyclones by flying airplanes dispensing silver iodide into them. 

But Project Stormfury had a data problem—it was really hard to tell that it was working with the technology that existed up into the 80s. But the long-entrenched government program proved literally making rain is possible, just hard to quantify. 

“We know that in a tank with the right conditions that our magic beans work and that we can make it rain, but clouds are super dynamic systems,” said Doricko. “There’s no control in nature, right? One cloud versus another, they’re totally different… Then, just because you caused it to rain, how much did you make it rain or snow? It was totally unquantifiable.”

This is a problem that’s en route to being solved, said Doricko. And recently cloud seeding has been the subject of international headlines (consider the floods in Dubai, as people clamor over whether cloud seeding is the cause ) and, in China, the country’s cloud seeding operation is among the largest in the world .

I ask Doricko if they’ve made it rain yet.

"Not yet,” he said. “We moved into our lab in December, hired our first engineers in January… then the season was over by the time our product was mature enough. So right now, our options are to fly to Alaska… or focus heads down in engineering now, then get out in the field in September.”

And in the end, even though the phrase “weather modification” sounds grandiose, it’s actually in some ways more muted than it seems, particularly when it comes to the “modification” part.

"You can't delete a hurricane, but you can reduce the amount of flooding caused by it, by reducing the velocity,” said Doricko. 

I point out to Doricko that there’s an irony here—that one could argue that, on the surface, modifying the weather is a way of playing God.

“We already intentionally modify the environment in a variety of ways,” said Doricko. “I totally understand that, aesthetically, on vibes, weather and rain is something that’s conventionally has been very much like God’s domain. But in just the same way that a dam is modifying creation, so is modifying the weather."

See you tomorrow,

Allie Garfinkle

Email: [email protected]

Submit a deal for the Term Sheet newsletter here .

Joe Abrams curated the deals section of today's newsletter.

This story was originally featured on Fortune.com

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Journey energy inc. enters into a joint venture for developing its joint duvernay lands in the west shale basin.

Calgary, Alberta--(Newsfile Corp. - May 7, 2024) - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) (the " Company " or " Journey ") is pleased to announce that it has entered into an agreement with Spartan Delta Corp. (" Spartan ") to jointly develop a block of land in the west shale basin of the Duvernay oil and liquids fairway.

The Joint Venture (the " JV ") block of land covers 128 sections in the oil window of the Duvernay where shale thickness is approximately 30-40 meters. The initial working interests for the JV are Spartan 62.5% and Journey 37.5%. The parties currently control 94 sections within the JV block. Spartan has the potential to increase their interest within the JV from 62.5% to 70% with the contribution of additional lands acquired at their cost. The vast majority of the lands controlled within the block have significant tenure exceeding six years, with applicable extensions. On March 20, 2024, Crown lands immediately south of the block were acquired by other industry players for up to $1 million per section.

Spartan will be the operator of the JV. Expenditures within the block will be capped at $30 million in 2024 and $100 million for 2025 on a gross basis. However, expenditures may be increased with the agreement of both parties. The potential within the JV block is defined by the extensive production history from three existing Duvernay wells (Journey 29.17% WI, Spartan 70.83% WI). Duvernay production within the JV block is overlain by liquid-rich glauconitic production, which is expected to be processed through Journey's operated, gas processing facility and gathering system in the Gilby area.

This is a significant venture for Journey, both in terms of potential resource capture and capital expenditures. The Company has, and will continue to, position itself financially to meet the joint development plans throughout the term of the JV. To assist in this alignment, Journey recently closed a $38 million convertible debenture, which provides no principal repayments for five years. This combined with Journey's low net debt; cash flows from Journey's existing production; and the expected future revenues from the expanding power business, will provide sufficient resources to fund the JV commitments, while allowing the Company to execute on its other drilling and optimization projects throughout 2024 and 2025.

Journey looks forward to providing regular updates on its progress in developing this significant resource.

About the Company

Journey is a Canadian exploration and production company focused on oil-weighted operations in western Canada. Journey's strategy is to grow its production base by drilling on its existing lands, implementing water flood projects, and by executing on accretive acquisitions. Journey seeks to optimize its legacy oil pools on existing lands through the application of best practices in horizontal drilling and, where feasible, with water floods.

For further information contact:

Alex G. Verge President and Chief Executive Officer 403-303-3232 [email protected]

Gerry Gilewicz Chief Financial Officer 403-303-3238  [email protected]

Journey Energy Inc. 700, 517 - 10 th Avenue SW Calgary, AB T2R 0A8 403-294-1635 www.journeyenergy.ca

Forward-Looking Information

This press release contains forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements.

More particularly, this press release contains forward-looking statements concerning the anticipated use of net proceeds the Offering.

The forward-looking statements are based on certain key expectations and assumptions made by Journey. Although Journey believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Journey can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the condition of the global economy, including trade, public health, and other geopolitical risks; risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks); commodity price and exchange rate fluctuations and constraint in the availability of services, adverse weather or break-up conditions; uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Certain of these risks are set out in more detail in Journey's AIF dated March 28, 2024 and in Journey's MD&A for the year ended December 31, 2024, both of which have been filed on SEDAR+ and can be accessed at www.sedarplus.ca .

The forward-looking statements contained in this press release are made as of the date hereof and Journey undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/208340

Comparing the Wells Fargo Autograph Journey: How does it stack up against other premium travel cards?

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The release of the new Wells Fargo Autograph Journey card in March may seem like a good option with competitive rewards rates, but how does it stack up to some of the best travel credit cards on the market today? And does it deserve a place in your wallet?

In this article, we’ll examine the cards’ welcome offers, rewards, benefits and travel partners to assess their overall value. Let’s see how the Autograph Journey measures up to these four competitors:

• Chase Sapphire Preferred® Card
• Citi Premier® Card
• Capital One Venture X Rewards Credit Card
• The Platinum Card® from American Express

Welcome offers

The Wells Fargo Autograph Journey SM Card has a competitive welcome offer of 60,000 bonus points when you spend $4,000 in the first three months. According to Bankrate’s valuations , Wells Fargo Rewards are worth about 1.0 cents per point, giving the welcome offer a value of $600. After completing the spending requirement, you could have anywhere from 64,000 to 80,000 points, depending on which categories you utilize to meet the spending requirement. That’s a return of 16 percent on the low end to 20 percent on the high end, though you’ll likely fall somewhere in the middle.

How the Autograph Journey stacks up

The welcome offer on the Autograph Journey matches up with the regular offers from the Chase Sapphire Preferred and the Citi Premier exactly. All three give the same bonus, for an identical spending requirement and timeframe, with the same annual fee. However, both Chase Ultimate Rewards and Citi ThankYou Points are worth more, at about 2.0 cents and 1.6 cents per point, respectively, when transferred to a high-value travel partner. This gives the edge to both, with Chase being the most valuable at $1,200 and Citi at $960.

Looking around, the Capital One Venture X offers more miles for the same amount of spending requirement and timeframe. With this card, you’ll get 75,000 miles, but also pay a higher $395 annual fee. Capital One miles are also more valuable at about 1.7 cents per point, making its welcome offer worth $1,275.

The Platinum Card® from American Express offers the most points of any of these offers — at 80,000 Membership Rewards points — but it also requires the highest spending at $8,000, although you’ll get twice as long to meet that amount (six months). It also has the highest annual fee of these cards at $695. Since Membership Rewards points are valued at about 2.0 cents cents per point, this offer has a value of $1,600.

Our decision: Not as good as the competition

The Wells Fargo Autograph Journey offers the lowest overall value of any of these welcome offers, due to the lower value of the Wells Fargo Rewards it earns.

When deciding between these cards, consider:

• Whether you can meet the spending requirement
• What you want the points for
• The return on your spending

Based on these criteria, the best overall value comes from the Venture X since your return on spending will likely be a higher percentage — even though the Amex Platinum offers the most points and the highest value.

Rewards and benefits

Outside of its welcome bonus, the Wells Fargo Autograph Journey comes with excellent earning rates in numerous categories focusing on travel. Specifically, you’ll earn 5X points at hotels, 4X points on airlines and 3X points on other travel and restaurants. All other purchases earn 1X points.

You’ll also get a $50 annual statement credit with a $50 minimum airline purchase — utilizing this credit offsets more than half of the $95 annual fee. Additional benefits include:

• Trip protection coverage
• Auto rental collision coverage
• Emergency/roadside assistance
• Cell phone protection
• My Wells Fargo deals
• Visa Signature benefits

As it is, the card earns solidly enough to function as a standalone card, offering excellent protection and benefits. However, let’s compare this more closely with its competitors to assess its actual value.

Wells Fargo Autograph Journey vs. Chase Sapphire Preferred®

Both of these cards come with a $95 fee. For travel purchases, the Autograph Journey gets 5X on hotels, 4X on airfare, and 3X on other travel, while the Sapphire Preferred only earns 2X on travel (but can earn 5X if you go through the Chase Travel portal or use Lyft). Chase points also get a 25 percent boost when booking travel through Chase Travel. While both cards earn 3X on dining, the Sapphire Preferred also earns 3X for streaming and online grocery purchases.

Whereas the Autograph Journey has a $50 air credit, the Sapphire Preferred has a $50 hotel credit instead. You’ll also get a points boost on your account anniversary equal to 10 percent of your spending from the prior year. Chase has more extensive transfer partners, including four of Wells Fargo’s airline partners. There are also more Chase cards available that can combine points with the Sapphire Preferred via the Chase trifecta , giving it an even further advantage.

You might choose the Autograph Journey if your travel spending aligns better with Wells Fargo’s bonus categories. However, for most people, the Sapphire Preferred will be the more flexible option.

Wells Fargo Autograph Journey vs. Citi Premier®

These cards also have the same annual fee — and once again, the Autograph Journey earns slightly better on hotel and air purchases. While the Citi Premier has limited-time earnings of 10X on hotel and car rentals through the Citi Travel portal through June 30, 2024, it earns 3X in the following categories:

• Restaurants
• Supermarkets
• Gas stations

By covering a more comprehensive range of everyday expenses, Citi Premier gets the edge for earning rewards.

The Citi Premier also offers an annual $100 hotel credit on a stay of $500 or more when booked through the Citi Travel portal — more than double the Autograph Journey’s air credit. While Citi overlaps on a few of Wells Fargo’s transfer partners, it also offers a more extensive list than Wells Fargo. Citi also has the Citi trifecta that allows you to combine points from multiple cards.

As a result, the Citi Premier generally offers more value overall, unless your spending is primarily travel-focused.

Wells Fargo Autograph Journey vs. Capital One Venture X

The Capital One Venture X comes with a higher annual fee than the Autograph Journey, coming in at $395 instead of $95. Still, this higher fee can be easily offset with the card’s $300 annual travel credit on the Capital One travel portal and the 10,000 bonus miles you’ll earn on your account anniversary (worth $100).

The main difference between the two is that the Venture X earns a flat rate of 2X miles on all purchases. If you book through the portal, you’ll get 5X on airfare and 10X on hotels and car rentals. If you book travel directly, the Autograph Journey is likely a better choice, but the Venture X still has the potential for higher returns. Non-bonus spending will do better on the Venture X, for example, but you’ll earn more with dining purchases on the Autograph Journey.

Overall, Capital One miles have a higher value and more transfer partners while overlapping most of Wells Fargo’s partners. You’ll also get more benefits and perks like extensive airport lounge access . Even with the higher annual fee, the Venture X is a clear favorite almost across the board.

Wells Fargo Autograph Journey vs. The Platinum Card® from American Express

These two cards approach travel from opposite positions. While the Autograph Journey has a manageable annual fee and earns solid reward rates, the Amex Platinum has one of the highest annual fees out there and mediocre earning rates outside of its 5X rate on airfare and hotels purchased through Amex Travel. Beyond travel purchases, the Autograph Journey is superior for spending.

Where the Amex Platinum shines above the rest is its laundry list of perks and benefits . For as high as the $695 annual fee is, you can still come out ahead if you take advantage of all the credits offered, including:

• $200 annual airline incidental credit with your selected airline
• $200 Uber credit ($15 each month, $35 in December)
• $100 Saks Fifth Avenue credit ($50 semi-annually)
• $200 annual credit with Amex Fine Hotels & Resorts
• $240 entertainment credit ($20 monthly)
• $189 annual CLEAR membership credit
• $300 Equinox/SoulCycle annual credit
• Walmart+ reimbursement ($12.95 monthly cost)
• Global Entry or TSA PreCheck credit once every four years
• *Enrollment required for select benefits

Maximizing these credits more than compensates for the card’s annual fee, covering everything from travel and shopping to lifestyle purchases. In addition, you’ll get extensive airport lounge access, excellent travel protections, a superior list of transfer partners and complimentary elite status with Hilton, Marriott and several car rental companies. Here, the overall value offered by the Amex Platinum’s perks and credits far exceed any other card — if you can fully utilize them.

Our decision: Perks fall short but rewards measure up

These comparisons point to a glaring weakness of the Autograph Journey — its perks and benefits. Each main competitor card offers more value in credits, benefits and point value. Even the higher annual fee cards make up for that difference with superior returns in the benefits category. If you’re looking at this card specifically to handle your travel needs, you may want to consider one of the other cards, all of which give better returns.

However, the card holds up well with its reward-earning rates, particularly in the travel and dining categories. The rates for hotels and airfare purchases are strong and don’t require you to shop through a travel portal. This distinction can be helpful, as many hotel chains and airlines will deny your elite benefits when you book through a third party like this. With plenty of bonus categories, the Autograph Journey should be able to cover much of your everyday spending.

Airline and hotel transfer partners

Each card has its own set of airline and hotel transfer partners — multiple cards can cover some programs, while others may be unique to a single card. We’ve compiled a list of all the partners to help you decide which card is best for you. All transfer ratios are 1:1 unless otherwise noted.

Our decision: The Autograph Journey doesn’t measure up

As you can see, the Autograph Journey has the smallest number of transfer partners — each of which is covered by at least two competitors. Further, considering that the Autograph Journey comes with the lowest overall point value, the card’s competitors are likely to be a better choice if you’re looking for a specific transfer partner, given their wider selection and better value.

You could certainly use the Autograph Journey’s welcome offer to supplement the point balance in one of its partners, but in most cases, you shouldn’t use it as the primary method to accrue those points unless you’re spending in its top categories.

The bottom line

While introducing a travel card with transfer partners is a big milestone for Wells Fargo, the Autograph Journey unfortunately doesn’t quite rise to the level of its competition. While the reward rates are decent, the lower value of Wells Fargo points keeps it a step behind the competition. Given that, this card is best suited for people who may already have a solid portfolio of credit cards and are looking for a new program to supplement their points balances. But if you’re looking for your first premium travel card, you’ll likely get more value from one of the other cards in this space.

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The Red Square and beyond: a guide to Moscow’s neighbourhoods

Apr 23, 2019 • 6 min read

The Red Square, Kremlin and St Basil's Cathedral in Moscow at night © Mordolff / Getty Images

One of the world’s largest cities, Moscow is a true metropolis whose ancient neighbourhoods are interspersed with newly built high-rises, inhabited by people from all over the former Soviet Union.

It’s also the city of rings: the innermost is the Kremlin itself; further away are the former defensive rings, Boulevard Ring and Garden Ring; still further are the Third Ring Road and the MKAD, which delineates the city’s borders. There’s an ongoing joke that Moscow Mayor is the Lord of the Rings. Most sights are contained within the Garden Ring, although for some more authentic neighbourhoods one has to venture further out. To help you explore Moscow’s diversity, we picked our favourite ’hoods – but this list is by no means exhaustive.

The Red Square and around

It can be argued that Moscow, or even the whole of Russia, starts at the  Red Square  – it’s an absolute must-see for any visitor. After standing in line to check out Lenin’s granite  mausoleum , go to GUM , Moscow's oldest department store. Full of luxury shops, it’s famous for the glass roof designed by one of Russia’s most celebrated architects, Vladimir Shukhov. Apart from architectural wonders, GUM has several places to eat including the Soviet-style cafeteria Stolovaya No 57 where you can sample mysterious-sounding delicacies such as the ‘herring in a fur coat’.

On the opposite side of GUM, Kremlin ’s walls and towers rise above the Red Square. Walk through the Alexander Garden  and past the grotto to the Kremlin’s entrance. It’s a treasure trove for any art and history lover: ancient gold-domed churches, icons galore and the resting place of Moscow tsars.

On the other side of the Red Square is Moscow's symbol,  St Basil's Cathedral with its multi-colored domes. Right behind it is the newly built Zaryadye Park , which showcases flora from all over Russia; another attraction is the floating bridge jutting out above the embankment and the Moscow river. A glass pavilion nearby hosts Voskhod , a space-themed restaurant with dishes from all 15 former Soviet Union republics. It’s a perfect spot for a classy evening meal and there’s often live music.

Patriarch’s Ponds

The Patriarch’s Ponds (aka Patriki) is a historical neighbourhood, celebrated in Mikhail Bulgakov’s novel Master and Margarita . Located right off Tverskaya street, Moscow’s main thoroughfare, Patriki recently became the city’s most happening quarter. It has some of the most elegant architecture, including several buildings by art-nouveau genius Fyodor Shekhtel. Narrow streets here have a cozy feel, with recently widened sidewalks and bike lanes. In the summer it becomes party central.

Start by checking out free exhibitions or one of the cutting-edge performances at the experimental theatre Praktika . But make no mistake, the neighbourhood’s main attraction are its bars and restaurants. Patriki’s residents are well-off Russians and expats, so it’s no wonder that  Moscow’s recent culinary revolution started here. Uilliam’s , one of the pioneers of this foodie movement, still rules over the scene with its floor-to-ceiling windows. Also try AQ Chicken  for everything chicken-related, Patara  for a taste of Georgian cuisine, and Cutfish for some great sushi. Finish your gastronomic tour with original cocktails at Pinch or the Moscow outpost of NYC restaurant Saxon+Parole .

Around Kursky train station

For a long time, Kursky train station was surrounded by semi-abandoned factories and the area was best avoided. It all changed in the late 2000s, when a dilapidated wine factory was turned into Winzavod , a mecca for fans of contemporary art. Today these red-brick buildings are occupied by some of Moscow’s leading galleries. After taking in all the art, pop in the small wine bar Barrell  for a glass from burgeoning wineries of Russia’s south or grab a bite at Khitrye Lyudi  cafe.

Right next to Winzavod is Artplay , another refurbished factory full of design and furniture shops and large exhibition spaces.  It’s also home to  Pluton , one of the latest additions to Moscow’s dance scene. Other Pluton residents are the multimedia art gallery Proun  and another lunch option,  Shanhaika , with authentic Chinese cuisine.

A short walk away is Arma, where a cluster of circular gas holders has been turned into offices, restaurants and clubs including Gazgolder  (it belongs to one of Russia’s most famous rappers, Basta). Apart from hip-hop concerts, Gazgolder organises regular techno parties that sometimes go non-stop from Friday to Monday.

If you’re interested in religious architecture, Taganka is the place to go. First of all, see the old Moscow at Krutitskoye Podvorye – one of those places where nothing seems to have changed in centuries. The monastery was founded in the 13th century, but in the 16th century it became the home of Moscow metropolitans and most of the surviving buildings are from that epoch. Take a tour of the grounds, and don’t miss the interior and icons of the Assumption Cathedral.

Your next stop is the Rogozhskoe settlement of ‘old believers’, a branch that split from Russian Orthodoxy in the 17th century. The settlement is dominated by an 80m-tall bell tower. The yellow-coloured Intercession Church, built in neoclassical style with baroque elements, has an important collection of icons. Next to the church grounds is the popular Trapeznaya cafeteria, with Russian food cooked using traditional recipes – a perfect spot for lunch.

A short ride away is Andronikov Monastery, which today houses the Rublyov Museum  in the old monks’ quarters. There’s a great collection of ancient Orthodox icons although none by Andrei Rublyov, who was a monk here in the 15th century. The main attraction at the monastery is the small Saviour’s Cathedral, considered the oldest surviving church in Moscow.

Finish the day at the craft-beer cluster around Taganskaya metro station. Varka offers both Russian and imported labels, with the Burger Heroes stand serving arguably the best burgers in town. Craft & Draft looks more like a respectable old-fashioned pub, with decent food, 20 beers on tap and a hundred types of bottled brews.

Khamovniki is Moscow’s ancient textile district, named after the word kham  (a type of cloth). Two main thoroughfares, Ostozhenka and Prechistenka, cut through the neighbourhood parallel to each other. The former turned into the so-called ‘Golden Mile’ of Moscow in the 1990s, with the highest real-estate prices and some of the best examples of new Russian architecture, while the latter is still mostly lined up with impressive 19th-century mansions.

Khamovniki is somewhat of a literary quarter, as several museums devoted to Russia’s best-known writers – among them  Leo Tolstoy , Alexander Pushkin  and Ivan Turgenev – popped up here during the last century. There’s also plenty to see for an art lover. The  Multimedia Art Museum regularly hosts exhibitions by some of the best photographers from all over the world, as well as contemporary art. Several galleries, including RuArts  and Kournikova Gallery , have also found home in Khamovniki.

When you’ve had your fill of literature and art, stop by Gorod Sad on Ostozhenka, an outpost of a local health-food chain, and order dishes such as pumpkin soup or grilled vegetables salads. Afterwards, head to Dom 12 , which is located just off Ostozhenka street. This restaurant and wine bar is frequented by the city’s intellectuals and its schedule includes lectures, book presentations and film screenings, while in the summer guests migrate to a lovely courtyard.

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Solo GP fund Andrena Ventures hopes to carry startup talent onto its next challenges

In the world of startups, it’s not uncommon to see talent from successful companies go on to found their own ventures. This is particularly evident in fintech in Europe, where alumni from unicorns like Monzo, N26, Revolut and others have started a flurry of new companies.

Andrena Ventures , a solo GP (solo general partner) fund based in the U.K., wants to support this startup factory snowball effect by investing in such second-generation startups at the pre-seed and seed stages. To do so, it is raising $12 million from backers, including several VCs and entrepreneurs. There has been a first close, with a final close planned for later in the year.

The firm’s general partner, Gideon Valkin, told TechCrunch that while he will fund talent with roots in European and British fintech, Andrena itself is sector agnostic. He expects most of his portfolio companies to focus on other categories like AI, climate tech and B2B enterprise solutions.

Andrena has already made its first investment: Nustom , an AI startup founded by Monzo’s co-founder, Jonas Templestein, whom Valkin reported to when he worked at Monzo. Nustom hasn’t publicly launched yet (which explains its succinct website), but it already boasts a long list of investors, including OpenAI, Balaji Srinivasan, Garry Tan, Naval Ravikant and others.

Andrena’s participation in Nustom’s party round reflects the firm’s thesis and strategy: Most of the time, it will contribute between $100,000 and $400,000 to rounds that will be led by others. However, Valkin hopes that his network will make it easier for founders to raise Series A rounds, potentially from his limited partners or from other investors he’s connected to.

The solo GP approach

By leveraging his network and by writing relatively small checks, Valkin hopes to gain access to hot deals in which larger funds may not be able or willing to participate.

Having a small fund means that small investments have the potential to return all of the invested capital; for a larger firm, such investments wouldn’t move the needle or be worth the risk. Valkin knows that side of the equation: After leaving Monzo, he became an angel investor himself and started working as a seed investor at VC firm Entrée Capital , which is now one of Andrena’s limited partners.

But managing a solo fund isn’t without challenges, and not just because the management fees are proportionally smaller. As my colleague Rebecca Szkutak noted last year, “emerging managers have been on the same roller coaster as startups for the last few years.”

Valkin says he’s taken a significant pay cut, but he sees this as a plus: Founders can see him as a trusted partner who has equally as much at stake. “I think that aligns us really nicely,” he said. His value proposition is to open up his network to founders and help them raise a Series A round, while also relying on his operational know-how.

This mix is more common in the U.S. than in Europe, where many local VCs have never started a company. But things are changing, and angel investing is increasingly common among European entrepreneurs, especially in fintech .

One of Andrena’s LPs, Taavet+Sten , is an investment vehicle run by Wise co-founder Taavet Hinrikus and Teleport co-founder Sten Tamkivi. Both are former Skype employees and have now formally launched an early-stage venture fund, Plural , with two other partners.

The fact that the pair chose to back Valkin can be seen as a validating signal for his thesis. With swarms of early fintech employees looking for their next challenge, the name that Valkin picked for his venture is fitting: Andrena is a type of bee, and “pollination, in my mind, is probably the best analogy for what I do,” he said.

This story has been corrected to reflect the fact that the fund hasn’t reached its final close yet.

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