For budding L.A. startups, pre-money valuations have been eye-popping in the first half of 2021, rising 116% from last year to a median of $65 million, according to a recent Pitchbook report. Nearly every startup hub in the U.S. saw increases in the same period, but the jump was most pronounced in L.A. Read more...
Here's what else we're reading in the news:
- When Facebook shut down for six hours on Tuesday, Snapchat usage surged more than 20%, making it the platform to benefit the most from the outage.
- The live esports channel ESTV, based in L.A., is partnering with Arti to integrate augmented reality into its programming.
- Loop Media, a Glendale-based multichannel streaming platform, has added Denise M. Penz and Sonya Zilka to its board of directors.
- GrubMarket, a food supply ecommerce company, has acquired L.A.'s 112-year-old Shapiro-Gilman-Shandler Produce company, a major provider of produce and dairy.
- The livestreaming platform once known as LiveXLive will now be called LiveOne, the company announced today.
- L.A. city restaurants, shopping malls, theaters and other indoor venues will soon need to require proof of vaccination from their customers.
The phenomenon is not limited to emerging businesses: Late-stage startup valuations rocketed in the first half of 2021, too. In L.A., the median pre-money valuation for these companies increased 138% to $175 million, according to the report. Pitchbook recorded the highest median late-stage valuation in the Bay Area at $275 million.
Los Angeles-based CarbonBuilt has raised $10 million to grow its team and further develop the tech it uses to trap captured carbon emissions inside concrete.
A shell company co-created by former Zillow CEO and dot.LA co-founder Spencer Rascoff revealed today that it's merging with quantum computing company Rigetti in a $1.5 billion deal.