Advertisement

Header Utility Menu

  • Subscribe
  • Advertise
  • Contact Us
  • Events

LinkedIn Facebook Twitter Instagram Get Our App

  • Login

Virginia Business

Mobile Menu

  • Issues
  • Industries
    • Banking/Finances
    • Law
    • Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Startups
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • COVID-19
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • 2022 Virginia Business Political Roundtable
    • Women in Leadership
    • Diversity Leadership Series
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read The Issue
    • Power Up Virginia 500
    • Buy an award plaque
    • Suggest execs for 2023

Advertisement

Header Primary Menu

  • Issues
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • Issues Archive
  • Industries
    • Banking/Finances
    • Law
    • Real Estate
    • Economic Development
    • Education
    • Energy/Green
    • Federal Contracting
    • Government
    • Healthcare
    • Hotels/Tourism
    • Insurance
    • Ports/Trade
    • Small Business
    • Startups
    • Technology
    • Transportation
  • Regions
    • Central Virginia
    • Eastern Virginia
    • Northern Virginia
    • Roanoke/New River Valley
    • Shenandoah Valley
    • Southern Virginia
    • Southwest Virginia
  • Reports
    • Best Places to Work
    • Business Person of the Year
    • CEO Pay
    • COVID-19
    • Generous Virginians Project
    • Legal Elite
    • Most Influential Virginians
    • Maritime Guide
    • Site Locator
    • The Big Book
    • Virginia CFO Awards
  • Company News
    • For the Record
    • People
  • Opinion
  • Lists
  • Awards/Events
    • 2022 Virginia Business Political Roundtable
    • Women in Leadership
    • Diversity Leadership Series
    • Virginia 500
    • Legal Elite
    • CFO Awards
    • Big Book of Lists
    • 100 People To Meet
    • Best Places To Work
  • Virginia 500
    • Read The Issue
    • Power Up Virginia 500
    • Buy an award plaque
    • Suggest execs for 2023

Home News Axios receives $5M in PPP funding

Axios receives $5M in PPP funding

SBA loan will help high-profile media company avoid layoffs and pay cuts, says CEO Jim VandeHei.

Published April 22, 2020 by Sydney Lake

Arlington-based digital media company Axios Media Inc. announced Wednesday it received nearly $5 million in funding from the Small Business Administration’s (SBA) Paycheck Protection Program (PPP), the $349 federal relief fund that ran out of funding on April 16 after 13 days due to overwhelming demand  from small businesses hurt by the COVID-19 crisis.

“This loan ensures we can avoid layoffs and pay cuts for our almost 200-person staff for the rest of the year, regardless of how much the overall economy deteriorates,” Jim VandeHei, the co-founder and CEO of Axios, said in a statement on Wednesday. The former co-founder and CEO of Politico, Vandehei was listed among Virginia Business magazine’s 50 most influential Virginia business leaders for 2020.

Before the PPP fund ran out, Virginia banks processed more than 40,000 applications totaling nearly $9 billion, according to the Virginia Bankers Association. Small businesses that received the forgivable loans can use the funds toward payroll costs, mortgage interest, rent and/or utilities payments. But many applications didn’t gain SBA approval before funding ran out.

There has been a debate whether companies like Axios, which was founded in 2016, should be eligible for the PPP funding since it has access to venture capital financing. 

”We have taken a financial hit like other small businesses,” VandeHei responded. “Our physical event business is gone until the crisis subsides, and some ad buyers are pulling back to measure the economic fallout.” 

Since its inception, Axios has raised $30 million in venture capital from entities including Lerer Hippeau, Greycroft, e.ventures, NBC News and Atlantic Media. Axios attracts 7 to 10 million unique visitors per month generated $25 million in 2018 revenue. At the end of 2019, the company was poised to raise an additional $20 million in venture capital, which raises its valuation to $200 million. It also has a documentary series on HBO.

The Senate passed a bill Tuesday that would provide an additional $310 billion in funding, according to the SBA, but it still needs to be passed by the House of Representatives and signed by the President before any additional funding can be made.

Subscribe to Virginia Business.

Get our daily e-newsletter.

Related Stories

Virginia Business logo

MicroStrategy CEO draws fire for denying COVID-19 is health crisis

Michael Saylor reportedly redacted a leaked memo in which he refused to close his offices unless legally required.

Virginia Business logo

McLean-based Cvent lays off, furloughs 10% of workforce

Tech company would not disclose how many Virginia employees were affected.

Virginia Business logo

Gannett’s Rugged Races subsidiary to host virtual runs during pandemic

Race themes include Wonder Woman, Scooby-Doo and Batman

Trending

Dollar Tree CEO resigning; former Dollar General CEO to replace him

Rivers Casino Portsmouth opens to big crowds

Norfolk’s MacArthur Center mall listed for sale

Framatome CEO retiring; CFO to be promoted

Va. bill aims to reduce mental health stigma for health care workers

Sponsored Stories

In the New Year, Aim for Better Cybersecurity

4 innovative ways to create capacity

WHERE IS THE SUPPLY CHAIN WHEN YOU NEED IT?

P.A.I.N.T. Your Financial Mountain

5 Benefits of Treasury Management Services from Atlantic Union Bank

Blazing trails in the digital landscape

Advertisement

Advertisement

Trending

Dollar Tree CEO resigning; former Dollar General CEO to replace him

Rivers Casino Portsmouth opens to big crowds

Norfolk’s MacArthur Center mall listed for sale

Framatome CEO retiring; CFO to be promoted

Va. bill aims to reduce mental health stigma for health care workers

Sponsored Stories

In the New Year, Aim for Better Cybersecurity

4 innovative ways to create capacity

WHERE IS THE SUPPLY CHAIN WHEN YOU NEED IT?

P.A.I.N.T. Your Financial Mountain

5 Benefits of Treasury Management Services from Atlantic Union Bank

Blazing trails in the digital landscape

Get Virginia Business directly on your tablet or in your mailbox!

Subscribe to Virginia Business

Advertisement

Advertisement

Footer Primary Menu

  • virginiabusiness.com
  • Subscribe
  • Advertise
  • About Us
  • Contact Us

Footer Secondary Menu

  • Industries
  • Regions
  • Reports
  • Company News
  • Events

Sign Up For Our Newsletter

Sign Up

LinkedIn Facebook Twitter Instagram Get Our App

Privacy Policy Cookie Policy

Footer Utility Menu

Copyright © 2023 Virginia Business. All rights reserved.

Site Maintained by TechArk