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Illustration: Sarah Grillo/Axios

Magic Leap, a Plantation, Florida-based augmented reality company, raised $500 million at a $2 billion post-money valuation from unspecified "existing investors."

Why it matters: This is a company that lives up to its name, at least in terms of separating VCs from their money, as Magic Leap has now raised nearly twice as many dollars as its current valuation. Maybe that's why none of those return backers are eager to be identified.

History: Magic Leap was valued at $6.9 billion in a 2019 round, and in 2014 raised at a $1.5 billion post-money valuation. Last year it replaced founding CEO Rony Abovitz with former Microsoft exec Peggy Johnson.

The bottom line: "The company has been trying to turn things around by revamping its messaging with a focus wholly on enterprise audiences after years of trying to compete with Microsoft for military contracts (and failing) and trying to compete with Microsoft for enterprise clients (with some success), all while attempting to also stay on consumer radars by bankrolling expensive games for their very expensive headset." — Lucas Matney, TechCrunch

Go deeper

Dan Primack, author of Pro Rata
Oct 13, 2021 - Economy & Business

TripActions raises $275 million at $7.25 billion valuation

Illustration: Rae Cook/Axios

TripActions, a Palo Alto-based enterprise travel and spend management platform, raised $275 million in Series F funding at a $7.25 billion valuation led by Greenoaks Capital.

Why it matters: This has deep shades of last month's tech darling Toast, a hot startup that laid off hundreds early in the pandemic as its revenue dissipated, before recovering with a valuation vengeance.

Ben Geman, author of Generate
8 hours ago - Energy & Environment

Key clean power provision likely won't survive in Dems' spending bill

A construction worker walks along a dirt road at the Avangrid Renewables La Joya wind farm in Encino, New Mexico, on Aug. 5, 2020. Photo: Cate Dingley/Bloomberg via Getty Images

A pillar of Democrats' plans to speed deployment of zero-carbon electricity is likely to be cut from major spending and tax legislation they are struggling to move on a party-line vote, per multiple reports and a Capitol Hill aide.

Driving the news: The New York Times, citing anonymous congressional aides and lobbyists, reports that West Virginia Sen. Joe Manchin (D) has told the White House he "strongly opposes" the Clean Electricity Performance Program.

Updated 10 hours ago - World

Fatal stabbing of British MP David Amess declared a terrorist incident

Police outside Belfairs Methodist Church in Leigh-on-Sea, England, on Oct. 15. Photo: John Keeble/Getty Images

Authorities have declared the death of David Amess a terrorist incident, hours after the Conservative Party lawmaker in the U.K. was fatally stabbed while meeting with local constituents in a church in eastern England on Friday.

The big picture: The Metropolitan Police has found "a potential motivation linked to Islamist extremism."