LA Tech Updates: LA's Largest VC is Now a Public Benefit Corp; Treehouse Games Raises $2.6M

Sam Blake

Sam primarily covers entertainment and media for dot.LA. Previously he was Marjorie Deane Fellow at The Economist, where he wrote for the business and finance sections of the print edition. He has also worked at the XPRIZE Foundation, U.S. Government Accountability Office, KCRW, and MLB Advanced Media (now Disney Streaming Services). He holds an MBA from UCLA Anderson, an MPP from UCLA Luskin and a BA in History from University of Michigan. Email him at samblake@dot.LA and find him on Twitter @hisamblake

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Here are the latest updates on news affecting Los Angeles' startup and tech communities. Sign up for our newsletter and follow dot.LA on Twitter for more.

Today:

  • LA's Largest VC is Now a Public Benefit Corp
  • Treehouse Games Raises $2.6M

        'Collaborative' Game-Maker Treehouse Games Raises $2.6M

        Treehouse Games, founded by former Riot Games product lead Michael Chu and indie games studio veteran Ryan Sullivan, has raised $2.6 million in seed funding. The studio will focus on making collaborative games "to serve a growing, global audience of millions of people who use games as their favorite way to hang out," the company said in a statement.

        London Venture Partners (LVP) led the funding round. Bay Area-based Transcend Fund and Super Evil Megacorp CEO Kristian Segestrale also participated.

        Chu and Sullivan told dot.LA that "it's too early to go into specifics about the game, but our team is hard at work building an innovative cooperative game to bring friends and family together."

        "We want to create games that give you that feeling of camaraderie during a road trip, or the sense of generosity you get when buying your friend a cup of coffee," the founders said.

        Fifth Wall Venture Firm Is Now a B Corporation

        fifthwall.com

        Fifth Wall announced this week it is now a Certified B Corporation or "B Corp," which means it is legally required to consider the impact of its decisions on workers, customers, suppliers, community, and the environment.

        Fifth Wall is the largest venture capital firm focused on real estate tech, known as proptech. It announced the close of its second real estate technology fund last year, with $503 million in dry powder, making it the largest VC fund in Los Angeles.

        "It is incumbent upon all of us to take actionable steps towards building a more equitable and sustainable society," said Brendan Wallace, co-founder and managing partner at Fifth Wall. "We're grateful to the resources and community offered by B Lab to help our firm as we continue to educate ourselves and make changes within our own organization."

        Fifth Wall is now part of a cohort of 3,939 other B-Corps that include names like Ben & Jerry's, Allbirds, and Patagonia.

        The real estate industry accounts for 40% of the world's consumption of energy and Fifth Wall says it is ready to help make construction more sustainable. Earlier this year, the firm announced a new carbon impact fund.

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        Cadence

        10 TikTok Gadgets That Went Viral In 2022

        Decerry Donato

        Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

        10 TikTok Gadgets That Went Viral In 2022

        Part of TikTok’s evolution over the years includes becoming another outlet for consumers to purchase popular gadgets. The app generated $821 million in global consumer spending across the App Store and Google Play in the first quarter of 2022 alone.

        And since the holiday season is among us, it’s time to get some gifts checked off your list. So here’s 10 tech gadgets that went viral on TikTok that you can buy for your loved ones.

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        LA Tech ‘Moves’: Disney Taps Bob Iger for CEO, Former Meta Exec Joins DeSo

        Decerry Donato

        Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

        LA Tech ‘Moves’: Disney Taps Bob Iger for CEO, Former Meta Exec Joins DeSo
        LA Tech ‘Moves’:

        “Moves,” our roundup of job changes in L.A. tech, is presented by Interchange.LA, dot.LA's recruiting and career platform connecting Southern California's most exciting companies with top tech talent. Create a free Interchange.LA profile here—and if you're looking for ways to supercharge your recruiting efforts, find out more about Interchange.LA's white-glove recruiting service by emailing Sharmineh O’Farrill Lewis (sharmineh@dot.la). Please send job changes and personnel moves to moves@dot.la.

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        This Week in ‘Raises’: Swell Energy Lands $120M, Modyfi Draws in $8M

        Decerry Donato

        Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.

        This Week in ‘Raises’: Swell Energy Lands $120M, Modyfi Draws in $8M
        This Week in ‘Raises’:

        As funding in Los Angeles continues to slow down, Swell Energy still managed to raise fresh funding to accelerate the company's mission to deploy 26,000 energy storage systems in homes and businesses across the United States.

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