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Brex, a San Francisco-based provider of industry-specific corporate credit cards, raised $100 million at a $2.6 billion post-money valuation. Kleiner Perkins Digital Growth led, and was joined by fellow return backers YC Continuity, Ribbit Capital, DST Global, Greenoaks Capital and IVP. The company previously raised $125 million last fall at a $1.1 billion post-money valuation.

Why it matters: Because it reflects how lending-related startups believe they need fortress balance sheets, much like what we recently saw with SoFi.

Of note: CEO Henrique Dubugras tells me that he views the deal as a "repricing event" and that its size was, in part, dictated by VC market conditions: "Growth equity investors want to put a certain amount of money to work. Once you add in the existing investors with pro rata, $100 million is probably the minimum we could raise right now."

Bottom line: Brex launched in 2017 with cards specifically tailored to startups, but more recently expanded into e-commerce (now 1/3 of revenue) and now into life sciences. Dubugras says the life sciences offering will, for example, offer multipliers on purchases like lab supplies and conference costs.

Go deeper

Dan Primack, author of Pro Rata
2 hours ago - Economy & Business

Scoop: Red Sox strike out on deal to go public

Illustration: Sarah Grillo/Axios

The parent company of the Boston Red Sox and Liverpool F.C. has ended talks to sell a minority ownership stake to RedBall Acquisition, a SPAC formed by longtime baseball executive Billy Beane and investor Gerry Cardinale, Axios has learned from multiple sources. An alternative investment, structured more like private equity, remains possible.

Why it matters: Red Sox fans won't be able to buy stock in the team any time soon.

Trump political team disavows "Patriot Party" groups

Marine One carries President Trump away from the White House on Inauguration Day. Photo: Patrick Smith/Getty Images

Donald Trump's still-active presidential campaign committee officially disavowed political groups affiliated with the nascent "Patriot Party" on Monday.

Why it matters: Trump briefly floated the possibility of creating a new political party to compete with the GOP — with him at the helm. But others have formed their own "Patriot Party" entities during the past week, and Trump's team wants to make clear it has nothing to do with them.