Illustration: Lazaro Gamio / Axios

Plexo Capital, founded by former Google Ventures partner Lo Toney to back early-stage VC funds led by women and underrepresented minorities, raised $42.5 million for its debut fund.

Why it matters: Despite many superficial displays of support for greater diversity among investor ranks, it's still tough VCs from underrepresented groups to raise funds.

  • "We look for any ways to be as flexible as possible to evaluate people's track records," Toney tells Axios.
  • This includes everything from track records working at a large firm, to angel investments, to putting together syndicates as some prospective managers many may not have enough personal wealth to cut personal checks.

The details: Plexo's investors include Alphabet, Intel Capital, Cisco Investments, the Royal Bank of Canada, Kapor Capital, the Hampton University Endowment, and the Ford Foundation. So far, it's backed 19 funds, including Base10 Ventures, Boom Capital, Female Founders Fund, MaC Ventures, Kindred Ventures, and Ulu Ventures. It's also made 14 direct investments into some of its funds' portfolio companies.

Go deeper: The (slowly) changing face of VC's next generation

Go deeper

Trump commutes Roger Stone's sentence

Roger Stone arriving at his sentencing hearing on Feb. 20. Photo: Drew Angerer/Getty Images

President Trump on Friday evening commuted the sentence of his longtime associate Roger Stone, according to two senior administration officials. Stone in February was sentenced to 40 months in prison for crimes including obstruction, witness tampering and making false statements to Congress.

Why it matters: The controversial move brings an abrupt end to the possibility of Stone spending time behind bars. He had been scheduled to report to prison on July 14.

Updated 5 hours ago - Health

Which states have set single-day coronavirus records this week

Data: COVID Tracking Project and state health department data compiled by Axios; Map: Danielle Alberti and Naema Ahmed/Axios

13 states this week surpassed records set just last week for their highest number of coronavirus infections in a single day, according to the COVID Tracking Project and state health department data. 16 states in total reported new highs.

The big picture: The United States' alarming rise in coronavirus cases isn't just due to increased testing — particularly where the number of cases has grown fastest over the last month, Axios' Andrew Witherspoon and Caitlin Owens report.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 6:30 p.m. ET: 12,389,660 — Total deaths: 557,279 — Total recoveries — 6,830,596Map.
  2. U.S.: Total confirmed cases as of 6:30 p.m. ET: 3,169,611 — Total deaths: 133,885 — Total recoveries: 983,185 — Total tested: 38,856,341Map.
  3. Public health: The reality of the coronavirus bites.
  4. Trade: Trump says he's no longer considering phase-two trade deal with China because the pandemic damaged the two countries' relationship.
  5. 🎧 Podcast: Rural America has its own coronavirus problem.