VCFamilia, a coalition of 250 Latino venture investors, issued a statement Wednesday responding to a new report highlighting the ongoing challenges that Latino founders face in raising capital. “The reasons for this disparity are nothing new: our community is not part of the networks that give founders access to significant capital, and there is a lack of opportunity to demonstrate that we are fully capable of building and scaling large enterprises,” the group said.
Here’s what else we’re reading in the news:
- Hedge fund manager Bill Ackman buys $1B in Netflix stocks.
- Astrophysicists predict pieces of a SpaceX rocket booster will soon collide with the moon.
- Activision Blizzard declines to voluntarily recognize a union at one of its subsidiaries.
- Pasadena will adopt more surveillance technology amid a spike in shootings.
- Celebrity Courteney Cox launches a new line of home care products.
- Mattel wins back a contract to produce Disney princess dolls after losing it to rival Hasbro.
- Rihanna's Savage X Fenty lingerie brand raises $125 million.
As Latino Small Business Grows, Funding Doesn't Follow
A coalition of Latino venture capitalists responded to new data indicating that Latino-founded startups continue to face difficulties raising money, and have called for investors to “commit to meaningfully moving the needle” to address inequities.
Snap's New Augmented Ecommerce Experience
The Santa Monica-based social media giant has launched a series of updates to its Snapchat app’s AR ecommerce experience, allowing shoppers to virtually try on clothing, see real-time prices and purchase items directly.
Superpedestrian Will Add 1,500 LINK Scooters to LA Streets
There are currently about 3,500 of the company’s electric scooters around the city—from Downtown to the San Fernando Valley—and LINK plans to ramp up that number to 5,000 this year.