Illustration: Aïda Amer/Axios

NextGen Venture Partners has raised $52 million for its second fund, the early-stage investment firm tells Axios.

In context: Unlike many VC firms that are now shifting to work from home, NextGen has been distributed from the start, including an extensive network of 1,300 venture partners. Startup pitches via Zoom are routine, and NextGen even built its own social network-like software for managing deals.

What they're saying: Managing partner Jon Bassett tells Axios:

  • “In the early days, NextGen really started as wanting to be the best investor in second-tier cities…we said ‘let’s invest outside of Silicon Valley.' With Fund 2, we want to be in the best deals regardless of of geography.”
  • “I think the lessons learned is that having industry experts in the room during the pitch is incredibly helpful and efficient… In our process, you get all the relevant people in a 60-90 minute call.”

Go deeper

Jul 28, 2020 - Economy & Business

Media and telecom deals down due to coronavirus pandemic

Reproduced from PwC; Chart: Axios Visuals

Deal volume for the media and telecom industry has slowed significantly during the coronavirus, according to the latest report from PwC.

Yes, but: Some companies, like Industry Dive, with healthy balance sheets and access to capital are still trying to find opportunistic investments.

Kendall Baker, author of Sports
13 mins ago - Sports

Locker Room wants to reinvent how fans talk sports

Courtesy: Betty Labs

Locker Room, a social audio app where fans can talk sports and spontaneously join live conversations, launches Tuesday on the App Store.

The state of play: The company behind Locker Room, Betty Labs, has raised $9.3 million in seed funding led by Google Ventures with participation from Lightspeed Venture Partners, Axios has learned.

Updated 36 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Axios-Ipsos poll: Federal response has only gotten worse. The swing states where the pandemic is raging.
  2. Health: The coronavirus is starting to crush some hospitals. 13 states set single-day case records last week.
  3. Business: Where stimulus is needed most.
  4. Education: The dangerous instability of school re-openings.
  5. States: Nearly two dozen Minnesota COVID cases traced to 3 Trump campaign events
  6. World: Unrest in Italy as restrictions grow across Europe.
  7. Media: Fox News president and several hosts advised to quarantine.