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Vinod Khosla. Photo: Steve Jennings/Getty Images for TechCrunch.

Khosla Ventures has raised $557 million for its first-ever opportunities fund, the venture firm tells Axios.

Why it matters: This is the latest in a trend of early-stage venture capital firms raising money to double down on winners as the mature, or at least to maintain their ownership positions.

  • Most of the new fund will go toward KV's existing portfolio, although the fund also can invest in new companies.
  • KV, which last year raised $1.4 billion for its latest flagship and seed funds, recently hired Bryan Gartner away from Sidewalk Infrastructure Partners to focus on growth deals.

What they're saying: "As we put our regular fundraising decks together, we took a good hard look at the numbers and realized that if we'd even just kept our pro rata it would have been a win/win for everybody," explains KV partner Samir Kaul. "Instead, we basically handed tremendous IRRs to other firms' growth funds."

  • Some of KV's bigger early-stage hits include Affirm, DoorDash, Instacart, Rocket Labs and Square.

Go deeper

Jan 13, 2022 - Health

Jumpstart launches fund for Black founders

Illustration: Shoshana Gordon/Axios

Nashville-based Jumpstart Health Investors launched Jumpstart Nova, the first U.S. venture fund to exclusively back Black-founded and led health care companies.

  • Major players including Eli Lilly, HCA Healthcare and the American Hospital Association injected $55 million.

Why it matters: A tiny fraction of existing health tech companies have Black leaders at the helm — a result of decades of systemic racism and the institutional barriers it has created.

Updated 6 hours ago - Energy & Environment

Bomb cyclone prompts blizzard warnings from Virginia to Maine

Computer model projection showing the intense storm off of Cape Cod on Jan 29, 2022, with heavy snow and strong winds lashing the coastline. (Weatherbell.com)

Blizzard warnings are in effect for 11 million people from coastal Virginia to eastern Maine as a historic winter storm is set to slam the Mid-Atlantic and Northeast beginning Friday.

Why it matters: The storm will bring hazards ranging from zero visibility amid hurricane force wind gusts and heavy snow, to coastal flooding that will erode vulnerable beaches and threaten property from the Jersey shore to coastal Massachusetts.

Updated 6 hours ago - Politics & Policy

Omicron dashboard

Illustration: Shoshana Gordon/Axios

  1. Health: Contact tracing fizzles across America — New clues emerge on long COVID — Omicron is finally burning out — It's very difficult to get access to antiviral COVID treatments — Axios-Ipsos poll: Omicron's big numbersAnother wave of death — FDA limits use of Regeneron and Lilly antibody treatments.
  2. Vaccines: Pfizer begins clinical trial for Omicron-specific vaccine — The shifting definition of fully vaccinated.
  3. Politics: Virginia AG says public colleges can't mandate COVID vaccines —Alaska governor joins Texas lawsuit over National Guard vaccine mandate — Navy discharges 45 sailors for refusing vaccine — Spotify to remove Neil Young's music after his Joe Rogan ultimatum — White House: 60M households have ordered free COVID-19 rapid tests.
  4. World: U.K. to lift travel testing requirement for fully vaccinated — Beijing Olympic Committee lowers testing threshold ahead of Games.
  5. Variant tracker