This Week in ‘Raises’: Acorns Lands $300M, Griffin Gaming Partners Seals $750M Fund

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

​A person using the Acorns fintech app.
Courtesy of Acorns

Raises is dot.LA’s weekly feature highlighting venture capital funding news across Southern California’s tech and startup ecosystem. Please send fundraising news to Decerry Donato (decerrydonato@dot.la).


Venture Capital

Irvine-based fintech app Acorns raised $300 million in a Series F funding round led by private equity firm TPG.

Menlo Microsystems, an Irvine-based manufacturer of electronic switches, raised $150 million in Series C funding led by Vertical Venture Partners and Future Shape.

Slingshot Aerospace, an El Segundo-based space data and analytics startup, raised $25 million in Series A-1 funding led by Draper Associates and ATX Venture Partners.

A-Frame Brands, an L.A.-based developer of celebrity-led personal care brands, raised $11.2 million in seed funding led by Forerunner Ventures and Initialized Capital.

Gumball, an L.A.-based adtech platform connecting podcasts and advertisers, raised $10 million in Series A funding led by Union Square Ventures and Good Friends.

Immerse, an Irvine-based virtual reality language teaching and learning platform, raised $9 million in Series B funding led by Eagle Venture Fund and Mustang Creek Capital.

Kicks Crew, an L.A.- and Hong Kong-based ecommerce platform for sneakers, raised $6 million in Series A funding led by Gobi Partners, Pacific Century Group and DL Securities.

L.A.-based nutrition startup Uplifting Results Labs raised $6 million in funding, according to an SEC filing.

AI-powered job board Rolebot, based in L.A., raised $4.8 million in funding, according to an SEC filing.

Postcard Game Studio, an Irvine-based independent video game developer and publisher, received a $3.5 million seed investment from South Korean video game company Smilegate.

Freightpay, an L.A.-based payment platform for logistics and freight forwarders, raised $2 million in funding led by Defy.vc and Better Tomorrow Ventures.

Funds

Griffin Gaming Partners, a Santa Monica-based venture firm focused on the video game industry, closed a $750 million fund.

JPEG Fund, a South Pasadena-based Web3 investment fund, raised $15 million in funding from a solitary investor, according to an SEC filing.

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NASA’s JPL Receives Billions to Begin Understanding Our Solar System

Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College and previously covered technology and entertainment for TheWrap and reported on the SoCal startup scene for the Los Angeles Business Journal. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

NASA’s JPL Receives Billions to Begin Understanding Our Solar System
Evan Xie

NASA’s footprint in California is growing as the agency prepares for Congress to approve its proposed 2024 budget.

The overall NASA budget swelled 6% from the prior year, JPL director Larry Page told dot.LA. He added he sees that as a continuation of the last two presidential administrations’ focus on modernizing and bolstering the nation’s space program.

The money goes largely to existing NASA centers in California, including the Pasadena-based Jet Propulsion Laboratory run with Caltech, Ames Research Center in Silicon Valley and Armstrong Flight Research Center at Edwards Air Force Base.

California remains a hotspot for NASA space activity and investment. In 2021, the agency estimated its economic output impact on the region to be around $15.2 billion. That was far more than its closest competing states, including Texas ($9.3 billion) and Maryland (roughly $8 billion). That same year, NASA reported it employed over 66,000 people in California, for an estimated economic output of $15 trillion.

“In general, Congress has been very supportive” of the JPL and NASA’s missions, Page said. “It’s generally bipartisan [and] supported by both sides of the aisle. In the last few years in general NASA has been able to have increased budgets.”

There are 41 current missions run by JPL and CalTech, and another 16 scheduled for the future. Page added the new budget is “an incredible support for all the missions we want to do.”

The public-private partnership between NASA and local space companies continues to evolve, and the increased budget could be a boon for LA-based developers. Numerous contractors for NASA (including CalTech, which runs the JPL), Boeing, Lockheed Martin, SpaceX and Northrop Grumman all stand to gain new contracts once the budget is finalized, partly because NASA simply needs the private industry’s help to achieve all its goals.

Page said that there was only one JPL mission that wasn’t funded – a mission to send an orbital satellite to survey the surface and interior of Venus, called VERITAS.

NASA Employment and Output ImpactEvan Xie

The Moon and Mars

Much of the money earmarked in the proposed 2024 budget is for crewed missions. Overall, NASA’s asking for $8 billion from Congress to fund lunar exploration missions. As part of this, the majority is earmarked for the upcoming Artemis mission, which aims to land a woman and person of color on the Moon’s south pole.

While there’s a number of high-profile missions the JPL is working on that are focused on Mars, including Mars Sample Return project (which received $949 million in this proposed budget) and Ingenuity helicopter and Perseverance rover, JPL also received significant funding to study the Earth’s climate and behavior.

JPL also got funding for several projects to map our universe. One is the SphereX Near Earth Objects surveyor mission, the goal of which is to use telescopes to “map the entire universe,” Page said, adding that the mission was fully funded.

International Space Station

NASA’s also asking for more money to maintain the International Space Station (ISS), which houses a number of projects dedicated to better understanding the Earth’s climate and behavior.

The agency requested roughly $1.3 billion to maintain the ISS. It also is increasing its investment in space flight support, in-space transportation and commercial development of low-earth orbit (LEO). “The ISS is an incredible platform for us,” Page said.

Page added there are multiple missions outside or on board the ISS now taking data, including EMIT, which launched in July 2022. The EMIT mission studies arid dust sources on the planet using spectroscopy. It uses that data to remodel how mineral dust movement in North and South America might affect the Earth’s temperature changes.

Another ISS mission JPL launched is called ECOSTRESS. The mission sent a thermal radiometer onto the space station in June 2018 to monitor how plants lose water through their leaves, with the goal of figuring out how the terrestrial biosphere reacts to changes in water availability. Page said the plan is to “tell you the kind of foliage health around the globe” from space.

One other ISS project is called Cold Atom Lab. It is “an incredible fundamental physics machine,” Page said, that’s run by “three Nobel Prize winners as principal investigators on the Space Station.” Cold Atom Lab is a physics experiment geared toward figuring out how quantum phenomena behave in space by cooling atoms with lasers to just below absolute zero degrees.

In the long term, Page was optimistic NASA’s imaging projects could lead to more dramatic discoveries. Surveying the makeup of planets’ atmospheres is a project “in the astrophysics domain we’re very excited about,” Page said. He added that this imaging could lead to information about life on other planets, or, at the very least, an understanding of why they’re no longer habitable. Samson Amore

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https://twitter.com/samsonamore
samsonamore@dot.la

Three Wishes Cereal Co-Founder Margaret Wishingrad on ‘The Power of No’

Decerry Donato

Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

Three Wishes Cereal Co-Founder Margaret Wishingrad on ‘The Power of No’
Provided by BHE

On this episode of Behind Her Empire, Three Wishes founder and CEO Margaret Wishingrad talks about creating brand awareness and shares the key component to running a successful business.

Read moreShow less

‘Commerce at The Curb’: LA’s Rideshare Debate Heats Up

Maylin Tu
Maylin Tu is a freelance writer who lives in L.A. She writes about scooters, bikes and micro-mobility. Find her hovering by the cheese at your next local tech mixer.
Connie Llanos, Jordan Justus and Gene Oh
Justin Janes, Vizeos Media

Three years ago, Los Angeles went into lockdown due to the COVID-19 pandemic. Now, cities like L.A. are struggling to hold on to pandemic-era transportation and infrastructure changes, like sidewalk dining and slow streets, while managing escalating demand for curb space from rideshare and delivery.

At Curbivore, a conference dedicated to “commerce at the curb” held earlier this month in downtown Los Angeles, the topic was “Grading on a Curb: The State of our Streets & Cities in 2023,” a panel moderated by Drew Grant, editorial director for dot.LA.

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