May 12, 2020 - Economy & Business

NextGen Ventures raises $52 million for second fund

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

Updated 10 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 6,724.516 — Total deaths: 394,018 — Total recoveries — 2,996,832Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 1,894,753 — Total deaths: 109,042 — Total recoveries: 491,706 — Total tested: 19,231,444Map.
  3. Public health: WHCA president says White House violated social-distancing guidelines to make reporters "a prop" — Jailing practices contribute to spread.
  4. Sports: How coronavirus could reshuffle the sports calendar.
  5. Jobs: Better-than-expected jobs report boosts stock market.
  6. Media: The Athletic lays off 8% of staff, implements company-wide pay cut.

Scoop: German foreign minister to travel to Israel with warning on annexation

Heiko Maas. Photo: Michael Kappeler/picture alliance via Getty Images

German Foreign Minister Heiko Maas is expected to travel to Israel next week to warn that there will be consequences if Israeli leaders move forward with plans to annex parts of the West Bank, Israeli officials and European diplomats tell me.

Why it matters: Israeli and European officials agree that if Israel goes ahead with unilateral annexation, the EU will respond with sanctions.

Minneapolis will ban police chokeholds following George Floyd's death

A memorial for George Floyd at the site of his death in Minneapolis. Photo: Steel Brooks/Anadolu Agency via Getty Images

Minneapolis has agreed to ban the use of police chokeholds and will require nearby officers to act to stop them in the wake of George Floyd's death, AP reports.

Why it matters: The agreement between the city and the Minnesota Department of Human Rights, which has launched an investigation into Floyd's death while in police custody, will be enforceable in court.