Bloomberg’s Emily Chang on Solving Tech’s Diversity Problem

Spencer Rascoff

Spencer Rascoff serves as executive chairman of dot.LA. He is an entrepreneur and company leader who co-founded Zillow, Hotwire, dot.LA, Pacaso and Supernova, and who served as Zillow's CEO for a decade. During Spencer's time as CEO, Zillow won dozens of "best places to work" awards as it grew to over 4,500 employees, $3 billion in revenue, and $10 billion in market capitalization. Prior to Zillow, Spencer co-founded and was VP Corporate Development of Hotwire, which was sold to Expedia for $685 million in 2003. Through his startup studio and venture capital firm, 75 & Sunny, Spencer is an active angel investor in over 100 companies and is incubating several more.

Bloomberg’s Emily Chang on Solving Tech’s Diversity Problem

Emily Chang is a best-selling author and host and executive producer of Bloomberg Technology. Earlier this year, she made waves with her book “Brotopia," an expose on how sexism became pervasive in Silicon Valley, despite its utopian ideals. Drawing on interviews with some of tech's biggest names, Emily shines a bright light on a big problem. In this episode, Emily joins Spencer at Zillow Group's San Francisco office to discuss her inspiration for the book, how the tech community got to this point and what we can do about it.


Press Play to hear the full conversation or check out the transcript below. You can also subscribe to Office Hours on Apple Podcasts and PodcastOne.

Spencer Rascoff: Good to see you all. I'm here with Emily Chang. Hello, Emily. Welcome.

Emily Chang: Hi. Thank you so much for having me. I'm happy to be here.

Rascoff: I'm excited to have you here as a guest and turn the tables. You're usually interviewing me, and I now finally get to interview you.

Chang: It's payback time.

Rascoff: So, let's take a step back and talk about the writing journey of why you decided to write this book, when you started, and what that research and writing process was like, and then we'll jump into some of the themes and discoveries from it.

Chang: Yeah, so, I anchor a daily show on Bloomberg Television, and that's been going on for eight years now, and when we first launched the show, my focus was getting people like you to come on, which wasn't always so easy. Now I think we've gotten there, but you know, over time, I sort of started asking more questions of my guests. “Well, what are you doing about this?" I mean, the tech industry has such a grave inequality, but no one was talking about it. I mean, women hold 25 percent of technical jobs across the board. They account for seven to eight percent of venture investors, and companies that are run by women get just two percent of funding. This is an industry that calls itself a meritocracy, and I highly doubt that women have just two percent of good ideas.

Rascoff: And when you were starting to focus on this, though, the world was not talking about it. This was before Me Too, before Time's Up.

Chang: These questions were very politically incorrect and they made people uncomfortable, which is why I didn't feel like I could ask them initially. And when I did, people would give the sort of politically correct answer, and then they would get off the set and then they would spill it. And so I knew that there was so much more there. And then at the end of 2015, I was interviewing one particular investor, who I talk about in Chapter 5 — very prominent, very successful investor — and they had no women in their US business at the time. And I said, “What are you doing to hire women? What do you think your responsibility is?" And he said, “Oh, well we're looking very hard, and I think we're completely blind to gender, race, sexuality — but, what we're not prepared to do is to lower our standards." And this was on television. And I know some people think that, but they don't normally say it on television. And that was sort of my Time's Up moment. And let's put aside what he said. Maybe it was a flip comment. Let's judge them on their actions. In 44 years, this firm did not hire a single woman investor.

This is an industry that styles itself as a place where anyone can succeed and, you know, my — that it's a sort of modern utopia where anyone can change the world and anyone can make their own rules. I think that can be true if you're a man. But if you're a woman, it's incomparably harder.

Rascoff: Okay. It's depressing, but we're going to change all that, and actually the fact that we're even talking about this, which would have been almost unheard of two or three years ago, is a start. So as you — what surprised you most as you started researching this at companies? I mean, you uncovered some awful, awful things — Harvey Weinstein-type awful. Was that surprising to you or, I mean, what was the most surprising aspect of the research?

Chang: And by the way, the book is — you know, it can be a hard read, but there are bright spots, there are villains, but there are also heroes. And so it's not entirely all depressing, and there's also concrete takeaway —

Rascoff: And there's solutions. And we're going to talk about solutions, yeah.

Chang: And things you can do. But yes, I was surprised, and especially with the behavior on the venture capital side where, you know, deals are done in one-on-one meetings, in one-on-one spaces and just how many women were so often put in these very uncomfortable positions. You know, after Susan Fowler's blog post came out, I had 12 women engineers over at my home for dinner who worked at a range of companies, big and small — Google, a couple of them worked at Uber — and you know, they're telling me about getting invited to strip clubs and bondage clubs in the middle of the day, and they felt like they couldn't say no. Or they were put in this position of, “Well, do I go and be part of whatever work conversations happen or do I not go and then I'm excluded from those conversations?" You know, I do think those are the more extreme and egregious examples, and the even bigger problem is the sort of systemic discrimination that creeps into every space simply because women are so outnumbered in this industry. And so they are often the only woman in a room over and over and over again. And they describe it as having to do this sort of constant emotional labor that they don't get credit for, which is like an entire second job that men don't have to do.

Rascoff: What do you mean by emotional labor?

Chang: Well, it's sort of feeling like they have to prove themselves over and over again, that people are sort of doubting why they're there, you know, fighting against these microaggressions that, again, it's things that are difficult to pinpoint and call out and say, “Hey, I'm being mansplained." Like, that sounds kind of odd, but it sort of wears on them. And I think that is the bigger problem. I mean, this is an industry that has been so male-dominated for so long that it can be difficult to sort of break that up and start fresh

Rascoff: And one of the things I was surprised by in the book was it wasn't always this way. At the beginning of technology, it was a much more equitable world in tech. So, describe what you found during your research.

Chang: When you go back to the '40s and '50s, women actually played a huge role in the computing industry. Men were primarily the hardware makers, but women were pretty well-represented among software programmers. And they were programming computers for the military and programming computers for NASA, and it literally was “Hidden Figures" but industrywide. And then in the '60s and '70s, as the tech industry was starting to explode, they were so desperate for new programmers that they started doing these personality tests and aptitude tests to identify them. And the makers of these tests decided that good programmers “don't like people." Which makes a lot of sense, right? There's no research to support the idea that people who don't like people are better at this job than people who do, and generally, more men fit into that category, I will say. And this stereotype shut out more than half the population, and these tests were used for decades by companies as big as IBM.

Rascoff: Well, and there's still — you can argue they're not tests, necessarily, but they're still sort of used today in the way a lot of interviewing gets done.

Chang: Exactly, and so it — these tests basically solidified this sort of antisocial, mostly white male nerd stereotype that persists to this day, and then it got repeated in movies and popular culture. And, people sort of think, oh, you know, “Revenge of the Nerds," they created this stereotype, when in fact they were just repeating what they saw in the industry already. And so my argument is that the tech industry created its own pipeline problem. In 1984, women were earning 37 percent of computer science degrees. That has since plummeted to 18 percent where it's been flat for the last decade. And you see the same sort of trend with tech jobs.

Rascoff: And in medicine, for example, it's been quite the opposite.

Chang: It's been the opposite. And actually the implementation of Title IX in the '70s had the opposite effect in law and medicine, where women started charging into these fields and lowering the barriers to entry, but tech actually raised the barriers to entry. And you see the same sort of stereotypes and perception repeated to this day. Case in point, James Damore at Google, who wrote that viral memo where he argued that men are biologically more suited to this job than women, and he was just repeating the same sort of hostile, you know, mythical stereotype that those early programming tests perpetuated.

Rascoff: And yet I thought some of the responses to that were spot on where they talked about actually the importance of empathy, that what engineers are doing, what product people do, is they're trying to solve other people's problems. So, actually empathy is very important.

Chang: Absolutely. I mean, there's a great argument to be made that we need people who like people and care about people to be doing these jobs as well, but, you know, that overall we should have people of a variety of backgrounds building products that billions of people around the world are using. I mean, this is an industry — you guys are building the future. You're changing the way we live our lives, and so it makes zero sense for 95 percent of the decisions to be made by white men.

Rascoff: So, I think we can all agree that some of the things that you discuss here, whether it's the cuddle puddles (which is a term I'd never heard before I read your book and I never want to hear again) or, you know, VCs asking entrepreneurs to pitch them their business idea in a hot tub. I mean, these are obviously gross and inappropriate and disgusting.

Chang: I'm glad you think so.

Rascoff: But the more subtle forms of discrimination or things that impact employee engagement — let's discuss why diversity and inclusion is important. Like, what are the business outcomes that get changed if you have a more diverse set of people forming these decisions and building these products?

Chang: So, I fully believe that if we had, you know, more diverse teams create better products, make more money, are more innovative, and research proves that out. But just saying that can kind of fly over people's heads. So, I interviewed Ev Williams, for example, the founder of Twitter — co-founder of Twitter, and I asked him, “If you had more women on the early Twitter team, designing early Twitter, do you think online harassment and trolling would be such a problem?" And he was like, “You know what, I don't think it would be. We weren't thinking about that at all when we were building Twitter. We were thinking about all the wonderful and amazing things that could be done with it, not how it could be used to send death threats or how it could be used to send rape threats." And, you know, facial recognition technology is already a little bit sexist and a little bit racist and doesn't recognize women and people of color as easily as it does white men. And so I think, well, if women had had a seat at the table 10, 20, 30 years ago, maybe the internet would be a friendlier place, maybe video games would not be so violent, maybe porn wouldn't be so ubiquitous. And so I think there's an incredibly compelling business case here that this can impact product and product design, and you — you know, I know that you guys at Zillow are really focused on this and, you know, for the first time, you've added some pretty innovative information to your listings that has never been done before, right?

Rascoff: This is the Trulia LGBTQ protections. So, a round of applause, by the way, because this team built it.

[Applause]

Rascoff: Yeah, I mean, some other examples, I mean, Uber being built really without passenger or driver safety features, which now they're scrambling to roll out, I mean, probably if more women had been involved in the creation of Uber, perhaps it would have occurred to somebody that some of these people are going to do bad things to riders or to drivers.

Chang: I mean, it is astonishing that this is a company that's been around for almost a decade now and that only now are they thinking about these things. And actually it's so much harder when you are already at scale to go backwards and try to fix what is broken, which is why, you know, it's so much better if you start thinking about these things really early on, and then it's just easier as you go. And I hear from people so often, “Well, it's so hard; it takes so much time to find more diverse candidates." And you know, my answer is, “Well, this will save you time in the long run."

Rascoff: When we first launched Zillow almost 10 years ago, our idea was to turn on the lights and set all this real estate information free — what people paid for their home, what homes were worth, et cetera. And part of that information set is the owner of the home. And so it was very natural for us to consider putting the owner's name on every home, 100 million homes in America. And we were getting ready to do that. Lloyd Frank, our vice chairman, and I thought this was a terrific idea. This is “set information free." And Kristin Acker, who's SVP of product and also very involved here in this office at Trulia, she said, “That's a terrible idea. There are stalkers out there that are going to use Zillow to figure out where their ex-wife lives and bad things are going to happen. And the first time someone gets raped or killed because they were able to find that information out through our site, that's going to be a really awful day." And having — in that case, it was gender diversity in the room and just give that totally different perspective was really valuable, and it allowed us to, I think, make the right product decision.

Okay, let's talk solutions and then we're going to ask — I'm going to ask you some questions that some of our employees submitted through Slack. What can we do about all this? We as a company, we as a society, you know, what's the answer?

Chang: So, first of all, I think change needs to come from the top, and we need CEOs and investors to make this a priority. And so that's why I'm so glad that you invited me here, I'm so glad you're talking about this, I'm so glad you're willing to admit the mistakes. And there are people in the book who are willing to talk about the things that they did wrong, and that's so important. Like, we all have biases, right? Whether you're the CEO or a product designer, you know, we all come at problems based on our own life experience, no matter what that might be, and I think we just need to recognize that.

If you just focus on raising awareness about bias, however, it's not necessarily going to have a huge impact. If you give people tools to combat their bias, that can have a big impact. So, whether that is, you know, not even starting an interview process until you have two female candidates and two candidates of color, or diversifying your recruiting team, or structuring your interview process so you're asking everyone the same questions rather than doing this sort of free-form thing where you sort of tailor the questions to, you know, who they are and, you know, that can obviously lead to bias because if someone looks “the part," you're going to ask them different questions than if someone doesn't look the part.

It's not just about hiring, though. It's about retention and progression and creating a culture where everybody can thrive. And so women are twice as likely to leave tech as men, and they're leaving, you know, 12 years into their career, which could be at this huge inflection point where they've got some real experience and could sort of skyrocket up, but at the same time, you know, they're having this sort of moment of, “Well, am I really feeling valued here?" And there's this perception that women leave because they have families or they're leaning back in their careers, but actually they're going to jobs in other fields. And so, you know, we need to make sure that you're not losing the women that you have. And so that's about creating a culture where everyone can feel included and comfortable and a place where they can be themselves.

And so it's — you know, I talked about structuring the interview process, but structuring review and feedback systems. Slack is an example in the book. Their motto is work hard and go home. They're like, “We're trying to hire adults here, not just kids out of college," and they're very focused on making sure that people can sustain careers over a long life. This is a super competitive industry. You know, talent — it's a war for talent. And so you don't want people just hanging around for a year and a half, you want them for as long as you can have them. And so there are so many things that I think also individuals can do, and I think we all need to listen better, we need to be having these conversations. I know they might make people feel a little bit uncomfortable. I kind of think that's a good thing right now to raise awareness.

And you know, I'm so grateful for the women who have spoken up over the last year and the collective courage that they have summoned, but this this is not just on women. This is on all of us, men too, and so if you see someone — I mean, I think mentorship and advocacy is so important. I know that's really important to you guys here. But if you see someone being interrupted or you see someone not getting an opportunity, call that out. It can be a lot easier for you to do it as a bystander or a witness than for the victim to say, “Hey, I'm being mansplained. Can you stop that, please?" So I just think there's so much that, sort of, we all can do to help each other on this to get to a better place.

Rascoff: Where we started on this journey, we, at Zillow Group, when we started focusing more on this issue, which was probably three-ish years ago, it actually started with employee engagement. You know, the first thing we did was we said, “OK, we have — we're sadly underrepresented in terms of diversity, but we're not nowhere. Let's actually see how engaged different sets of employees are." And the results were eye-opening and not good. Non-whites were less engaged. They felt less connected to the company, they felt less welcome, and that was the eye-opening moment for me. It was like we spend all this time, effort and money trying to get the world's greatest people into this company. It is incumbent upon us, not to mention that it's the right thing to do, but in terms of business results, I want all of these people to be doing their best work, and if they don't feel connected to the company, we should fix that.

And we've made huge strides in that regard.

The other thing that your comments made me think of was the culture-fit issue. Because a lot of this happens — the tip of the spear is the interview and recruiting. And we try not to talk about culture fit. I think culture fit can be code for hire people that look like me and dress like me and act like me. And so we talk a lot about core-value fit and assessing a candidate to see, do they fit to our six core values, not is it a good culture fit.

Chang: I have a new term for you: culture addition. So looking — it's like you honor your culture, you like your culture, but you're looking for people who are going to add to your culture and expand your culture. You know, and I love the core value ideas as well. And I think writing those down and communicating them to employees is so important.

Rascoff: All right, so a couple questions that came from employees via our Slack channels. From Megan Hansen, who works for Trulia in content strategy, she writes, “Any advice on how we can change a work culture that sees moms as moms but not dads as dads? Specifically, it seems that the work of childcare still falls to working moms, such as needing to leave early for doctors' appointments and daycare pickup, potentially because it seems less likely that working dads are also seen as caretakers while in the workplace."

Chang: So, I do think that work needs to be shared at home more equally if we want work to be shared at work. That's not the reality today. I think that so many of the things that women want at work dads want too, and, you know, both moms and dads are parents. I think it can start with benefits and having equal maternity and paternity leave policies and actually encouraging the dads to take it, because there is — I mean, just like there's — I know that I've taken three maternity leaves. I know how hard it is as a woman to leave for that period of time. And you know, I think for dads, there's still this sort of social stigma against taking that time off, and so I think that that can be really important in sort of starting to change those kinds of cultural norms.

I think flexibility is really important in making sure that work after work is valued, and so I leave to pick up my kids because my boss, the editor in chief of Bloomberg, has said people should feel okay going home and picking up their kids. But I get back online, and I do my work, and I want that work to count. We all want sustainable lives, and so making work work for people of all kinds should be the focus.

Rascoff: From Natalie, an engineer at Trulia, she writes, “In your book, you write about Sheryl Sandberg's response to your email. In addition to having women in leadership roles paving the way for more women in leadership roles, what else do you think is critical to successfully increasing female representation in the workplace?"

Chang: When I was pregnant with my first child, this was now six years ago, and it was just when that article “Why Women Can't Have It All Still" came out. And I was like devastated. I was seven months pregnant, I was having all these sort of conflicting emotions, “How am I going to do this? Maybe it's impossible," and then that article came out and I cried myself to sleep that night. And the next day — and the article really took aim at Sheryl. And I'd never met Sheryl at that point, and I just emailed her out of the blue. And I said, “You know what, I just want to say thank you for putting yourself out there on these issues." She had done her TED Talk and I had re-watched it, and it actually made a difference to me.

And she wrote right back, like in 15 seconds, and said, “Congratulations! Is this your first?" And I was like, “Yes," and wrote this sort of very overzealous response. And then she said “Here's my cell phone. Let me know if you ever want advice." And I was, again, shocked. And of course I didn't just call her cell phone. I found out who her assistant was, I figured — and I got time in her calendar in three weeks, and she called me on the dot. And I got a half-hour of uninterrupted time with her one-on-one — this is before “Lean In" — where she kind of gave me a little pep talk and was like, “You can do this. You will do this, and you need to do this. Like, you're going to keep working."

And I think that that sort of advice and mentorship is really, really important. But I've also had to seek it out, and so I ask those questions. And you know, there's so much that, sort of, we all can do to help other people that we see in these situations, and that really made a huge difference for me.

Rascoff: Question from a Trulia analyst, Ini Li asks, “How much do you believe in a person's ability to evolve some of their views?"

Chang: I think that it's — I believe in us, and I'm really optimistic. I mean, despite the title, I think that the smartest people in the world who are taking us to Mars and building self-driving cars and connecting the world, whether you're, you know, all the way up to the top, I think people — we're smart people. I think we can change, and I think part of it is the ignorance has gone on for too long. But at this point, we can — I've written 300 pages about it. We've been talking about it now for a year, like ignorance can only be willful. Like, we know this is a problem. And so I think people can change, and I think the business case makes a lot of sense, but it's only when the numbers really change that a real culture shift is going to happen. So, if you have 10 men around a dinner table, you swap out one man for a woman, the conversation might change a little bit. But if it's half and half, it's a completely different conversation. And that's when you will see the results. And, unfortunately, we just don't have a lot of great examples where, you know, places are 50-50 and you can see the results. But I do think it's going to take that sort of true number shift that will lead to a true culture shift where views will actually change.

Rascoff: I mean, you see this with other social movements, right? Whether it's the civil rights movement or America's acceptance of LGBTQ. I mean, there have been radical changes in just 30 years. And some of that is demographic and generational, but a lot of that is individual people changing their attitudes on these topics.

Chang: Becoming woke, if you will.

Rascoff: And I think we're seeing it in a very short period of time here because society has been so jarred by some of these scandals that it's — I mean, it's going to happen — hopefully at least people's attitudes will change faster. Now, it'll probably take decades for more equality to come into the workplace in terms of representation, but attitudes I think are changing.

All right, from an anonymous person, “Is there anything you didn't include in “Brotopia" that, in retrospect, you wish you had? And is there anything you wish you'd left out?"

Chang: I had a very high bar for what was going to be in print. And when you're taking on someone's career and life, you know, I don't take that lightly, and so everything was, like, fully vetted by multiple lawyers, and Bloomberg luckily was very, very supportive and very supportive of good journalism in general. I mean, I'm just — it was 500 pages and I had to cut it down to 300, so I'm more — I think about all the babies that are, like, lying on the floor that I could not include.

Rascoff: Anything you included you regret?

Chang: No. I mean, I have an opportunity — we're coming out with a paperback in March, so I'm going to update it, I'm going to add another chapter, and I'm really excited to talk about sort of the impact that the book has had and the reaction, you know, good and bad. And I mean, for me, the reaction has been what I've seen as mostly positive, and I have been so encouraged by invitations to speak at tech companies, which I honestly did not expect. So you know, I've spoken at Amazon and Microsoft and LinkedIn and Google and places where they could have easily said, you know, “No, thank you. Your book is called 'Brotopia.'" You were one of the first to ask.

Rascoff: Well, but I saw you at a tech conference right when the book had come out, and there was so much heat, let's call it, and I said, “Are you persona non grata, like, at most of these companies, or are you still able to get people to come to your — do your show?" And it was too early to tell, I think, was the —

Chang: Yeah. I think there's a few people who won't be coming on, but you know what, no good change comes without some people feeling a little bit uncomfortable. And honestly, the vast majority of people, I think, are glad that I did it and probably respect me more for putting my voice behind this and, you know, I think some of the people who maybe aren't so happy, hopefully in the long run they understand.

Rascoff: All right, last question. What are the simple, easy, day-to-day things that we can do at work with our teams and at the company to improve equity and inclusion in our workplaces?

Chang: I mentioned listening. I think that's important. And also asking. I think we don't ask each other enough, “How are you doing?" And some people don't want to talk about their personal lives at work, and that's OK, but some people do. Sheryl Sandberg talks about this bringing your whole self to work thing, and it speaks to exactly what you said earlier, that if you don't feel like you can be yourself, you can't be your best self at work.

You know, I had someone who works at a startup tell me, “You know, I was talking to one of my employees, and I found out that both her parents passed away when she was really young." He's like, “I didn't even know. I felt so horrible that I didn't know that that's where she had come from." And those are the things that maybe we should know each other — know about each other.

You know, I think in general we do need to see more examples of female leadership, and maybe that means taking a chance on someone and training them for that role. We see people like Sheryl Sandberg and Marissa Meyer, and we think it can only be that way or that way. Those are the two versions of female success. And the problem is we don't have a lot of other examples, but women — you know, there are all kinds of male bosses, right? And there are all kinds of female bosses as well, we just don't see it enough. And you know, to the point you can't be what you can't see. Like, we can't be what we can't see.

I interviewed seven young girls, teenage girls, at the end of the book who've all learned how to code, and they're so excited to do their part to change the world, but they already have an idea of what they're up against. And, you know, they're in women in tech groups on Facebook, and they read the news and, you know, one of them said to me, “I mean, I heard that Travis was, like, meditating in the lactation room at Uber. What is that about?" And so, yeah, I was surprised. I'm like, “Wow, you guys know your stuff." So they can't be what they can't see.

Rascoff: Some things that I think we've done and can continue to do: Mentor people of all types. Do a great job in interviewing and recruiting. Focus on employee engagement so that everybody feels connected to the company, to the mission, they feel welcome. I'll say the obvious thing, which shouldn't have to be said, but just treat each other kindly and respectfully. Don't make inappropriate comments. Don't do illegal and dumb things. I mean, it's crazy that we say it, but apparently it needs to be said, so don't do that. And, gosh, there's so many more things. I really think the employee engagement is important here.

Also, actually, I think we need to do a better job at this company, and at all companies, of convincing white males why this is important. I'll just be direct and I'll say white males in that case, that there are a lot of people who probably think, “Oh, this doesn't affect me," or, “It's not my problem," or, “I didn't cause this." And I agree — I didn't cause it — but I do think it affects me, and I think it's important that white males understand why it's important to the company, why it's important to our colleagues and our peers, and how they can be part of the solution, even if maybe they weren't part of the problem. So, those are just a couple of my thoughts.

Emily, thank you for turning on the lights on this important issue, and thank you for being here.

Chang: Thank you for having me. Thank you all.

The post Bloomberg's Emily Chang on Solving Tech's Diversity Problem appeared first on Office Hours.

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Match Goes Niche With $100M Move

🔦 Spotlight

Hello Los Angeles,

It’s May, and LA is about to have one of its more important weeks.

The Milken Institute Global Conference 2026 returns to Beverly Hills next week, bringing together thousands of investors, operators, policymakers, and executives. It’s one of the few places where public markets, private capital, and tech actually overlap in the same rooms, and where you can usually get an early read on what capital is leaning into before it fully shows up in the data.

This year, one theme is already starting to surface. Platforms are getting more specific, not more broad.

This week’s news is a good example.

Match Group is investing $100 million into Sniffies, a fast-growing, location-based platform built for gay, bi, trans, and queer men. It’s a notable move for a company best known for mainstream dating apps like Tinder and Hinge, and it signals a deeper push into more niche, community-driven platforms.

Sniffies operates very differently from traditional dating apps. It’s more real-time, more map-based, and more focused on immediacy than long-term matching. In other words, it’s built around behavior, not profiles.

And that’s what makes the investment interesting.

For years, the dominant strategy in consumer platforms was scale, build one product that works for everyone. But what we’re seeing now is the opposite. The platforms that are gaining traction tend to be the ones that understand a specific audience deeply and build for how that group actually behaves.

Match leaning into that shift isn’t just about expanding its portfolio. It’s a recognition that growth is coming from focus.

And in a city like Los Angeles, that’s usually where things start.

Below are this week’s venture deals and fund announcements across LA 👇


🤝 Venture Deals

    LA Companies

    • Illuminant Surgical raised an $8.4M seed round to accelerate the rollout of its real-time anatomical projection platform, which aims to give surgeons enhanced visibility during procedures. The company’s “Skylight” system is designed to project internal imaging directly onto the patient, improving precision and reducing risk, and the funding will support product development and early commercialization efforts. - learn more
    • Jupid raised $840K in early funding to support its AI-native accounting platform, which is designed to automate bookkeeping, tax filing, and compliance for small businesses directly within banking platforms. The company is building what it describes as an embedded “AI accountant” that integrates with financial institutions to streamline operations for entrepreneurs, and plans to use the funding to expand partnerships and accelerate product development as demand grows for automated financial tools. - learn more
    • Lumicup raised a $4.38M Series A to expand its product line and scale manufacturing as it looks to meet growing demand for its consumer health and wellness products. The company plans to use the funding to increase production capacity, invest in new product development, and strengthen its distribution as it continues to grow its footprint in the market. - learn more
    • Counterpart raised a $50M Series C to expand its AI-driven “agentic insurance” platform, which helps small businesses manage growing legal and employment risks tied to AI adoption. The round was led by Valor Equity Partners with participation from existing investor Vy Capital, bringing the company’s total funding to $106M, and the capital will be used to launch new insurance products, expand risk management capabilities, and scale its underwriting platform. - learn more
    • Nervonik raised a $52.5M Series B to advance its next-generation peripheral nerve stimulation technology, which aims to deliver more precise, personalized treatment for chronic pain. The round was led by Amzak Health with participation from Elevage Medical Technologies, U.S. Venture Partners, Lumira Ventures, Foothill Ventures, and Shangbay Capital, and the company plans to use the funding to accelerate clinical programs and move toward commercialization. - learn more
    • LighthouseAI raised an $8M Series A to expand its AI-powered platform that helps pharmaceutical companies manage state licensing and regulatory compliance. The round was led by Boxcars Ventures with participation from TGVP and existing investors, and the company plans to use the funding to enhance product development, improve service delivery, and support continued growth as it scales across the pharma supply chain. - learn more

    LA Venture Funds
    • MANTIS Venture Capital participated in Rogo’s $75M Series C, backing the AI platform as it builds autonomous financial agents designed to streamline complex workflows for banks and investment firms. The round was led by Sequoia Capital and included a mix of major financial institutions and venture firms, signaling strong demand for AI tools that can augment decision-making across high-stakes finance. - learn more
    • M13 participated in Chord’s $7M funding round, backing the AI commerce platform as it builds a “context layer” designed to unify fragmented data, tools, and workflows for retail brands. The round was led by Equal Ventures with participation from Chingona Ventures and CEAS Investments, and the company aims to help operators move beyond dashboards toward systems that can make real-time decisions and automate actions across the business. - learn more
    • Fika Ventures participated in Lumian’s funding round, backing the startup as it launches an AI-native Amazon agency designed to automate and optimize how brands operate on the marketplace. The company is focused on replacing traditional agency workflows with AI-driven systems that can manage everything from advertising to operations in real time, reflecting a broader shift toward automation in e-commerce. - learn more
    • Riot Ventures co-led True Anomaly’s $650M Series D, backing the defense space startup as it scales spacecraft, software, and autonomous systems designed for national security missions in orbit. The round values the company at around $2.2 billion and brings total funding to over $1 billion since its 2022 founding, and the company plans to use the capital to accelerate mission deployments, expand manufacturing, and grow its workforce as demand increases for space-based defense capabilities. - learn more
    • Clocktower Technology Ventures participated in Clarasight’s $11.5M Series A, backing the AI-powered travel and expense platform as it works to unify fragmented enterprise data into a single system. The round was led by AlleyCorp with participation from several travel and fintech-focused investors, and the company plans to use the funding to expand product development and scale go-to-market efforts as demand grows for AI-driven efficiency in corporate travel. - learn more
    • Halogen Ventures and Mucker Capital participated in SkyfireAI’s $11M seed round, backing the startup as it builds an AI-native platform for coordinating autonomous, multi-drone operations. The company’s software is designed for public safety and defense use cases, helping teams deploy and manage fleets of drones with greater speed and efficiency without increasing staffing, and it plans to use the funding to accelerate product development, expand its team, and scale deployments with government and mission-critical customers as demand grows for autonomous drone systems. - learn more
    • Matter Venture Partners led OpenLight’s $50M Series A-1, with participation from Acclimate Ventures, Catapult Ventures, and existing investors, backing the photonics company as it scales its next-generation chip platform for AI infrastructure. The funding brings total capital raised to $84M and will be used to accelerate global deployment of its silicon photonics technology across data centers, telecom, and other high-bandwidth applications. - learn more
    • Alexandria Venture Investments participated in Fathom Therapeutics’ $47M Series A, backing the biotech startup as it applies quantum chemistry and AI to design next-generation small molecule drugs. The oversubscribed round was led by Sutter Hill Ventures with participation from Chemistry and other investors, and the company plans to advance its platform, which simulates protein behavior inside living cells to accelerate drug discovery. - learn more

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      Netflix Doubles Down on LA

      🔦 Spotlight

      Hey Los Angeles.

      Goodbye Coachella, hello Stagecoach. The desert doesn’t stay quiet for long, and neither does LA’s entertainment machine.

      This week, that momentum showed up in a more permanent way.

      Netflix is expanding its footprint in Los Angeles with a major move to take over and invest in Radford Studio Center, a historic production lot in Studio City. The company is planning a long-term transformation of the site, with upgrades to soundstages, production offices, and infrastructure designed to support the next generation of film and television production.

      It’s a notable shift in a moment when production has been under pressure in California, with studios increasingly looking outside the state for cost advantages. Netflix going deeper in LA, and specifically into a legacy studio lot, signals a different kind of commitment. Not just to content, but to where that content actually gets made.

      And it comes at a time when the streaming wars have matured. Growth is harder, budgets are tighter, and the focus has shifted from scale at all costs to efficiency and control. Owning or operating more of the production environment gives Netflix tighter control over timelines, costs, and output.

      For Los Angeles, it’s a reminder of what still anchors the city. Even as AI, defense tech, and infrastructure startups continue to rise, entertainment remains one of the few industries where LA isn’t just competitive, it’s foundational.

      Different headlines each week, but a consistent theme underneath them. Whether it’s power, autonomy, or content, the companies that matter are investing in the layers they don’t want to outsource.

      And in this case, that layer is Hollywood itself.

      Below are this week’s venture deals, fund announcements, and acquisitions across LA 👇


      🤝 Venture Deals

        LA Venture Funds

        • UP Partners and Calm Ventures participated in Reliable Robotics’ $160M funding round, backing the autonomous aviation company as it advances pilotless flight technology for cargo and passenger aircraft. The round included a mix of new and existing investors, and the company plans to use the capital to accelerate certification efforts and expand deployment of its autonomous systems across commercial aviation. - learn more
        • Blue Heron Ventures participated in Tava Health’s $40M Series C, backing the company as it expands its tech-enabled mental health platform into a more integrated, full-stack system for providers, employers, and health plans. The round was led by Centana Growth Partners with participation from existing investors, and the company plans to use the funding to roll out new AI-powered tools and broaden access to care while reducing administrative friction across the system. - learn more
        • Vamos Ventures participated in Zócalo Health’s $15M Series A, backing the company as it scales its tech-enabled, community-based primary care model focused on high-need and underserved populations. The round was led by .406 Ventures with participation from existing and new investors, and the company plans to use the funding to expand its clinics and deepen partnerships with Medicaid programs as demand for accessible care grows. - learn more

        LA Exits
        • Studio71 has been acquired by Fixated as part of a broader deal in which German media company ProSiebenSat.1 sold its North American creator business, giving Fixated a large-scale network of creators and podcast operations and significantly expanding its footprint as it continues an aggressive roll-up strategy in the creator economy. The move signals continued consolidation in the space, with Fixated building a more vertically integrated platform across talent management, content production, and distribution. - learn more
        • Bonsai Health has been acquired by ModMed, bringing its AI-powered patient engagement platform into a broader healthcare software ecosystem. The deal is aimed at integrating Bonsai’s “agentic AI” capabilities into ModMed’s platform to automate patient outreach, fill care gaps, and improve scheduling across a network of nearly 50,000 providers. - learn more

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          A $26M Push Into Power in LA

          🔦 Spotlight

          Hello, Los Angeles.

          Coachella Weekend 2 is here, which usually means LA is either heading back to the desert or happily staying put this time around. Back in the city, the focus this week is less about music infrastructure and more about something far more critical, power.

          That’s where this week’s news comes in.

          Critical Loop, a Los Angeles-based energy startup, raised a $26 million Series A to tackle one of the least talked about bottlenecks in tech right now, grid interconnection. In simple terms, it’s the process of getting power to where it’s needed, and increasingly, that process is too slow to keep up.

          Critical Loop is building modular microgrid systems that can be deployed in days instead of years, giving industrial operators, data centers, and other energy-heavy users faster access to power without waiting on traditional grid upgrades. The round was led by Conifer Infrastructure Partners and Hanover, with participation from Better Ventures, Climate Capital, Adapt Nation Capital, and Cyrus Ventures.

          The timing here matters. Between AI infrastructure demands, electrification, and a broader push toward domestic energy resilience, power is quickly becoming a gating factor for growth. You can build the data center, the factory, or the next big thing, but none of it works if you can’t turn it on.

          That’s what makes companies like Critical Loop worth watching. They’re not building the flashiest part of the stack, but they’re solving for the piece everything else depends on.

          And in a city that knows a thing or two about scaling ambition quickly, that might be the most important layer of all.

          Below are this week’s fund announcements across LA 👇


          🤝 Venture Deals

          LA Venture Funds

          • Anthos Capital participated in Wealth.com’s $65M Series B, backing the AI-powered estate and tax planning platform as it scales across financial institutions. The oversubscribed round included new investors like Titanium Ventures and Pruven Capital alongside existing backers, and the company plans to use the funding to expand product development, pursue acquisitions, and grow its enterprise footprint as demand rises for AI-driven wealth management solutions. - learn more
          • Anamika Ventures participated in Sage Haven’s $3M pre-seed round, backing the AI-powered messaging and calling app designed to create a safer communication environment for kids. The round was led by Anamika Ventures alongside Fabric Ventures and a group of early-stage investors, as the company launches a platform focused on preventing cyberbullying through real-time AI moderation and parent oversight tools. - learn more
          • MANTIS Venture Capital participated in Factory’s $150M Series C, backing the AI startup as it builds autonomous software engineering systems for enterprise teams. The round was led by Khosla Ventures and included firms like Sequoia Capital, Blackstone, Insight Partners, and NEA, valuing the company at $1.5 billion. Factory plans to use the funding to invest further in product development and global expansion as demand grows for AI-driven tools that can automate large portions of the software development process. - learn more
          • Rebel Fund participated in Uplane’s $4.5M seed round, backing the AI startup as it looks to replace traditional marketing agencies with a platform that automates ad creation, testing, and budget optimization. The round was led by Play Ventures with participation from Y Combinator, 20VC, and Multimodal Ventures, and the company says its technology can improve return on ad spend by automating performance marketing workflows. - learn more
          • Alexandria Venture Investments and Presight Capital participated in Alloy Therapeutics’ $40M Series E, backing the biotech infrastructure company as it scales its AI-powered platform for drug discovery and development. The round included a mix of new investors like 8VC and JIC Venture Growth Investments alongside returning backers, valuing the company at $1 billion and underscoring continued interest in platforms that combine AI, data, and lab services across the biopharma lifecycle. - learn more
          • Finality Capital Partners participated in HYFIX’s $15M seed round, backing the semiconductor startup as it builds American-made chips designed to power drones and autonomous robots. The round was led by Craft Ventures with participation from Catapult Ventures, Multicoin Capital, and Sky Dayton, and the company is developing an integrated system-on-a-chip to replace fragmented hardware stacks and reduce reliance on foreign components. - learn more
          • Rainfall Ventures participated in Stendr’s $5.4M pre-seed round, backing the Norwegian defense tech startup as it builds an AI-native platform for drone detection and counter-drone operations. The round was co-led by Rainfall alongside ACME Capital and Skyfall, with additional participation from Antler, StartupLab, and other early-stage investors, and the company plans to use the funding to accelerate development of its multi-sensor technology and expand engineering capabilities. - learn more
          • Slauson & Co. participated in Slate Auto’s $650M funding round, backing the EV startup as it works to bring a lower-cost electric pickup truck to market. The round was led by TWG Global and comes as the Bezos-backed company prepares to begin production, targeting a more affordable segment of the EV market with a customizable truck expected to launch later this year. - learn more
          • Navitas Capital co-led Primepoint’s $10M seed round, backing the AI startup as it builds a platform that reads and connects complex construction drawings to streamline project workflows. The round also included investors like Penny Jar Capital, NextView Ventures, GS Futures, and Aglaé Ventures, and the company plans to use the funding to expand its platform and grow adoption among large commercial contractors. - learn more
          • Alexandria Venture Investments participated in Neomorph’s $100M Series B, backing the biotech company as it advances its molecular glue degrader platform targeting previously undruggable diseases. The round was led by Deerfield Management with participation from Regeneron Ventures, Longwood Fund, and Binney Street Capital, and the company plans to use the funding to support ongoing clinical trials and expand its broader drug development pipeline. - learn more

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