Illustration: Sarah Grillo/Axios

ICON, a Utah-based connected fitness company whose brands include NordicTrack, raised $200 million in growth equity funding at a valuation north of $7 billion. L Catterton led, and was joined by Pamplona Capital Management.

Why it matters: L Catterton previously backed rival Peloton, holding a 5.4% stake at the time of IPO (it since appears to have divested).

Between the lines: A source familiar with L Catterton's thinking says that the firm doesn't view the two companies as direct competitors because ICON has a broader product portfolio — particularly in terms of price points — although Peloton seems to disagree, having recently sued ICON for patent infringement.

The bottom line: "The owner of NordicTrack, ProForm and Freemotion brands, which also operates the on-demand streaming platform iFit, is profitable and posted revenue of more than $1 billion in the 12 months through September, the company said Monday. The latest round ... is a precursor to a potential initial public offering within the next year." — Gillian Tan, Bloomberg

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Marc Short with Pence in March. Photo: Drew Angerer/Getty Images

Marc Short, Vice President Mike Pence’s chief of staff, tested positive for the coronavirus Saturday and is quarantining, according to a White House statement.

Why it matters: Short is Pence's closest aide, and was one of the most powerful forces on the White House coronavirus task force. Pence and second lady Karen Pence tested negative for the virus on Sunday morning, according to the vice president's office.

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Why it matters: CDC guidelines call for people who have been exposed to the virus to quarantine for 14 days. Meadows said on CNN's "State of the Union" that Pence will wear a mask when he travels and argued that "he's not just campaigning," pointing to the Israel-Sudan normalization agreement announced by the White House last week.