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.

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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.

Updated 9 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 6:30 p.m. ET: 32,390,204 — Total deaths: 985,302 — Total recoveries: 22,286,345Map.
  2. U.S.: Total confirmed cases as of 6:30 p.m ET: 7,020,967 — Total deaths: 203,481 — Total recoveries: 2,710,183 — Total tests: 98,476,600Map.
  3. States: "We’re not closing anything going forward": Florida fully lifts COVID restaurant restrictions — Virginia Gov. Ralph Northam tests positive for coronavirus.
  4. Health: Young people accounted for 20% of cases this summer.
  5. Business: Coronavirus has made airports happier places The expiration of Pandemic Unemployment Assistance looms.
  6. Education: Where bringing students back to school is most risky.

Trump prepares to announce Amy Coney Barrett as Supreme Court replacement

Judge Amy Coney Barrett. Photo: Matt Cashore/Notre Dame University via Reuters

President Trump is preparing to nominate federal appeals court Judge Amy Coney Barrett of Indiana, a favorite of both the social conservative base and Republican elected officials, to succeed Justice Ruth Bader Ginsburg, Republican sources tell Axios.

Why it matters: Barrett would push the already conservative court further and harder to the right, for decades to come, on the most important issues in American politics — from abortion to the limits of presidential power. If confirmed, she would give conservatives a 6-3 majority on the high court.

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