Former Partner at 'Wolf of Wall Street' Firm Launches a Social Site for Ex Cons

Sarah Favot

Favot is an award-winning journalist and adjunct instructor at USC's Annenberg School for Communication and Journalism. She previously was an investigative and data reporter at national education news site The 74 and local news site LA School Report. She's also worked at the Los Angeles Daily News. She was a Livingston Award finalist in 2011 and holds a Master's degree in journalism from Boston University and BA from the University of Windsor in Ontario, Canada.

Wolf of Wall Street

A one-time partner in the New York brokerage firm made famous by "The Wolf of Wall Street" film has launched a social media site for people like him — the formerly incarcerated.

Richard Bronson debuted Los Angeles-based Commissary Club in beta just three weeks ago and already has thousands of people on a wait list. Bronson aims to reach an estimated 70 million Americans who have a criminal record, whether it resulted from years in prison or an arrest without a conviction.


"There's virtually no way for them to connect to one another," Bronson said. "People with records tend to lead solitary lives living in the shadows, sort of ashamed or afraid to emerge out of fear they'll get in trouble or they'll be ostracized, which is certainly understandable."

He hopes the site will help people get jobs, housing, financial services, legal advice and even dates.

Bronson, 66, said the film starring Leonardo DiCaprio, which depicts the high life and criminality at the firm, was "fairly accurate." He left Stratton Oakmont to establish his own firm in Miami that grew to 500 employees and continued to defraud clients.

"Needless to say, my life took some interesting turns, but unfortunately, I also broke some laws along the way," he said. "While I wish I could have some good excuse, the only thing I have to say is that I was stupid and greedy."

Richard BronsonRichard Bronson served a 22-month prison sentence after he pleaded guilty to securities fraud

He served a 22-month prison sentence after he pleaded guilty to securities fraud, a relatively lenient sentence because he repaid those who suffered losses.

In 2017, after he got out of prison, he founded 70 Million Jobs, a for-profit employment platform that was supported by Y Combinator funding. Being a white man with a college education, he realized there were millions of others who had less privilege and would have an even harder time establishing a life outside of prison walls.

"For me, going from a life of Ferraris and supermodels and private jets and drug taking and gambling millions of dollars and this crazy life, and then going to prison where I'm scrubbing toilets for 100 guys behind bars, that typically changes a person, and it should," he said.

The Prison Policy Initiative estimates that more than 27% of the formerly incarcerated were unemployed as of 2018. The goal of 70 Million Jobs was to create 1 million jobs, but Bronson estimates that figure to be about 2,500 now, though it's difficult to quantify because they don't track all of their users. The company works with employers like Denny's, Uber, Jack in the Box and Skechers.

Kory Harp, MOD Pizza's program manager for opportunity employment, said about 25% to 29% of its workforce are second chancers. The company, which has 495 stores in the U.S. and Canada, works with 70 Million Jobs to place new employees.

Lupe Villegas, who is a district manager for MOD Pizza in Central and Northern California and was formerly incarcerated himself, said the best employees are those who are eager and humble.

"Are you hungry enough to keep a job and be moldable for us and can accept feedback? Those are the people who are successful," he said.

To date, 70 Million Jobs, which moved its headquarters from San Francisco to L.A. more than a year ago, has raised $1.6 million from investors and is seeking an additional $2 million.

Bronson said while venture capitalists believed in the mission of 70 Million Jobs, they had trouble seeing how it could be lucrative. Despite the issues he encountered, the company became profitable at the beginning of this year and it had plans for a Series A funding round at the end of the year, but then the pandemic hit.

Many of the people who found jobs through 70 Million Jobs work in warehouses, construction and manufacturing — jobs where you can't work from home.

"Our business went from really taking off to literally zero, virtually overnight," he said.

As funding started drying up, Bronson pivoted to the social media site, which was in the long-term plans, but was now accelerated.

The plan is to partner with companies and services that want to target to this population.

"Together, they have formidable buying power, but nobody markets a single thing to them," Bronson said. "Not only is that wrong, but it almost represents a seminal business opportunity as well."

Bronson hopes it will be an all-encompassing platform, like the AARP for seniors.

He declined to give details about what companies they've partnered with since the site is in its beginning stages and negotiations are underway.

He envisions running shoe, music, entertainment and video-gaming companies will want to market to this audience as well as financial institutions, mobile phone companies, legal services and, of course, potential employers.

Kevin Bruce, who served 35 years in prison for second-degree murder, was a beta tester for the site. He works for San Francisco-based Checkr, a startup tech company that performs background checks for companies like Uber and Lyft.

He said shame is the reason why Commissary Club is needed for those who've been convicted of crimes because you're in a network where people already know that you have a criminal past.

"I didn't have to explain myself, these people already knew, that takes so much stress out of the interview process that you can't even imagine.," he said. "It takes the shame out of the game."

It also can help with dating life.

"If I had to go on Tinder to look for a date, I'm not going to get very far," he said.

Mars, Money, and Makeovers : LA’s Big Week

🔦 Spotlight

Happy Friday, LA!

This week has been full of energy in LA’s tech world, with some big moves that are hard to ignore. From a local company going public to bold partnerships and exciting projects, here’s a look at the stories driving conversations and shaping what’s happening right now.

ServiceTitan's IPO Ambitions

Image Source: ServiceTitan - Cofounders Ara Mahdessian & Vahe Kuzoyan

ServiceTitan, a Glendale-based software leader for tradespeople like plumbers, electricians, and HVAC technicians, is gearing up for a major step forward: its initial public offering. The company plans to offer 8.8 million shares priced between $52 and $57, targeting a valuation of up to $5.16 billion. Trading under the ticker “TTAN” on the Nasdaq, ServiceTitan’s IPO is backed by financial heavyweights Goldman Sachs and Morgan Stanley. ServiceTitan’s software simplifies essential tasks such as scheduling and payments for trades professionals, providing much-needed solutions in an industry frequently underserved by technology. The IPO reflects both the company’s rapid growth and a broader trend of integrating advanced tools into foundational industries.

SpaceX: Shooting for the Stars (and $350 Billion)

Image Source: SpaceX

SpaceX is on the verge of solidifying its place as the world’s most valuable startup, with insiders estimating a valuation of $350 billion, according to Forbes. It’s not just about rockets anymore; this company has its sights on global internet domination with Starlink and a future where Mars isn’t just science fiction. Investors are clearly betting big on SpaceX’s ability to pull off the impossible—time and time again. The company’s achievements not only redefine the limits of private enterprise but also establish SpaceX as a key player in reshaping humanity’s relationship with space. For the LA tech scene, SpaceX’s valuation is more than a number; it’s a reminder of what’s possible when ambition meets execution. The question isn’t “what’s next?”—it’s “what’s not?”

Anduril x OpenAI: The Future of AI Defense

Image Source: Anduril

In a move that underscores the rapid convergence of defense and cutting-edge AI, Costa Mesa-based Anduril Industries announced a partnership with OpenAI. This collaboration aims to bolster U.S. leadership in artificial intelligence while enhancing national security capabilities. Anduril, known for its autonomous defense technologies, is leveraging OpenAI’s advanced AI systems to supercharge its offerings. The implications? Think faster decision-making and smarter tech on the battlefield. This partnership not only signals Anduril’s commitment to innovation but also highlights the growing importance of AI in reshaping defense.

The Rose Bowl Legacy: Preserving an Icon

Image Source: VisitPasadena

The Rose Bowl, Pasadena’s iconic stadium and a symbol of Southern California’s rich history, is gearing up for an $80 million transformation as part of its "Lasting Legacy Campaign." This effort isn’t just about preparing for the 2028 Olympics—it’s about enhancing the fan experience while staying true to the venue’s historic roots. From new field-level club seats to a cutting-edge videoboard, upgraded Wi-Fi, and even a refurbished marquee sign, this project balances nostalgia with modern innovation. The Rose Bowl has always been more than just a stadium—it’s a cultural landmark that represents LA’s ability to honor its past while embracing the future. If there’s a place that embodies where history meets progress, it’s here.

2024 Wrapped: Your Year in Music

Image Source: Spotify

As the year winds down, music lovers are diving into Spotify Wrapped and Apple Music Replay 2024. These features don’t just highlight our favorite tracks; they showcase how deeply music integrates into our daily lives and memories. For anyone in the tech or startup world, these features are a masterclass in how data-driven personalization can deepen user loyalty and turn casual interactions into powerful engagement.

Whether it’s setting the stage for the next space frontier, advancing national security with AI, or revitalizing a cultural landmark, this week’s stories remind us that progress is as much about preserving what matters as it is about reaching for what’s next.


🤝 Venture Deals

LA Companies

  • Nectir, an educational technology company that allows educators to design customized AI teaching assistants providing students with 24/7 personalized support, has raised a $4M Seed funding round led by Long Journey Ventures to develop new features and expand its team. - learn more
  • Talus Network, a blockchain platform merging AI and decentralized tech to create smart agents, has raised a $6M Strategic funding round led by Polychain Capital at a $150M valuation to advance its ecosystem, including Protochain, Nexus, and an AI dating app. - learn more
LA Venture Funds
  • Plus Capital participated in a $35M Series B funding round for Sage, a New York-based company specializing in senior living operations, to enhance its technology platform and expand its services across the U.S. and internationally - learn more
  • Supply Chain Capital led a $4.5M Seed funding round for Celleste Bio, a cocoa tech company specializing in cell-cultured cocoa production, to scale its manufacturing capabilities and accelerate sustainable cocoa innovation. - learn more
  • Village Global co-led a $5.75M Seed funding round for Across AI, a San Francisco-based startup developing AI-driven enterprise solutions, to accelerate product development and expand its team. - learn more
  • M13 led a $5.4M Seed funding round for Cat Labs, an Austin-based startup focused on combating crypto and AI-enabled crime, with the funds being used to develop tools and services that address digital asset security threats. - learn more
  • Chapter One Ventures participated in a $4M Seed funding round for Fiamma, a Singapore-based startup focused on decentralized finance infrastructure, with the funds being used to develop innovative tools for secure and efficient on-chain lending. - learn more
  • The Games Fund participated in a $3M funding round for Playgama, a gaming platform that simplifies the distribution and monetization of HTML5 games across various platforms; the investment will be used to enhance their Platform-as-a-Service ecosystem, including monetization, quality assurance, and management tools. - learn more
  • Fika Ventures led a $6M Seed funding round for StretchDollar, a Pittsburgh and San Francisco-based fintech startup that simplifies health benefits for small businesses through a self-service platform; the funds will be used to enhance their platform and expand their team. - learn more
  • OCV participated in a $27.6M funding round for OSSIO, a Woburn, Massachusetts-based medical device company specializing in bio-integrative orthopedic implants; the funds will accelerate commercial efforts, including new product development and establishing a manufacturing and training center in Florida. - learn more
  • Avalaunch participated in a $6.5M Seed funding round for Avant, a Palo Alto-based decentralized finance protocol that issues a "stable-value" token called avUSD, to scale its crypto yield products. - learn more
  • Rebel Fund participated in a $2.5M Seed funding round for Circleback, a San Francisco startup that uses AI to generate meeting notes and action items, integrating with platforms like HubSpot and Notion; the funding will support expansion and development. - learn more

LA Exits

  • Of Kos, formerly VMed, a healthcare marketing agency specializing in digital and creative solutions, has been acquired by ONAR, a global network of marketing agencies, as part of its expansion into the healthcare marketing sector. - learn more
  • Rhapsody Voices, a boutique podcast network representing leading content creators and offering tailored solutions for revenue growth through sponsorship representation, content creation, strategy, and marketing, has been acquired by Evergreen Podcasts. - learn more
  • TEDIVO, a Long Beach-based software provider specializing in container supply chain tools like BAPLIE Viewer Online, has been acquired by Lynxis to enhance its port orchestration products and improve cargo management efficiency. - learn more

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🚀 Inversion Secures $44 Million to Pioneer On-Demand Delivery from Space

🔦 Spotlight

Happy Friday, LA!

This week, Southern California's thriving space tech scene celebrated another milestone as Inversion, an El Segundo-based startup, announced a $44 million Series A funding round. The investment, co-led by Spark Capital and Adjacent, with participation from Kindred Ventures, Lockheed Martin Ventures and Y Combinator, underscores the growing appetite for innovative solutions in aerospace, logistics, and beyond. To date, they’ve raised $54 million, including a $10 million seed round in 2021. In September, they also secured a $71 million STRATFI agreement with the Space Force’s SpaceWERX to develop reentry vehicles for military applications, funded through a mix of government and private investment.

Image Source: Inversion

Inversion is pioneering a new frontier: reusable vehicles capable of rapidly returning payloads from orbit to Earth. Their "Earth Return Capsules" are designed to deliver within as little as an hour, enabling everything from rapid-turnaround experiments in microgravity to the delivery of critical medical supplies across the globe.

Building on this vision, a key focus for Inversion, as noted by SpaceNews, is the development of Arc, a reentry vehicle designed to provide "precision delivery on-demand" from space to Earth. With its first flight planned for 2026, the company is using the Series A funding to move Arc through its full product cycle, including design and development. This funding will also support Inversion's growth from its current 25 employees to a team of around 70, as well as their move into a new facility. Co-founder and CEO Justin Fiaschetti emphasized that the funding is sufficient to bring Arc through its inaugural flight.

Adding to the excitement, Inversion recently achieved a critical regulatory milestone in October by receiving a re-entry license from the Federal Aviation Administration (FAA). This license is a pivotal step in their journey, allowing the company to safely and legally return payloads from orbit to Earth. It positions Inversion among a select group of companies capable of operating in this emerging sector and demonstrates their readiness to bring the concept of space-based logistics into reality.

This isn’t just a win for Inversion—it’s a win for the Los Angeles aerospace ecosystem, which continues to attract top-tier talent and funding. With giants like SpaceX and Relativity Space already calling the region home, Inversion is further cementing LA’s status as the nation’s space tech hub.

As Southern California continues to lead the way in space innovation, Inversion is one to watch. Their vision for merging cutting-edge aerospace technology with real-world logistics solutions may not just change how we view space—it might transform how we interact with it.

Stay tuned for more updates from LA’s tech and startup scene. For now, keep your eyes on the skies—Inversion is bringing them closer to Earth.


🤝 Venture Deals

LA Companies

  • Seen Health, a company enhancing healthcare for seniors, has raised a $22M Series A funding round led by 8VC to support the opening of its first center in California and drive the development of the company’s technology. - learn more
LA Venture Funds
  • Theory Forge Ventures participated in a $30M Seed funding round for San Francisco-based Wordware, a startup developing a full-stack operating system for AI development that enables users to create sophisticated AI agents using natural language; the funds will be used to expand their platform and accelerate growth. - learn more
  • Clocktower Ventures participated in the most recent funding round for OpenYield, a New York-based company revolutionizing bond trading with its automated, equity-like marketplace, bringing the company's total funding to $7M to date. - learn more
  • Bonfire Ventures led a $4.25M Seed funding round for KeySavvy, a Seattle-based platform that simplifies and secures private-party car transactions; the funds will be used to expand their operations and engineering team, support new partnerships, enhance platform automation, and launch a fast-financing product for buyers. - learn more
  • Aliment Capital led a $42M Series C funding round for OneRail, an Orlando-based company specializing in last-mile delivery logistics software; the funds will be used to enhance their platform's capabilities and expand market reach. - learn more
  • UP.Partners led a $7M second-extension Series A funding round for Teleo, a Palo Alto-based company specializing in autonomous construction equipment; the funds will be used to expand their product offerings and accelerate market adoption. - learn more
  • Alexandria Venture Investments participated in a $30M Seed funding round for Valora Therapeutics, a San Diego-based biotechnology company developing novel immunotherapies using their proprietary AbLec platform; the funds will be used to advance their research and development efforts, optimize the platform, and progress AbLec therapeutics toward clinical trials. - learn more
  • Progression Fund participated in a $1.5M Pre-Seed funding round for GetMyHome, a Redondo Beach-based real estate service provider that offers a full rebate of seller-paid agent commission fees, charging clients a flat fee for the services they need, and employs agents who receive flat-fee compensation to help clients secure their dream homes without the incentive to push for overbidding. - learn more
  • Hyperlink Ventures participated in a $33M Series B funding round for Selector, a Santa Clara-based company specializing in AI-driven solutions that provide comprehensive visibility and intelligence for complex networks, infrastructure, and applications; the funds will be used to accelerate the development of their AIOps, Large Language Model (LLM), and Digital Twin technologies, as well as to expand their global presence. - learn more
  • Bonfire Ventures and Impulsum Venture Colab participated in a $5.25M Seed funding round for CalmWave, a Seattle-based health-tech startup specializing in reducing non-actionable ICU alarms to alleviate clinician fatigue; the funds will be used to boost market growth and expand partnerships with GPO channels like Premier, Inc. and Partners Coop. - learn more
  • Wavemaker 360 participated in a $14.5M Seed funding round for Citizen Health, a San Mateo, CA-based company with an AI-powered consumer health platform designed to support individuals managing rare and complex conditions; the funds will be used to enhance their platform and advance research in rare disease drug development. - learn more
  • B Capital led a $25M Series A funding round for Synapticure, a Chicago-based virtual care company specializing in neurodegenerative diseases; the funds will be used to expand partnerships, invest in technology, accelerate clinical research, and scale their medical group to enhance care for patients and caregivers nationwide. - learn more
  • Amboy Street Ventures and Emmeline Ventures participated in a $16M Series A funding round for Alloy, a New York-based menopause care startup that offers personalized treatments, including hormone therapy and symptom management, through telemedicine consultations and home delivery of medications. - learn more
  • Morpheus Ventures participated in a $28M Series A funding round for Goodstack, a SaaS and fintech platform that helps businesses integrate charitable giving, and the funds will be used to expand services for corporates, build technology for nonprofits, and hire across the team in 2025. - learn more
  • Trousdale Ventures participated in a Series B funding round for Anello Photonics, a Santa Clara, CA-based company specializing in silicon photonic optical gyroscopes (SiPhOG™); the funds will be used to improve navigation and positioning in GPS-denied environments for industrial and defense uses. - learn more
  • Cultivate Next participated in a $30M Series B funding round for Plantible Foods, a San Diego-based biotechnology company that creates sustainable, plant-based protein ingredients, starting with Rubi Protein™ from the aquatic plant Lemna, will use its investment to expand manufacturing at its first commercial plant, "The Ranchito," a 100-acre facility in West Texas. - learn more
  • Bonfire Ventures led a $4M Seed funding round for Mithrl, a San Francisco-based company providing an AI-powered platform to accelerate scientific research; the funds will be used to expand their go-to-market team and further develop the platform. - learn more
  • Upfront Ventures led a $15M Seed funding round for BrightAI, a San Francisco-based company specializing in AI-powered sensor technology for real-time monitoring across various industries; the funds will be used to enhance their technology and meet growing customer demand. - learn more

      LA Exits

      • Brainjolt, a Pasadena-based digital media company that creates and curates engaging content across various platforms and reaches millions of users monthly, has been acquired by Centerfield. - learn more

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              What’s New from Waymo 🚗 and Snapchat 👻

              🔦 Spotlight

              Happy Friday, LA!

              Image Source: Waymo

              In case you’ve been cooped up indoors or haven’t had a chance to leave the office this week, you might have missed the latest buzz—Waymo’s self-driving cars are now cruising all over LA! That’s right—Waymo One, the autonomous ride-hailing service, has officially expanded citywide, now covering nearly 80 square miles of Los Angeles. After months of testing and a waitlist, Angelenos can now book rides 24/7 in areas stretching from Santa Monica to Hollywood to the USC neighborhood. Early feedback has been overwhelmingly positive, with passengers rating the service 4.7/5. Riders are praising the smooth, safe experience—making it a game-changer for getting around the city, whether it’s for work, errands, or leisure.

              Image Source: Snap

              Meanwhile, Snapchat is stepping up its game with new features in its Family Center designed to boost family safety and connectivity. Parents can now request their teens' live location on Snap Map, stay informed about their location-sharing settings, and set travel notifications to get alerts when family members arrive or depart from key locations like home or school. These updates give families more control and peace of mind in managing their digital interactions.


              🤝 Venture Deals

              LA Companies

              • Camouflet, an AI-driven platform specializing in real-time pricing optimization, has raised a $3M Seed funding round from private investors to enhance its services. - learn more
              • Chaos Industries, a defense tech company specializing in advanced detection and monitoring systems, raised a $145M Series B funding round led by Accel to accelerate its development of critical national security technologies. - learn more
              • Radiant, a company specializing in advanced nuclear microreactors, raised a $100M Series C funding round led by DCVC. The funds will be used to complete the Kaleidos Development Unit and conduct testing at Idaho National Laboratory's DOME facility, aiming to bring factory-built microreactors to market. - learn more
              • Mundial Media, a company focused on contextual marketing for multicultural audiences, raised a $1.5M Pre-Seed extension round led by new and existing investors, with the funds aimed at advancing their Cadmus AI technology and expanding digital advertising offerings. - learn more

              LA Venture Funds
              • Joyful Ventures participated in a seed funding round for Meatly, a UK-based company specializing in lab-grown pet food, though the exact amount raised has not been disclosed. - learn more
              • B Capital participated in a $200M Series C funding round for Writer, a full-stack generative AI platform that helps enterprises deploy secure and reliable AI solutions to address critical business challenges. - learn more
              • LFX Venture Partners participated in a US$30M Series C2 funding round for UniUni, a company transforming last-mile delivery for e-commerce through technology, and plans to use the capital to improve its platform and rapidly grow its operations. - learn more
              • Composition Capital participated in a $20M Series B funding round for Arbolus, an expert insights platform that connects investors and consultants with subject matter experts, to support Arbolus's expansion into the U.S. market - learn more
              • Type One Ventures co-led a Series A funding round for Lunar Outpost, a company specializing in lunar surface mobility, commercial space robotics, and space resources; the funds will support their active programs. - learn more
              • Trousdale Ventures participated in a $29M funding round for Starfish Space, a Seattle-based satellite servicing company that will use the funds to develop and launch its Otter spacecraft, designed to extend the operational life of satellites in geostationary orbit. - learn more
              • Plus Capital participated in a $20M Series A funding round for OneSkin, a San Francisco-based biotech company specializing in skin health treatments, with the funds aimed at expanding research, developing new formulas, and growing its presence in the anti-aging skincare industry. The company will also invest in its team and explore new sales channels. - learn more
              • Starshot Capital participated in a $10.5M Series A funding round for Ecolectro, a New York City-based green hydrogen company, to support the development of its scalable electrolyzer technology and make green hydrogen more accessible. - learn more
              • Navitas Capital participated in a $37M Series B funding round for SwiftConnect, a company that provides connected access solutions for buildings and spaces, to expand its network, scale operations, and support new product initiatives. - learn more
              • Griffin Gaming Partners led a €17M Seed funding round for BIT ODD, a Finnish gaming studio focused on creating mobile games that prioritize creativity and emotional depth over finance-driven metrics. - learn more
              • The K Fund participated in a $20M funding round for Homethrive, a caregiving solutions platform, and the funds will be used to help expand its AI-driven care navigation, improve personalized support, and enhance digital tools to increase engagement across various payer populations. - learn more

                    LA Exits

                    • Farm Dog, a Los Angeles-based company that provides a platform with tools to help agronomists streamline their work—offering features for field scouting, document management, and data integration to enhance productivity in agriculture—has been acquired by FarmQA. - learn more

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