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Illustration: Rebecca Zisser/Axios

Lambda School, a San Ramon, Calif.-based coding school, raised $30 million in Series B funding at a $150 million post-money valuation. Bedrock Capital led, and was joined by Vy Capital, GGV Capital, Google Ventures, Y Combinator and Sound Ventures.

Why it matters: Because Americans owe around $1.5 trillion in student debt, significantly more than they owe on credit cars or for vehicles, and Lambda is helping to pioneer a model that eschews tuition in favor of repayments via a percentage of future salary.

  • Lambda expects to train 3,000 students this year, just opened shop in Europe and CEO Austen Allred tells Axios that it plans Canada expansion either in Q1 or Q2 of this year. It also plans to soon expand its curriculum into cybersecurity, and next into medical services like nursing (which may include the purchase and reformatting of an existing school).

The bottom line: "It is an approach meant to treat students as investments rather than cash cows — a fundamental shift that could finally lift the crippling debt load we routinely push onto students. But it also comes with a peculiar kind of danger: By seeking safe investments, programs like this could cast aside the strides made to expand educational opportunities to higher-risk students and reduce the appeal of educations that focus on noble, but lower compensated, professions," writes Andrew Ross Sorkin in the New York Times.

Go deeper: The good news about student loans

Go deeper

Updated 57 mins ago - Politics & Policy

Senate action on stimulus bill continues as Dems reach deal on jobless aid

Photo: Alex Wong/Getty Images

Democratic leaders struck an agreement with Sen. Joe Manchin (D-W.V.) on emergency unemployment insurance late Friday, clearing the way for Senate action on President Biden's $1.9 trillion stimulus package to resume after an hours-long delay.

The state of play: The Senate will now work through votes on a series of amendments that are expected to last overnight into early Saturday morning.

Capitol review panel recommends more police, mobile fencing

Photo: Olivier Douliery/AFP via Getty Images

A panel appointed by Congress to review security measures at the Capitol is recommending several changes, including mobile fencing and a bigger Capitol police force, to safeguard the area after a riotous mob breached the building on Jan. 6.

Why it matters: Law enforcement officials have warned there could be new plots to attack the area and target lawmakers, including during a speech President Biden is expected to give to a joint session of Congress.

Financial fallout from the Texas deep freeze

Illustration: Annelise Capossela/Axios

Texas has thawed out after an Arctic freeze last month threw the state into a power crisis. But the financial turmoil from power grid shock is just starting to take shape.

Why it matters: In total, electricity companies are billions of dollars short on the post-storm payments they now owe to the state's grid operator. There's no clear path for how they will pay — something being watched closely across the country as extreme weather events become more common.