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Illustration: Sarah Grillo/Axios

On Deck, a San Francisco-based company best known for its tech entrepreneur programs, has raised $20 million in Series A funding, led by Founders Fund at a $250 million post-money valuation, sources told Axios.

Why it matters: Since its start in 2016 as a way for tech employees and startup founders to meet peers, On Deck has expanded to several other similar programs designed around a specific industry or skill, such as writing, venture capital, podcasts and fintech.

Between the lines: On Deck's new funding comes just as startup accelerator program Y Combinator held a demo day event for its latest group of graduating companies on Tuesday.

  • At least two existing On Deck investors told Axios that they see the company's programs as potentially the next fertile ground for finding budding startups they can back early.
  • Y Combinator, for its part, has greatly expanded the number of startups in each program since shifting entirely online because of the pandemic. Meanwhile, seed investors still complain that its startup valuations are too high and that the top companies have already closed their financing rounds.

For the record: Other investors in the round include Learn Capital, NFX, Slack Fund, and a number of angel investors.

  • Founders Fund declined to comment and On Deck did not respond to a request for comment.

Go deeper

Bevy adds Black investors to cap table as part of $40 million funding round

Illustration: Eniola Odetunde/Axios

Event software business Bevy raised $40 million in Series C funding led by Accel at a $325 million valuation, and says that 20% of the capital came from Black investors.

Why it matters: The company is the latest to diversify who gets to share in the upside of a startup — typically it's white men, while others have historically been shut out of deals.

Mar 24, 2021 - Axios Denver

The top trends Denver VCs are watching for 2021

Illustration: Brendan Lynch/Axios

Despite a year of twists and turns, optimism reigns throughout Colorado’s venture capital industry, with local investors eager to capitalize on new opportunities accelerated by the pandemic.

We asked two local VCs to share what trends they’re watching closely this year and beyond. Here’s the actionable intelligence they shared:

Updated 1 hour ago - Science

NTSB probes crash that killed 10 in Alabama as storm lashes Southeast

Flash-flooding in Bloomington, Indiana, on Saturday. Photo: Jeremy Hogan/SOPA Images/LightRocket via Getty Images

The National Transportation Safety Board announced Sunday that it's investigating a fiery multi-vehicle weekend crash in Alabama that killed 10 people, including nine children, as storms swept the Southeast.

The big picture: Saturday's crash on Interstate 65, south of Montgomery, occurred amid a tropical depression that left 13 people dead in Alabama as it triggered flash floods and spawned tornadoes that razed "dozens of homes," per AP.

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