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🤩 Upfront 2024: The stars were out at venture's glitziest event of the year
By Christian Hetrick,
2024-02-29
🔦 Spotlight
Every year, stars from Silicon Valley and Hollywood descend on LA-based Upfront Ventures’ annual Upfront Summit. This year was no exception. For the last two days, Upfront hosted over 1,000 attendees and dozens of speakers at the Lot at Formosa in West Hollywood, bringing together the who’s who of entertainment and technology for networking and panel discussions.
This year, panelists ranged from Hollywood celebs Lady Gaga, Cameron Diaz, and Katy Perry, to star athletes Novak Djokovic and Blake Griffin, to tech heavyweights like Chris Dixon of a16z, Keith Rabois of Khosla Ventures, and Trae Stephens of Anduril and Founders Fund.
Each panelist (even the Hollywood stars) brought his or her own take on entrepreneurship to the table - for example, Katy Perry gave an inside look at her role at non-alcoholic aperitif company De Soi (“COO - Chief Opinion Officer”) and poured a few glasses for lucky members of the audience.
Novak Djokovic gave the audience an inside look at his Regenesis Pod, which features everything from infrared heating to sound therapy to “crystals” to promote recovery. Not sure if the scientific consensus is aligned to the healing benefits of the pod, but who are we to argue with Novak’s success?
A few other highlights included Costa Mesa-based Anduril’s intimidating and impressive sizzle reel that could have been pulled out of 2008’s Iron Man, and a lively discussion from DC insiders on the upcoming 2024 election, which moderator Brian Goldsmith kicked off with a perfectly sarcastic “who’s excited for a Biden v. Trump rematch this year!?”
After a long two days of networking and hearing from the star-studded speaker lineup, the attendees finished the night off with a rooftop party overlooking the city, complete with hors d’oeuvres, a DJ set, and an amazing view of the city we call home.
Another year of the best party in venture capital - cheers to the team at Upfront and to Upfront Managing Partner and summit maestro, Mark Suster.
🤝 Venture Deals
LA Companies
Passes, an LA-based creator platform for "super fans," raised $40M Series A. Bond led, and was joined by Abstract Ventures, Michael Ovitz's Crossbeam Ventures and SKIMS co-founders Emma and Jens Grede. -learn more
Pelage Pharmaceuticals, an LA-based developer of hair loss treatments, raised nearly $17M Series A. GV led, and was joined by Main Street Advisors, Visionary Ventures, and YK BioVentures. -learn more
Northwood Space, a one-year-old El Segundo, Ca., startup co-founded by a former Disney Channel star that sells hardware and services to improve the reliability and scalability of satellite communication networks, raised a $6M Seed Round from Founders Fund, Andreessen Horowitz, and Also Capital. -learn more
BAM Venturesparticipated in a $5M Seed Round forSway, an SF-based developer of biodegradable alternatives to plastic. -learn more
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
Bird crashes, ServiceTitan soars, active raises, and more
Jun 06 2024
Happy holidays from dot.LA! We’re collecting 2024 predictions for Los Angeles, tech, and startups. Reply to this email to get your prediction featured in our next weekly update.
🔦 Spotlight
It’s the best of time and worst of times for two of the most prominent Los Angeles tech companies.
Formerly high-flying Santa Monica startup Bird (now based in Miami) filed for chapter 11 bankruptcy protection, capping a slow fall from grace since it peaked at a $2.5B valuation in 2019. Once a crown jewel of the LA tech scene, the scooter sharing company went public via SPAC in 2021 before seeing its share price tumble and regulatory burden increase in the municipalities in which it operated. Eventually Bird’s market cap shrank below $15M, and it was delisted from the NYSE in September 2023. With its bankruptcy filing, Bird will proceed with a sale of its assets to the highest bidder, an ignominious end for what was once the hottest startup in America.
Yet where one LA startup falls, another rises. This week, it was reported by Reuters that Glendale-based ServiceTitan has revived plans for an IPO in 2024. ServiceTitan provides software to help technicians and contractors (electricians, HVAC professionals, plumbers, etc.) run their businesses better. The company was founded in 2007 and has raised over $1.4B from investors like LA-based Mucker Capital, Bessemer Venture Partners, Coatue, and Battery Ventures.
🤝 Venture Deals
Actively Raising
CZero, a hard-tech startup that is developing a technology for decarbonizing natural gas, is raising a $1.5M Seed Round. -learn more
Couri, a technology startup addressing last-mile delivery issues, is raising a $450K Pre-Seed Round at a $2.2M post money valuation. -learn more
Sweetie, a marketplace to help people plan date nights, is raising a $250K Angel Round. -
StartupStarter, an investment platform that provides real-time data and analytics on startups, is raising an $850K Angel Round. -learn more
If you’re a founder raising money in Los Angeles, give us a shout, and we’d love to include you in the newsletter!
Just Announced
rabbit inc., a three-year-old LA startup creating a personalized operating system through a natural language interface, raised a $10M Series A from Khosla Ventures -learn more
Liminal Space, a four-year-old LA startup trying to create headset-less virtual reality, raised $2.5M. Investors included Avex, Hibino Corp., and Luminus. -learn more
LA Exits
Alteryx, an Irvine-based public analytics and data-science company announced that it would be acquired by private equity firms Clearlake Capital Group and Insight Partners in a deal worth $4.4 billion. -learn more
Transforming LA into a Biotech Hub
Jun 05 2024
Image Source: UCLA Health
Skeptics once doubted the feasibility of a high-speed rail connecting LA to Las Vegas, but now it's becoming a reality. Perhaps all it takes is the right team to turn the improbable into the possible.
LA County has invested millions to establish itself as a biotech hub, including funding the nonprofit BioscienceLA and its BioFutures program. The county's investments have also created a supportive infrastructure with initiatives like the 20,000-square-foot BioscienceLA office in Culver City, generating significant economic activity and jobs. However, despite these efforts, LA has remained a secondary market for biotech and life sciences due to geographic sprawl and limited supply of life science/biotech space, even though the region boasts significant life science talent.
Life Science Degree Completions by Vacancy Comparison
A leading figure in the biotech scene in Los Angeles is the impressive biotech entrepreneur, Arie Belldegrun. Belldegrun has played a significant role in the successful exits of Agensys, Cougar Biotechnology, and Kite Pharma, which collectively sold for $13.4 billion. An Israeli-born urologist and immunology researcher, Belldegrun has been instrumental in building the biotech sector in Los Angeles. Utilizing proceeds from these exits, he established Bellco Capital, which primarily invests in life science and real estate companies, and co-founded several biotech-focused funds and ventures.
Belldegrun's efforts have culminated in the creation of the California Institute for Immunology and Immunotherapy at the former Westside Pavilion in Westwood, in collaboration with other prominent figures and philanthropists. The 700,000-square-foot property, acquired at the end of 2023, will also house the UCLA Center for Quantum Science & Engineering. “The goal is to build the immunology equivalent of Silicon Valley in Los Angeles,” says UCLA Health CEO John Mazziotta, MD, PhD. The center will hold its own patents and will eventually foster new biotech startups through its incubator and accelerator programs. The initiative has secured $500 million in state funding and plans to raise an additional $1 billion, positioning Los Angeles to become a leading biotech hub alongside regions like the Bay Area, San Diego, and Boston. Despite challenges posed by the city's geographic sprawl, these combined efforts by leaders like Belldegrun and county programs are transforming LA's biotech landscape, fostering a thriving environment for future scientific and commercial successes.
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
Top Tech Journalists Shaping LA’s Tech Scene in 2024
May 31 2024
🔦 Spotlight
Image Source: Business Insider
Ben is currently a senior correspondent at Business Insider, where he covers the intersection of technology and business. Based in Los Angeles, Ben writes in depth pieces on the latest trends in the tech industry, particularly focusing on startups and venture capital. Prior to joining Business Insider, Ben worked at dot.LA and was a reporter at KPCC, Southern California's largest public radio station. Ben Bergman's insightful reporting has positioned him as a trusted authority on the swiftly evolving tech landscape, not only in Los Angeles but also on a national scale.
Alex is the Deputy Editor for The Verge and the author of Command Line, a newsletter with interviews and coverage of tech’s most influential players. He is known for breaking major stories about companies like Facebook, Twitter, and Snapchat. His deep connections within the industry allow him to provide exclusive insights and scoops. Alex's work has been featured in several high-profile publications, and he is a frequent guest on tech podcasts and panels. He regularly appears as an expert voice on programs like CNBC, NPR, BBC, and CNN.
Katie is a senior writer at Bloomberg, focusing on technology and venture capital. Katie has a reputation for her thorough and analytical reporting on tech startups and investment trends. She previously worked at TechCrunch and The Wall Street Journal, where she honed her skills in covering the tech industry. Katie's articles often provide a deep dive into the financial aspects of tech companies, making her a respected voice in the field.
Taylor is a technology columnist at The Washington Post, where she covers internet culture and the impact of social media on society. Taylor is known for her in-depth reporting on influencers, online trends, and the digital economy. Her work has been instrumental in highlighting the cultural shifts driven by social media platforms. Taylor's articles often explore the human side of technology, making her a unique voice in tech journalism. She also has a youtube channel and a podcast, Power User, that similarly explore the impact of technology.
Ryan is a tech reporter at The New York Times, where he covers the intersection of technology, business, and policy. Based in Los Angeles, Ryan has a knack for uncovering the stories behind the headlines, particularly those involving major tech companies and their impact on society. Before joining The New York Times, he was a senior reporter at BuzzFeed News. Ryan's investigative reporting has earned him numerous accolades and a loyal readership.
Bobby is a tech reporter at NPR, where he covers technology and its impact on society. Based in Los Angeles, Bobby's reporting spans a wide range of topics, from cybersecurity to the gig economy. He previously worked at WHYY in Philadelphia and has contributed to several national outlets. Bobby's storytelling ability and his knack for explaining complex tech issues in an accessible way make him a standout journalist in the field.
EverFence, a fencing marketplace for homeowners and contractors, raised a $7M Series A from HighPost Capital. -learn more
Slingshot, a startup that provides financial tools tailored for content creators to help manage their earnings and financial operations more efficiently, raised a $2.2M Pre-Seed Round from Dorm Room Fund,1916 Enterprises, andKey Partners Group. -learn more
StrokeDx, a developer of portable stroke diagnostics, raised a $5M Seed Round led by DigiTx Partners and joined byFreeflow Ventures. -learn more
M13led a $28M Series A forMaven AGI, a startup that helps enterprises to incorporate AI into their customer support. -learn more
B Capitalparticipated in a $6M Series A Extension forTurno, an EV distribution and financing company. -learn more
LA Exits
AuditBoard, a startup that has built a cloud-based risk management platform to manage audit, risk, compliance, and ESG management, was acquired by Hg, a private equity firm, in a deal valued at $3 billion. -learn more
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
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