Los Angeles is now the third-largest startup market in the U.S. behind the Bay Area and New York. It's home to 3,800 venture-backed companies, up 20% over last year. The number of venture capital investments into L.A. startups, meanwhile, increased 83% year-on-year, to nearly 1,200.
Here’s what happened in LA’s entertainment tech world this week 🍿
Snoop Dogg wants to make Death Row Records the first major record label in the metaverse.
More than four years after stepping down as co-CEO, Riot Games co-founder Marc Merrill is now the game developer’s first president of games.
New York-based startup Emcee plans to buy Downtown L.A.'s historic Broadway Trade Center and turn it into a hub for thousands of creators, startups and innovators.
Disney has appointed an executive to oversee its move into the metaverse.
Regulators have subpoenaed Activision as they widen their probe into the game publisher for allegedly abusive workplace culture.
📱Social Media and Content Creators
Snapchat unveiled two new features this week: One allows users to share their real-time location with friends. Another will match you with concerts near you.
Snapchat is also rolling out new revenue-sharing features for its top creators.
This L.A.-based startup is making Youtube creators an offer: Money up front (up to $40 million) to license their videos.
The Chernin Group joined forces with Night Media on a new fund that will pair businesses with social media influencers.
Transportation Tech 🚗
Manhattan Beach-based Fisker is taking reservations for its second EV: The PEAR.
George Soros’ investment firm snapped up $2 billion worth of Rivian shares, putting the company’s stock on pace for a rebound.
The Department of Energy awarded Parallel Systems a $4.4 million research grant for its autonomous electric rail cars.
Raises and $$ đź’°
Technology consulting firm Auticon got a boost to further its mission of training more autistic adults in tech.
Pasadena biotech startup Terray has emerged from stealth with a $60 million raise.
Torrance-based Epirus, a startup that sells weapon systems to take down drones, raised $200 million.
This week, FitOn earned itself a $40 million raise and an acquisition of wellness platform Peerfit.
🎧 Listen UpÂ
On this episode of Behind Her Empire, ClassPass founder Payal Kadakia talks about how her Indian heritage and a penchant for dance inspired her first venture.
On this episode of LA Venture, KB Partners' Steve Ahern talks about how traditional sports are evolving.
Also...
Culver City-based Talespin, which creates virtual reality employee training programs, is growing as more companies shift to remote work.
This new L.A.-based startup builds software for “solopreneurs” such as coaches and consultants.
Marina del Rey-based VC Fifth Wall is looking for new proptech startups to fund in Europe and Israel.
Los Angeles’ Erewhon Market invested in Barcode, a sports drink startup.
Lockheed Martin cancels its merger with Aerojet Rocketdyne following pressure from the FTC.