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Lindblad Expeditions, an adventure travel company known for its Alaska and Galapagos Island cruises, agreed to raise $85 million in convertible preferred stock from an investor group that includes MSD Partners and Durable Capital.

Why it matters: The deal came together in just two days and was 3x oversubscribed, Lindblad chairman Mark Ein tells Axios. This reflects growing investor faith that the travel market is poised for a COVID comeback, with pent-up demand only continuing to grow.

  • Other investors in the deal include Headlands Capital, Deep Field Asset Management, and Declaration Capital.

The bottom line: Ein says the new investment gives Lindblad runway to survive through the end of 2021, even were it not to launch a single cruise, but adds that it's been working on a coronavirus testing plan (both pre-travel and on-site) that it hopes will let it resume operations much sooner.

Go deeper

Dan Primack, author of Pro Rata
Aug 27, 2020 - Economy & Business

Scoop: Warby Parker now valued at $3 billion

Illustration: Eniola Odetunde/Axios

Warby Parker, a New York-based eyeglasses designer and retailer, raised $245 million in new funding at a $3 billion valuation, Axios has learned from a source familiar with the company's finances.

Between the lines: Warby had been widely viewed as a 2020 IPO candidate, but seems to have opted to remain private longer due to both the pandemic and some struggles for other direct-to-consumer personal product brands.

"Atmospheric river" swings Northern California from drought to flood

Satellite view of the bomb cyclone swirling off the coast of the Pacific Northwest and the atmospheric river affecting California on Oct. 24, 2021. (CIRA/RAMMB)

A series of powerful "atmospheric river" storms are delivering historic amounts of rainfall across parts of drought-stricken California and the Pacific Northwest from this weekend, forecasters warn.

Why it matters: A strong atmospheric river, packing large amounts of moisture, is causing Northern California to whiplash from drought to flood.

Mike Allen, author of AM
6 hours ago - Politics & Policy

Fauci fires back at Rand Paul for slam on tonight's "Axios on HBO"

Responding to charges by Sen. Rand Paul on Sunday's "Axios on HBO," NIAID director Anthony Fauci told "ABC This Week" that it's "molecularly impossible" for U.S.-funded bat virus research in China to have produced COVID-19.

Why it matters: The issue 0f Wuhan research was reignited on the right last week with a National Institutes of Health letter to Congress disclosing more about the research.