Los Angeles is still no match to Silicon Valley when it comes to startup deals closed but new data is validating the narrative that the Southland is on an upward trajectory. L.A.-area startups closed a record 261 funding deals during the third quarter of 2021, according to a venture report from CB Insights. One caveat: As the number of deals recorded in L.A. rose, the total amount of funding dollars raised by startups in the area slipped from $6.1 billion in Q2 to $3.3 billion in Q3. Read more...
Here's what else we're reading in the news:
- Netflix has suspended a trans employee who criticized the streaming company about Dave Chapelle's most recent special.
- Long Beach-based Rocket Lab has set its next two launches in November for Spaceflight Inc.
- Epic Games is considering getting into scripted video programming, and considering a feature film based on its hit game, Fortnite.
- Three economists from the U.S. — two based in California — won the Nobel prize for their pioneering research.
- Taking an Uber or a Lyft to work creates more greenhouse gas emissions and traffic congestion than driving yourself, a new study has found.
By one metric, Los Angeles ranked third among U.S. startup hubs in Q3, trailing only New York (with 504 deals closed) and Silicon Valley (with 771). Q3 also marked the second quarter in a row that L.A. has edged out Boston for a spot among the top three.
As myriads of laptops, monitors and office equipment sat unused, collecting dust in tech offices across the state at the peak of the pandemic, Will Bumpus had an idea: Why not donate them to underserved Black and Latino students?
The Rattle opened a studio in Silver Lake last year, which it operates as something between a startup accelerator, art co-op, coworking space and venture studio. Its goal is to rethink the way musicians and artists are compensated for creating something new or groundbreaking. This week, the Los Angeles and U.K.-based creative collective announced its first investments into Los Angeles-based companies.
Join virtually at 10am PST on Thursday, October 14 to watch 12 Techstars-incubated companies deliver their pitches. Viewers will be able to comment along and interact live during the event.
This Year's Cohort:
- People Clerk
- Alva Health
- Butterfly Labs
- Erdos Ventures
Techstars holds three accelerator programs in L.A., including Techstars Music and Techstars Starburst Space Accelerator.