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Illustration: Rebecca Zisser/Axios

REEF Technology, a Miami-based provider of parking lot tech and services, raised $700 million from SoftBank, Mubadala, Oaktree Capital, UBS Asset Management and Target Global.

Why it matters: Urban parking lots and garages are undergoing rapid transformation, even sometimes serving as COVID-19 testing sites, and that's only expected to accelerate as automakers develop autonomous fleets.

  • More: REEF also formed a $300 million fund to acquire strategic real estate assets, in partnership with Oaktree.

The bottom line: "REEF began its life as ParkJockey, providing hardware, software and management services for parking lots ... While it still manages parking lots, it now it adds infrastructure for cloud kitchens, healthcare clinics, logistics and last-mile delivery, and even old school brick-and-mortar retail and experiential consumer spaces on top of those now-empty parking structures and spaces," writes Jonathan Shieber of TechCrunch.

Go deeper

Trump's 2024 begins

Trump speaking to reporters in the White House on Thanksgiving. Photo: Erin Schaff - Pool/Getty Images

President Trump is likely to announce he'll run again in 2024, perhaps before this term even ends, sources tell Axios.

Why it matters: Trump has already set in motion two important strategies to stay relevant and freeze out other Republican rivals. 

Caitlin Owens, author of Vitals
58 mins ago - Health

Nursing homes are still getting pummeled by the pandemic

Data: AHCA/NCAL, The COVID Tracking Project; Chart: Naema Ahmed/Axios

The U.S. has gotten no better at keeping the coronavirus out of nursing homes.

Why it matters: The number of nursing home cases has consistently tracked closely with the number of cases in the broader community — and that's very bad news as overall cases continue to skyrocket.

Showdown looms over digital services tax

Illustration: Sarah Grillo/Axios

A fight over foreign countries' efforts to tax big American tech companies' digital services is likely to come to a head in January just as Joe Biden takes office.

The big picture: Governments have failed to reach a broad multilateral agreement on how to structure such taxes. That could leave the American firms that dominate consumer digital services — including Google, Facebook and Apple — stuck with massive tax bills from different countries.