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!

Axios on your phone

Get breaking news and scoops on the go with the Axios app.

Download for free.

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!

Illustration: Aïda Amer/Axios

Venture capitalists invested $288 billion in the first half of 2021, an all-time record, per Crunchbase.

By the numbers: Venture capitalists invested $140 billion into U.S.-based startups in the first half of 2021, an all-time record, per Ernst & Young. At that pace, the 2020 total should be surpassed in a matter of days.

  • Venture capitalists sold $232 billion worth of tech startups in the first half of 2021, an all-time record, according to 451 Research (a unit of S&P Global Market Intelligence).
  • 410 companies went public on the Nasdaq in the first half of 2021, an all-time record, partially driven by an all-time record number of SPAC listings.
  • Buyout activity in the first half of 2021 hit an all-time record, including a whopping $126 billion for North American deals in Q2 alone, per Preqin.
  • Global M&A in the first half of 2021 topped $2.82 trillion, as we previously discussed, an all-time record.

All of this feeds on itself. For example, lots of VC exits lead to lots of VC deals, both because of animal spirits and structural reasons like fund recycling provisions.

  • Plus, Preqin reports that there was an all-time record 5,248 private equity and venture capital funds in market at the start of July, targeting $900 billion. That would be on top of an all-time record amount of existing dry powder in PE/VC funds.

Go deeper

Dan Primack, author of Pro Rata
Jul 7, 2021 - Economy & Business

StepStone Group to buy Greenspring Associates

Illustration: Aïda Amer/Axios

StepStone Group (Nasdaq: STEP) agreed to buy Greenspring Associates, a Baltimore-based direct and indirect VC and growth equity investor.

Why it matters: This is part of a burgeoning boom in "private equity" firms going public, either directly or via merger. And, yes, the last time this happened was right before the financial crisis.

Tina Reed, author of Vitals
Jul 8, 2021 - Health

Digital health funding balloons

Illustration: Sarah Grillo/Axios

The money was flowing in digital health in the first half of this year, already outpacing funding rounds in the entirety of 2020, according to a new report from Rock Health.

The big picture: Digital health funding is accelerating — in the total number of deals and in size.

Dan Primack, author of Pro Rata
Jul 7, 2021 - Science

What Bezos and Branson's billionaire space race means for the industry

Photo illustration: Aïda Amer/Axios. Photos: Arif Hudaverdi Yaman (Anadolu Agency), James D. Morgan/Getty Images

Richard Branson is scheduled to blast off this Sunday on a test flight for Virgin Galactic, the space tourism company that went public in 2019 via SPAC, beating Jeff Bezos to sub-orbit by just nine days.

Why it matters: There's a lot more riding on these rockets than rival billionaires.