Photo: Smith Collection/Gado via Getty Images

Postmates, a San Francisco-based on-demand delivery company, raised $100 million in Series F funding at a $1.85 billion valuation. New investor BlackRock was joined by return backers like Tiger Global. The entire round was primary capital (i.e., no one cashed out).

Why it matters: This comes less than four months after Postmates raised $300 million at a $1.2 billion valuation, and is said to have resulted from inbound investor interest. On the upside, it reflects accelerated growth. On the downside, it reflects concerns over the deeper capital reserves of rivals like DoorDash and Uber.

The bottom line: "Raising money on the private markets just before raising it on the public markets makes sense for companies that see an IPO as less of a financing event and more of an opportunity for marketing or for shareholders to sell their stock. And no matter when, it’s hard to turn down money when offered at a higher valuation." — Teddy Schleifer & Jason Del Rey, Recode

Go deeper

Updated 48 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 a.m. ET: 32,881,747 — Total deaths: 994,821 — Total recoveries: 22,758,171Map.
  2. U.S.: Total confirmed cases as of 10 a.m. ET: 7,079,909 — Total deaths: 204,503 — Total recoveries: 2,750,459 — Total tests: 100,492,536Map.
  3. States: New York daily cases top 1,000 for first time since June — U.S. reports over 55,000 new coronavirus cases.
  4. Health: The long-term pain of the mental health pandemicFewer than 10% of Americans have coronavirus antibodies.
  5. Business: Millions start new businesses in time of coronavirus.
  6. Education: Summer college enrollment offers a glimpse of COVID-19's effect.

Durbin on Barrett confirmation: "We can’t stop the outcome"

Senate Minority Whip Dick Durbin (D-Ill.) said on ABC's "This Week" Sunday that Senate Democrats can “slow” the process of confirming Supreme Court nominee Amy Coney Barrett “perhaps a matter of hours, maybe days at the most," but that they "can’t stop the outcome."

Why it matters: Durbin confirmed that Democrats have "no procedural silver bullet" to stop Senate Republicans from confirming Barrett before the election, especially with only two GOP senators — Lisa Murkowski of Alaska and Susan Collins of Maine — voicing their opposition. Instead, Democrats will likely look to retaliate after the election if they win control of the Senate and White House.

The top Republicans who aren't voting for Trump in 2020

Photo: Brendan Smialowski/AFP via Getty Images

Former Pennsylvania Gov. Tom Ridge announced in an op-ed Sunday that he would be voting for Joe Biden.

Why it matters: Ridge, who was also the first secretary of homeland security under George W. Bush, joins other prominent Republicans who have publicly said they will either not vote for Trump's re-election this November or will back Biden.