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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.

The startup that wants to disrupt big internet providers

Illustration: Maura Losch/Axios

A new startup backed by funding from AOL founder Steve Case and Laurene Powell Jobs wants to break up broadband monopolies across the country.

Why it matters: Internet access has been crucial during the pandemic, but it's not ubiquitous, and it can be both slow and unaffordable in swaths of the country.

3 hours ago - World

Top general: China's hypersonic missile test "very close" to a "Sputnik moment"

Gen. Mark Milley. Photo: Rod Lamkey-Pool/Getty Images

Gen. Mark Milley, the chairman of the Joint Chiefs of Staff, warned Wednesday that China's test of a hypersonic missile is "very concerning" and "very close" to the kind of "Sputnik moment" that triggered the Space Race during the Cold War.

Why it matters: The comments by America's top uniformed general underscore the depths of U.S. concerns about China's rapid military expansion and development of advanced weaponry.