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🌎🏛️ Overture raises $60M debut fund to help climate startups navigate bureaucracy
By Christian Hetrick,
2024-02-22
🔦 Spotlight
Picture a VC who just successfully raised a $60M fund in the icy funding environment of 2023-2024. What do you see?
You might imagine a former investor from Sequoia or a16z with a stellar track record. Maybe you imagine a former venture backed founder. Maybe a senior PM at Google who got their start at Goldman Sachs.
You probably don’t picture someone spent a good portion of their career working for the federal government in Washington, DC.
That, however, is exactly where LA-based Overture Climate VC co-founders Shomik Dutta and Brandon Hurlbut made their bones. Shomik and Brandon met while working on the 2008 Obama campaign before serving in a number of roles in the White House and and across the government, including in the DOE and the FCC. Shomik then moved into startupland and started his first venture fund, Higher Ground Labs, dedicated to investing in startups saving democracy (yes, you read that right), and Brandon started Boundary Stone Partners, a government affairs firm.
They reunited to bring their government expertise special sauce to Overture Climate VC, which is (obviously) dedicated to climate investing. In the world of climate tech startups, Shomik and Brandon believe they can help founders properly navigate the bureaucracy in Washington, as climate tech companies struggle with regulatory approvals, government funding, and selling into public sector customers.
Their story and mission clearly resonated with the LP community, driving Overture’s oversubscribed $60M debut fund. LPs listed by the firm include Schneider Electric’s SE Ventures, WovenEarth, and Richard Kauffman, along with non-profit foundations, family offices, industry leaders, and personal friends.
Here’s to hoping that Overture helps build a greener future for all of us. 🌳
🤝 Venture Deals
LA Companies
Hadrian, a precision manufacturer for aerospace and defense, raised a $117M Series B in a mix of equity and debt from RTX Ventures, a16z, Construct Capital, Lux Capital, Founders Fund, and others. -learn more
Axle Health, a provider of home health care scheduling software, raised a $4.2M Seed Round from Pear VC and Trac VC -learn more
SocialCrowd, a provider of performance management software, raised a $1.6M Pre-Seed Round led by Bread and Butter Ventures. -learn more
EngineEars, a music engineering and studio marketplace, raised a $7.5M Seed Round led by Drive Capital, with participation fromSlauson & Co., 645 Ventures, FLUS Investment Group, Kendrick Lamar, Ghazi, AlexDaKid, Roddy Ricch, Mustard, YG, DJ Khaled, Russ, Tunde Balogun, and Sean Famoso. -learn more
Clairity Technology, a startup that has developed a method for removing carbon dioxide from the air that it maintains is more cost-efficient than competing approaches, raised a $6.75M Seed Round co-led by Initialized Capital and Lowercarbon Capital. -learn more
Overture Climate VCraised their debut $60M fund dedicated to climate tech startups. -
Kinship Ventures, an early stage fund led by Gwyneth Paltrow focused on consumer products and software, is raising its $75M debut fund -learn more
Actively Raising
Azure Printed Homes, a startup leveraging 3D printing technology using recycled polymers to prefab modern backyard offices, ADUs, homes and emergency housing 70% faster and 30% less expensive than existing construction methods, with a positive environmental impact, is raising a $10M Series A Round. -learn more
ReelCall, Inc., an entertainment technology company focused on powerful apps and platforms that help build and maintain the professional network of connections vital to career growth, is raising a $850K Pre-Seed Round. -learn more
CZero, a startup building software to decarbonize logistics for logistics businesses and goods business through a vetted marketplace and optimization software. -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
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!
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
Jun 06 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.
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.
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