Ramon Espinosa / AP

A startup hoping to modernize public finance and the municipal bond market just raised a $25 million Series A round to focus more on infrastructure.

Laurene Powell Jobs' Emerson Collective and 8VC led Neighborly's investment round, which was soon joined by Ashton Kutcher's Sound Ventures, Bee Partners, Maven Ventures, and Stanford University.

What they do: "Neighborly modernizes access to public finance. We connect borrowing communities with investors of every type, allowing cities to more easily issue debt and allowing community members to invest directly in their communities," per the company's website.

Three issues they're tackling: The increasing borrowing costs, significantly reduced federal funding, and growing public project backlogs. Neighborly says these "costly choices mean potentially sacrificing parks, art programs, critical infrastructure projects, and other civic amenities that make up the backbone of our nation's communities." Their funding will help communities figure out how to maintain these projects.

Note: Laurene Powell Jobs is an investor in Axios.

Go deeper

Biden enters final stretch with huge cash advantage over Trump

Democratic presidential nominee Joe Biden in Wilmington, Delaware, on Monday. Photo: Drew Angerer/Getty Images

Democratic presidential nominee Joe Biden had $177.3 million in the bank at the end of September, per the latest Federal Election Commission filings.

Why it matters: President Trump's re-election campaign reported having $63.1 million in the bank at the end of last month.

Of note: Trump was well ahead of Biden earlier in the year. Now, the former vice president has significantly out-raised Trump for two consecutive months.

Go deeper: The green tsunami

Editor's note: This is a developing news story. Please check back for updates.

Updated 21 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Americans feel Trump's sickness makes him harder to trustFlorida breaks record for in-person early voting — McConnell urges White House not to strike stimulus deal before election — Republican senators defend Fauci as Trump escalates attacks.
  2. Health: The next wave is gaining steam.
  3. Education: Schools haven't become hotspots — University of Michigan students ordered to shelter-in-place.
  4. World: Ireland moving back into lockdown — Argentina becomes 5th country to report 1 million infections.

Court allows North Carolina mail-in ballots deadline extension

An absentee ballot election worker stuffs ballot applications at the Mecklenburg County Board of Elections office in Charlotte, North Carolina, in September. Photo: Logan Cyrus/AFP via Getty Images

North Carolina can accept absentee ballots that are postmarked Nov. 3 on Election Day until Nov. 12, a federal appeals court decided Tuesday in a 12-3 majority ruling.

Why it matters: The 4th Circuit Court of Appeals' ruling against state and national Republican leaders settles a lawsuit brought by a group representing retirees, and it could see scores of additional votes counted in the key battleground state.

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