Sign up for our daily briefing

Make your busy days simpler with the Axios AM and PM newsletters. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to the Axios Closer newsletter for insights into the day’s business news and trends and why they matter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with the Axios Sports newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with the Axios Des Moines newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with the Axios Tampa Bay newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top DC news?

Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Annelise Capossela/Axios

Air Mail, the subscription-based digital magazine company launched by former Vanity Fair editor Graydon Carter, has raised a $17 million series B funding round, Carter tells Axios.

Why it matters: The money will be used to fuel Air Mail's expansion into new editorial verticals and product lines, including podcasts and a book imprint.

  • The round was led by Standard Investments with participation from existing investor TPG Growth and RedBird Capital Partners, a new investor.
  • Standard Investments will have two seats on Air Mail's board, including one occupied by Standard Industries co-CEO David Winter. As a part of the deal, RedBird will have an observer role on board.
  • Air Mail raised a $15 million series A funding round in 2019 at launch, Carter confirmed, bringing its total amount raised to $32 million.
  • The digital magazine has focused on selling subscriptions and sponsors for its weekly Saturday email blast. It works mostly with high-end advertisers, like Hermes and Prada. Moving forward, it's investing more in commerce.

By the numbers: Carter said the company now has 130,000 readers, which includes paid subscribers and people who have a trial subscription. The number of subscriptions grew more than 50% year-over-year, he added.

  • Trials last four weeks and "90% of trials convert to paid subscribers at the end of their trials," noted Air Mail's Chief Operating Officer Bill Keenan.
  • An Air Mail subscription today costs $80 annually, up from $50 at launch. Carter noted that the company, which he founded in 2018, is not yet profitable.
  • The company now has nearly 50 employees, up from 30 in April and 10 at launch.

The new investment will go towards improving the technology that powers two of Air Mail's technical products, including its "Arts Intel Report," a searchable digital arts database, and its "Air Supply" ecommerce website.

  • Commerce, Carter noted "wasn't even in our original business plan," but has shown strong growth, doubling in revenue between the second half of 2020 and the first half of this year. "We expect it to double again by the end of the year."
  • In 2021, the company also began experimenting with its own branded retail products, like Air Mail branded caps, jackets, totes, coffee, and sleepwear. Carter said the company plans to continue selling its own products.

Between the lines: Air Mail launched with a focus on covering stories that cater to an influential news consumer across topics like arts, politics, culture, literature, film and television, fashion, the environment, etc.

  • It's now in the early stages of developing new monthly digital magazines for specific verticals. "They will be similar to the magazines of yore, but within the trademark AIR MAIL style and branding format," Carter said.
  • The company also plans to expand its podcast business. It debuted its first podcast called "Morning Meeting" (M.M.) in 2020. It plans to launch three more in 2022.

Despite billing itself as a digital magazine, Air Mail will continue to invest in a few specialized print projects. The company plans to launch its own book imprint next year, Carter said.

  • It also plans to continue printing select print editions of broadsheet newspapers, called "Printed Matter." Carter said the company will published four sponsor-supported imprints next year.
  • The company launched its own branded newsstands in Milan and London in the past two years. Carter says New York and Los Angeles are next.

The big picture: The reinvention of the print magazine online continues to be a focus of investors and dealmakers.

  • IAC’s Dotdash recently closed its $2.7 billion acquisition of Meredith's National Media Group. It plans to reimagine Meredith's popular print brands, like Better Homes and Gardens and All Recipes, for the digital era.

Go deeper: Graydon Carter's Air Mail outlines ambitious growth plans

Go deeper

Fayetteville's AcreTrader raises $40M for growth

Illustration: Brendan Lynch/Axios

AcreTrader is banking on the tangible asset of farmland over the vapor that is cryptocurrency.

What's happening: The Fayetteville fintech company raised $40 million in its Series B investment, led by Anthemis Group of New York.

  • Several existing investors — including Steuart and Tom Walton's RZC Investments — also participated in the series.

FDA limits use of Regeneron and Lilly COVID antibody treatments

A coldbox containing monoclonal antibody treatments at a Regeneron clinic in Pembroke Pines, Florida, in August. Photo: Eva Marie Uzcategui/Bloomberg via Getty Images

The FDA said Monday it's limiting the use of two monoclonal antibody therapies as COVID-19 treatments because data indicates they're "highly unlikely" to be effective against the dominant Omicron variant.

Driving the news: The FDA revised the authorizations for Regeneron and Eli Lilly "to limit their use to only when the patient is likely to have been infected with or exposed to a variant that is susceptible to these treatments," per a statement from the agency.

Updated 3 hours ago - World

Pentagon: 8,500 troops on high alert for possible deployment to eastern Europe

Photo: Anna Moneymaker/Getty Images

Defense Secretary Lloyd Austin has placed 8,500 U.S. troops on "heightened preparedness to deploy" to eastern Europe in case NATO activates its rapid-response force over tensions with Russia, the Pentagon announced Monday.

Why it matters: No decisions have been made to actually deploy U.S. forces, but the heightened alert level will allow the military to rapidly shore up NATO's eastern flank in the event that Russia invades Ukraine. The Pentagon warned that Russia has shown "no signs of de-escalating," and continues to amass troops on Ukraine's borders.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!