The verdict is in: 62.1% of L.A.'s top venture capitalists say we are definitely in a tech bubble. This, and other insights from VCs on everything from the economy to the pandemic's impact on hiring, comes as a result of dot.LA's quarterly survey of investors in the Los Angeles tech scene. Take a look at the results of this survey. Do you think we're in a tech bubble? Take our Twitter poll.
Here's what else we're reading in the news:
- Saviynt, an L.A.-based identity intelligence firm, has named Jim Jackson as its chief financial officer.
- Green Dot, a Pasadena-based fintech company, has named George Gresham as its chief finance and operating officer, and a member of its board of directors.
- Fanfic, an L.A.-based creator economy startup, has launched an app on the Koji platform.
- UCLA Anderson Forecast has launched a fellowship program to help young economists from underserved communities.
- Boost.ai, a Santa Monica-based AI company, has named Bill Schwaab as its vice president of sales and Kristin Hunger as its senior director of marketing.
- REEF, a Santa Monica-based online mobility operator, is partnering with Arcimoto to launch a zero-emission, ride-sharing program.
- Amazon is developing an audio product to distribute a live radio show and music.
A Tsunami of Higher Tech Valuations
The vast majority (80%) of investors approached in dot.LA's quarterly survey also said they saw higher valuations in the third quarter of 2021 compared to the prior quarter. And a slim majority (53%) said their deal flow increased during the same period. Rising valuations and more deals don't necessarily mean we're in a tech bubble, but the trends at least suggest a feverish market.
Banning Snapchat Drug Sales Is a 'Top Priority,' Snap Executive Says
Snap, TikTok and YouTube executives defended their efforts to protect kids on their platforms as Congress members battered them with questions Tuesday about the algorithms, safety measures and practices they use to keep young people engaged with their apps. One Snap executive said it had tools in place to funnel searches for drug-related words to an anti-drug education campaign and said it has cracked down on the sale of illicit drugs on the site.
What Sweetgreen's IPO Filing Reveals
Sweetgreen, the Culver City salad chain that became a popular spot for the health-conscious set, filed to go public on Monday on the New York Stock Exchange. In its filings, it revealed that its revenue for the year to date, as of September 26, spiked by about 51% to $243 million from the same period last year.
Ecommerce Unicorn Assembly Snaps Up Pacvue
Assembly, the Culver City-based ecommerce software company valued at more than $1 billion, has snapped up Pacvue, an enterprise sales firm that hails from Seattle. "By joining the Assembly family, Pacvue will have access to more resources to build new products and innovate quickly," a spokesperson for Assembly told dot.LA.