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XManhattan Beach's B Capital Group Has a New General Partner
Ben Bergman is the newsroom's senior finance reporter. Previously he was a senior business reporter and host at KPCC, a senior producer at Gimlet Media, a producer at NPR's Morning Edition, and produced two investigative documentaries for KCET. He has been a frequent on-air contributor to business coverage on NPR and Marketplace and has written for The New York Times and Columbia Journalism Review. Ben was a 2017-2018 Knight-Bagehot Fellow in Economic and Business Journalism at Columbia Business School. In his free time, he enjoys skiing, playing poker, and cheering on The Seattle Seahawks.

B Capital Group, a Manhattan Beach-based growth-equity firm with over a billion and a half dollars in assets under management, has added Gabe Greenbaum as a Los Angeles-based general partner at the firm. Greenbaum, who was previously at Pritzker Group Venture Capital and OCA Ventures, said the move will mean the firm will invest more in Southern California.
"I do want to really spend a lot of time investing in the Southern California ecosystem, bringing additional awareness to the dynamic founders that are here," Greenbaum said. "And we'll also plan on hiring additional talent to be here in Southern California to help us."
Despite its local leadership, the only Southern California company B Capital Group has invested in so far is Bird Rides.
B Capital Group writes checks in the $10 million to $60 million range for Series B, C and D stages focusing on B2B startups in enterprise technology, consumer enablement, fintech, insurtech, transportation, industrial and healthcare.
Greenbaum, also an investor in dot.LA, will also focus on deals in Chicago and New York, cities where he previously worked. He will be the firm's seventh general partner.
"I can't tell you exactly what the percentages will be, but I anticipate a good portion of my time will be spent in Southern California," he said.
B Capital Group was founded in 2014 by Facebook co-founder Eduardo Saverin, who's based in Singapore, and Raj Ganguly, a former Boston Consulting Group (BCG) investor who lives in Manhattan Beach.
B Capital Group closed its second fund with $822 million in capital commitments in June, which was more than twice as big as its $360 million debut fund. BCG was an anchor investor in both funds and a central selling point of B Capital Group is that startups get an inside track to BCG's lengthy roster of blue chip corporate clients.
Speaking the day after the election, Greenbaum said with so much uncertainty and the usual holiday lull, he expects a slower pace of dealmaking until the end of the year.
"I think in Q1 we'll have a lot more clarity, and I think that's where you'll see firms begin to be probably a bit more aggressive again once there's a little bit more visibility into who's in office, who's controlling Congress, who's controlling the House, and also where we are with COVID," Greenbaum said. "That being said, there's still investments being done up and down the stack."
Ben Bergman is the newsroom's senior finance reporter. Previously he was a senior business reporter and host at KPCC, a senior producer at Gimlet Media, a producer at NPR's Morning Edition, and produced two investigative documentaries for KCET. He has been a frequent on-air contributor to business coverage on NPR and Marketplace and has written for The New York Times and Columbia Journalism Review. Ben was a 2017-2018 Knight-Bagehot Fellow in Economic and Business Journalism at Columbia Business School. In his free time, he enjoys skiing, playing poker, and cheering on The Seattle Seahawks.
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Genies Wants To Help Creators Build ‘Avatar Ecosystems’
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.
When avatar startup Genies raised $150 million in April, the company released an unusual message to the public: “Farewell.”
The Marina del Rey-based unicorn, which makes cartoon-like avatars for celebrities and aims to “build an avatar for every single person on Earth,” didn’t go under. Rather, Genies announced it would stay quiet for a while to focus on building avatar-creation products.
Genies representatives told dot.LA that the firm is now seeking more creators to try its creation tools for 3D avatars, digital fashion items and virtual experiences. On Thursday, the startup launched a three-week program called DIY Collective, which will mentor and financially support up-and-coming creatives.
Similar programs are common in the startup world and in the creator economy. For example, social media companies can use accelerator programs not only to support rising stars but to lure those creators—and their audiences—to the company’s platforms. Genies believes avatars will be a crucial part of the internet’s future and is similarly using its program to encourage creators to launch brands using Genies’ platform.
“I think us being able to work hands on with this next era—this next generation of designers and entrepreneurs—not only gets us a chance to understand how people want to use our platform and tools, but also allows us to nurture those types of creators that are going to exist and continue to build within our ecosystem,” said Allison Sturges, Genies’ head of strategic partnerships.
DIY Collective’s initial cohort will include roughly 15 people, Sturges said. They will spend three weeks at the Genies headquarters, participating in workshops and hearing from CEOs, fashion designers, tattoo artists and speakers from other industries, she added. Genies will provide creatives with funding to build brands and audiences, though Sturges declined to share how much. By the end of the program, participants will be able to sell digital goods through the company’s NFT marketplace, The Warehouse. There, people can buy, sell and trade avatar creations, such as wearable items.
Genies will accept applications for the debut program until Aug. 1. It will kick off on Aug. 8, and previous experience in digital fashion and 3D art development is not required.
Sturges said that the program will teach people “about the tools and capabilities that they will have” through Genies’ platform, as well as “how to think about building their own avatar ecosystem brands and even their own audience.”
Image courtesy of Genies
Founded in 2017, Genies established itself by making avatars for celebrities from Rihanna to Russell Westbrook, who have used the online lookalikes for social media and sponsorship opportunities. The 150-person company, which has raised at least $250 million to date, has secured partnerships with Universal Music Group and Warner Music Group to make avatars for each music label’s entire roster of artists. Former Disney boss Bob Iger joined the company’s board in March.
The company wants to extend avatars to everyone else. Avatars—digital figures that represent an individual—may be the way people interact with each other in the 3D virtual worlds of the metaverse, the much-hyped iteration of the internet where users may one day work, shop and socialize. A company spokesperson previously told dot.LA that Genies has been beta testing avatar creator tools with invite-only users and gives creators “full ownership and commercialization rights” over their creations collecting a 5% transaction fee each time an avatar NFT is sold.
“It's an opportunity for people to build their most expressive and authentic self within this digital era,” Sturges said of avatars.
The company’s call for creators could be a sign that Genies is close to rolling out the Warehouse and its tools publicly. Asked what these avatar tools might look like, the startup went somewhat quiet again.
Allison Sturges said, “I think that's probably something that I'll hold off on sharing. We will be rolling some of this out soon.”
- Bob Iger, Former Disney CEO, Joins Avatar Startup Genies - dot.LA ›
- Genies Raises $150 Million To Make Avatars For The Metaverse ... ›
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.
Here's What To Expect At LA Tech Week
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.
LA Tech Week—a weeklong showcase of the region’s growing startup ecosystem—is coming this August.
The seven-day series of events, from Aug. 15 through Aug. 21, is a chance for the Los Angeles startup community to network, share insights and pitch themselves to investors. It comes a year after hundreds of people gathered for a similar event that allowed the L.A. tech community—often in the shadow of Silicon Valley—to flex its muscles.
From fireside chats with prominent founders to a panel on aerospace, here are some highlights from the roughly 30 events happening during LA Tech Week, including one hosted by dot.LA.
DoorDash’s Founding Story: Stanley Tang, a cofounder and chief product officer of delivery giant DoorDash, speaks with Pear VC's founding managing partner, Pejman Nozad. They'll discuss how to grow a tech company from seed stage all the way to an initial public offering. Aug. 19 at 10 a.m. to 12 p.m. in Santa Monica.
The Founders Guide to LA: A presentation from dot.LA cofounder and executive chairman Spencer Rascoff, who co-founded Zillow and served as the real estate marketplace firm’s CEO. Aug. 16 from 6 p.m. to 9 p.m. in Brentwood.
Time To Build: Los Angeles: Venture capital firm Andreessen Horowitz (a16z) hosts a discussion on how L.A. can maintain its momentum as one of the fastest-growing tech hubs in the U.S. Featured speakers include a16z general partners Connie Chan and Andrew Chen, as well as Grant Lafontaine, the cofounder and CEO of shopping marketplace Whatnot. Aug. 19 from 2 p.m. to 8 p.m. in Santa Monica.
How to Build Successful Startups in Difficult Industries: Leaders from Southern California’s healthcare and aerospace startups gather for panels and networking opportunities. Hosted by TechStars, the event includes speakers from the U.S. Space Force, NASA Jet Propulsion Lab, Applied VR and University of California Irvine. Aug. 15 from 1 p.m. to 5 p.m. in Culver City.
LA Tech Week Demo Day: Early stage startups from the L.A. area pitch a panel of judges including a16z’s Andrew Chen and Nikita Bier, who co-founded the Facebook-acquired social media app tbh. Inside a room of 100 tech leaders in a Beverly Hills mansion, the pitch contest is run by demo day events platform Stonks and live-in accelerator Launch House. Aug. 17 from 12:30 p.m. to 3 p.m. in Beverly Hills.
Registration information and a full list of LA Tech Week events can be found here.
- dot.LA: Los Angeles Tech and Startup News ›
- Here's What's Happening at LA Tech Week - dot.LA ›
- LA Tech Week: NFT Cocktails, Sushi and Networking - dot.LA ›
- LA Tech Week: A Case for the CryptoMondays - dot.LA ›
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.
LA Tech Week: Anorak Ventures Offers 8 Marketing Principles For Early-Stage Startups
Every entrepreneur knows getting started is half the battle. It’s easy to get overwhelmed by details and lose sight of the goal or mission of your company.
On Tuesday, Greg Castle, managing partner of Anorak Ventures, presented eight marketing principles at L.A. Tech Week that he and his seed-stage venture firm use to guide potential clients in their marketing efforts. Castle has invested in more than 80 seed-stage companies, five of which have gone on to achieve values north of one billion.
1. People Aren’t Numbers
Shallow audience insights mean shallow products and services. It’s important to know your customers inside and out — their likes and dislikes, the language that they use, where they spend their time. All of these are important factors in understanding an audience’s wants and needs
2. 'No' Is the Key Word
Castle said learning to say no–especially in the early stages–is extremely important to the success of your startup. Knowing what is in the scope of your abilities and how customer requests fit into your overall “roadmap” can help to decide when and if a customer request is achievable.
“Every yes is a potential distraction,” Castle said. “Don’t try to be all things to all people.”
3. Clarity Is Key
Being able to clearly articulate what a product is or does is essential, Castle explained. It’s vital to ensure overall consistency in branding and marketing by using simple language and making sure to be as clear as possible when explaining what it is your company does.
Castle said a good rule of thumb is to ask your best friend to describe your company: “If they can’t do it, then what are the chances a customer can do it?”
4. Attention Is Earned
It’s no secret that people today have very limited time and attention. It’s important to make sure your pitch is succinct and enticing.
Castle said a good way to do this is by using Irrigreen’s “1,2,4” structure. First, describe your company in one sentence. Then, describe your company in two sentences. Finally, write a paragraph that describes your company. The idea is that “1” is a brief, elevator-pitch like introduction to your company, “2” is a deeper dive into what your company does, and “4” is a detailed explanation of the ins and outs of your company.
5. Education Is Expensive
As Uber’s popularity began to rise in 2012, pitch meetings began taking on a new meaning as founders used the phrase “Uber for …” to explain what their company did. That’s the key with principle five — using a familiar concept to explain what your company does. People know and understand Uber, so it’s easy to use that as a reference point to explain the concept of a company with a similar goal, rather than spending valuable time and resources trying to explain complex systems.
6. What Gets Repeated Gets Remembered
Tale as old as time. This is why TV commercials have jingles; slogans are made to be catchy and branding is so important. Nike swoosh tells you everything about a product without even using text.. Taking the time to work on memorable branding for your company will pay off in the long run.
Castle said a helpful exercise is to pull up your pitch deck, website, social media, etc. and ask yourself if they all look the same.
7. You’re Not Always the Expert
It’s a simple concept, but an important one. Trust your experts. If you aren’t good with branding, outsource it to a marketing team. If you don’t understand data, ask someone who does. Castle said this concept has been paramount to both Anorak Ventures and his personal endeavors.
8. Perception Is Reality
In simpler terms — what you see is what you get. Castle explained that investors are only ever given a small sample of the larger data points relevant to a pitch This means that it’s crucial that the content presented to investors is in top-notch shape.
Spelling errors, broken links, broken landing pages — are all red flags to investors. Make your pitch as perfect as possible before presenting to a potential funder.