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

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Rural America has its own coronavirus problem

It's often easier to socially distance in rural America, but it can simultaneously be more challenging to get medical care.

Axios Re:Cap digs into the pandemic's urban-rural divide with microbiologist Amber Schmidtke, who has found that coronavirus-related morbidity is higher in many of Georgia's rural counties than in Atlanta.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3:30 p.m. ET: 12,373,722 — Total deaths: 556,863 — Total recoveries — 6,794,982Map.
  2. U.S.: Total confirmed cases as of 3:30 p.m. ET: 3,156,234 — Total deaths: 133,746 — Total recoveries: 969,111 — Total tested: 38,032,966Map.
  3. Public health: The U.S.'s new default strategy: herd immunity — 23 states and D.C. are mandating face coverings.
  4. ✈️ Travel: Delta CEO says Trump administration should issue mask mandate for air travelAirlines say air quality, cleanliness lower risk.

Biden and Trump point fingers over "buy American" proposals

Joe Biden at a campaign event in Wilmington, DE. Photo: Alex Wong/Getty Images

President Trump and Joe Biden are going back and forth over the former vice president's "buy American" economic proposal, which Trump claims Biden "plagiarized" from him.

Why it matters: Biden is directly challenging Trump and his "America First" agenda with the release of his latest plan, focused on economic recovery and re-investing in American manufacturing in the wake of the coronavirus pandemic.