Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

The Refinery29 founders; from left to right: Christene Barberich, Justin Stefano, Piera Gelardi, and Philippe von Borries. Photo: Refinery29

Refinery29, the venture-backed digital media company focused on millennial women, is looking to raise up to $20 million in new funding, according to an SEC filing.

Why it matters: The company plans to use the funds to expand internationally and for its originals studio and events business, Axios has learned. The company was rumored to be in merger talks with Group Nine Media, another millennial-focused venture-backed brand recently, though there's no concrete deal at the moment, according to sources.

Details: The company has already raised at least $8 million, according to the filing.

  • The funds comes from existing backers: Stripes Group, Discovery Communications Inc. (formerly Scripps Network Interactive), WarnerMedia (previously Turner Broadcasting) and WPP, and it hopes to raise the remainder from international investors, according to a source familiar with the deal.
  • The new investment, which would be in the form of convertible debt, would bring the total amount the firm has raised to $145.4 million since 2010.

Between the lines: The new fundraising comes amid recent challenges, including an increasingly competitive digital advertising landscape.

  • The company has also gone through a series of layoffs over the last few years. Most recently, in October, Refinery29 confirmed that it would lay off 40 employees — roughly 10% of its staff. In December 2017, it laid off 34 employees.
  • Executives recently told Business Insider that the company brought in more than $100 million in revenue last year.

The big picture: In recent months, Refinery29 has been focused on expanding its coverage and events business internationally.

  • In January, it announced a multiyear deal with Endeavor's IMG, an events and talent management company, to expand its flagship pop-up event, 29Rooms, to Canada and Europe.
  • In March, it hired Katherine Tooley from Superfly as senior vice president of experiential events.

Yes, but: While Refinery29 seems committed to pushing forward with its expansion plans, a potential merger isn't completely off the table, say sources.

Refinery29 declined to comment and investors did not respond to requests for comment.

Go deeper

Everyone wants to be an influencer

Illustration: Aïda Amer/Axios

The number of people looking to become online influencers has exploded during the pandemic.

Why it matters: Almost anyone can find themselves in a position to become an influencer, and brands are throwing billions of dollars at online content creators.

At least 3 dead after Amtrak train derails in Montana

Photo: Jacob Cordeiro/Twitter

An Amtrak train derailed near Joplin, Montana, resulting in at least three deaths and multiple injuries to passengers and crew on Saturday, per authorities and a company statement.

The big picture: 141 passengers and 16 crew members were estimated to be on the Empire Builder train, traveling from Chicago to Seattle and Portland, when eight of the 10 cars derailed about 4p.m., Amtrak said early Sunday.

Updated 9 hours ago - Politics & Policy

Federal judge blocks vaccine mandate for NYC teachers

Students are dismissed from the first day of school at PS 133 in Brooklyn on Sept. 13. Photo: Michael Nagle/Xinhua via Getty Images

A federal appeals court is set to hear a challenge Wednesday to a vaccine mandate planned for New York City school employees.

Why it matters The vaccine mandate was set to begin on Monday, prompting concerns over staffing shortages in schools across the nation's largest school system. But a judge on Friday temporarily blocked the measure, per AP.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!