George Floyd Update: Disney Will Donate $5M to Social Justice Groups; a16z Announces Diversity Fund
Here are the latest headlines regarding how the protests around the killing of George Floyd are impacting the Los Angeles startup and tech communities. Sign up for our newsletter and follow dot.LA on Twitter for the latest updates.
- Disney will donate $5M to Social Justice Groups
- Blck VC group launches 'We Won't Wait' campaign
- a16z VC firm launches fund to target diverse founders
- Snap stops promoting Trump's account in its Discover feature
Disney will donate $5M to Social Justice Groups
ABC's TV sitcom Blackish aired two "monumental and timely episodes" this week.
The Walt Disney company announced Wednesday that it will donate $5 million to nonprofit groups fighting for social justice, starting with a $2 million donation to the NAACP.
"The killing of George Floyd has forced our nation to once again confront the long history of injustice that black people in America have suffered, and it is critical that we stand together, speak out and do everything in our power to ensure that acts of racism and violence are never tolerated," said Disney chief Bob Chapek in a statement. "This $5 million pledge will continue to support the efforts of nonprofit organizations such as the NAACP that have worked tirelessly to ensure equality and justice."
In a statement, the company pointed to its previous social justice initiatives, including providing "millions of dollars in grants to help students from underrepresented groups make the dream of higher education a reality, including $2.5 million to the United Negro College Fund." Disney also noted that it matches employee donations to "eligible organizations" and that on Tuesday it re-aired two "monumental and timely episodes" of Black-ish on its ABC television networks before a primetime special titled "America in Pain: What Comes Next?"
In its quarterly earnings released last month, Disney reported nearly $40 billion in revenue in the six months to March 28, 2020. Net income over the same period was down 68% from the year prior, however, as most of the company's business units have been battered by the coronavirus pandemic.
— Sam Blake
Venture capital has fueled billions of dollars in wealth but it has largely excluded black Americans. Only 1% of venture-funded startup founders are black and more than 80% of venture firms don't have a single black investor.
Blck VC, a group of young black investors and entrepreneurs are calling on the venture capitalist community to diversify their ranks and support the black community. Declaring Thursday, June 4th, a day of action, the group launched a campaign called "We Won't Wait." Read more >>
— Rachel Uranga
a16z VC firm launches fund to target diverse founders
Ben and Felicia Horowitz will match up to an additional $5,000,000 total in any other donations.
One of Silicon Valley's most prominent venture capital firms announced Wednesday it is launching a new fund designed for entrepreneurs who have the talent, drive and ideas to build great businesses, but lack the background and resources to do so.
In a blog post, the firm says it has been working on the fund for six months. However, the timing of the news this week is fortunate for an industry with a serious diversity problem.
a16z plans to fund a small group of founders in the first year, then expand after that. The initial capital will come from $2.2 million in donations from partners. Ben and Felicia Horowitz will match up to an additional $5 from other donations as well. The firm will invest in exchange for equity in the business, but all returns will stay in the fund to finance future entrepreneurs, which aims to back products from underserved communities that also have an "interesting model, niche market, and/or a little traction to indicate the promise and potential."
"We're venture capitalists, not activists," the firm said in its post. "Entrepreneurship hasn't been accessible to everyone, but the fact remains that being an entrepreneur is one of the most powerful ways to own your own future, to increase mobility across time and place, to invent new ways of doing things, and to forge a new system. As we emerge from this tragic moment, let's build.
dot.LA co-founder and executive chairman Spencer Rascoff is a board partner at a16z.
— Ben Bergman
Snap has decided to no longer feature President Donald Trump's account on its Discover platform, where users can watch curated videos.
The Santa Monica-based company issued a statement Wednesday:
"We are not currently promoting the President's content on Snapchat's Discover platform. We will not amplify voices who incite racial violence and injustice by giving them free promotion on Discover. Racial violence and injustice have no place in our society and we stand together with all who seek peace, love, equality, and justice in America."
A Snap spokesperson said the company made the decision over the weekend. On Sunday, Snap CEO Even Spiegel wrote to his employees, condemning racial injustice. Read more >>
— Sam Blake
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Despite — or in many cases because of — the raging pandemic, 2020 was a great year for many tech startups. It turned out to be an ideal time to be in the video game business, developing a streaming ecommerce platform for Gen Z, or helping restaurants with their online ordering.
But which companies in Southern California had the best year? That is highly subjective of course. But in an attempt to highlight who's hot, we asked dozens of the region's top VCs to weigh in.
We wanted to know what companies they wish they would have invested in if they could go back and do it all over again.
Startups were ranked by how many votes each received. In the case of a tie, companies were listed in order of capital raised. The list illustrates how rapidly things move in startup land. One of the hottest startups had not even started when 2020 began. A number doubled or even 16x'd their valuation in the span of a few short months.
To divvy things up, we delineated between companies that have raised Series A funding or later and younger pre-seed or seed startups.
Not surprisingly, many of the hottest companies have been big beneficiaries of the stay-at-home economy.
PopShop Live, a red-hot QVC for Gen Z headquartered out of a WeWork on San Vicente Boulevard, got the most votes. Interestingly, the streaming ecommerce platform barely made it onto the Series A list because it raised its Series A only last month. Top Sand Hill Road firms Andreessen Horowitz and Lightspeed Venture Partners reportedly competed ferociously for who would lead the round but lost out to Benchmark, which was an early investor in eBay and Uber. The round valued PopShop Live at $100 million, way up from the $6 million valuation it raised at only five months prior.
Scopely, now one of the most valuable tech companies in Los Angeles, was also a top vote getter.
The Culver City mobile gaming unicorn raised $340 million in Series E funding in October at a $3.3 billion valuation, which nearly doubled the company's $1.7 billion post-money valuation from March. It is no coincidence that that was the same month stay-at-home orders began as Scopely has benefited from bored consumers staying on their couch and playing ScrabbleGo or Marvel Strike Force.
The company's success is especially welcome news to seed investors Greycroft, The Chernin Group and TenOneTen ventures, who got in at a $40 million post valuation in 2012. Upfront Ventures, BAM Ventures and M13 joined the 2018 Series C at a $710 post-money valuation.
Softbank-backed Ordermark, which flew more under the radar, also topped the list. The company's online ordering platform became a necessity for restaurants forced to close their dining rooms during the pandemic and raised $120 million in Series C funding in October.
On the seed side, two very different startups stood out. There was Pipe, which enables companies with recurring revenues to tap into their deferred cash flows with an instant cash advance, and Clash App, Inc., a TikTok alternative launched by a former employee of the social network in August.
We will have the list of Southern California's top seed startups out tomorrow.
The live-streaming shopping channel created by Danielle Lin reportedly found itself in the middle of a venture capital bidding war this year. Benchmark eventually won out leading a Series A round, vaulting the app at a $100 million valuation. The Los Angeles-based platform has been likened to QVC for Gen Z and it's part of a new wave of ecommerce that has found broader appeal during the pandemic. Google, Amazon and YouTube have launched live shopping features and other venture-backed startups like Los Angeles-based NTWRK have popped up.
One of the most valuable Southern California tech startups with a $3.3 billion valuation, the Culver City mobile game unicorn has benefitted from a booming gaming market that has flourished in this stay-at-home economy. Scopely offers free mobile games and its roster includes "Marvel Strike Force," "Star Trek Fleet Command" and "Yahtzee with Buddies." In October the company raised a $340 million Series E round backed by Wellington Management, NewView Capital and TSG Consumer Partners, among others fueling speculation that it was on its road to an IPO. Co-CEO Walter Driver has said that he doesn't have immediate plans to go public.
The coronavirus has forced the closure of many dining rooms, making Ordermark all the more sought after by restaurants needing a way to handle online orders. Co-founder and CEO Alex Canter started the business in 2017, which recently rang in more than $1 billion in sales. Ordermark secured $120 million in Series C funding by Softbank Vision Fund 2 in October that it will use to bring more restaurants online. The company's Nextbite, a virtual restaurant business that allows kitchens to add delivery-only brands such as HotBox from rapper Wiz Khalifa to their existing space through Ordermark, is also gaining traction.
Cameo, which launched three years ago, had its breakout year in 2020 as C-list celebrities like Brian Baumgartner banked over a million dollars from creating customized videos for fans. In the sincerest form of flattery, Facebook is reportedly launching a feature that sounds a lot like Cameo. Even though the company is still technically headquartered in Chicago, we included Cameo because CEO Steven Galanis and much of the senior team moved to L.A. during the pandemic and say they plan to continue running the company from here for the foreseeable future.
Co-founded by CEO Aaron Peck, Mothership provides freight forwarding services intended to streamline the shipping experience. The company's tracking technologies connect shippers with nearby truck drivers to speed up the delivery process. It raised $16 million in Series A venture funding last year, driving the platform to a $48 million pre-money valuation.
Founded in 2019, Nacelle's ecommerce platform helps retailers improve conversion rates and decrease loading speeds for their sites. The software integrates with Shopify and other services, offering payment platforms and analytics integration, among dozens of services. Nacelle raised about $4.8 million earlier this year with angel investors that included Shopify's Jamie Sutton, Klaviyo CEO Andrew Bialecki and Attentive CEO Brian Long.
Matt Danna and Sean Stavropoulos came up with Boulevard when an impatient Stavropoulos was frustrated wasting hours to book a hair appointment. Their four-year-old salon booking and payment service is now used by some of Los Angeles' best-known hairdressers. Last month, the two secured a $27 million Series B round co-led by Index Ventures and Toba Capital. Other investors include VMG Partners, Bonfire Ventures, Ludlow Ventures and BoxGroup.
Uber co-founder Travis Kalanick CloudKitchens rents out commissary space to prepare food for delivery. And as the pandemic has fueled at-home delivery, the company has been gobbling up real estate. The commissaries operate akin to WeWork for the culinary world and allow drivers to easily park and pick-up orders as the delivery market has soared during pandemic. Last year, it raised $400 million from Saudi Arabia's colossal sovereign wealth fund.
Founded by college buddies five years ago, GOAT tapped into the massive sneaker resale market with a platform that "authenticates" shoes. The Culver City-based company has since expanded into apparel and accessories and states that it has 20 million members. Last year, Foot Locker sunk a $100 million minority investment into 1661 Inc., better known as Goat. And this fall it landed another $100 million Series E round bankrolled by Dan Sundeheim's D1 Capital Partners.
The lingerie company co-founded by pop singer Rihanna in 2018 is noted for its inclusivity of body shapes and sizes. It has raised over $70 million, but The New York Times' DealBook newsletter recently reported that it's been on the hunt for $100 million in funds to expand into active wear. The company generates about $150 million in revenue, but is not yet profitable, according to the report. It became the focus of a consumer watchdog investigation after being accused of "deceptive marketing" for a monthly membership program.
The lifestyle company provides customized personal subscription box services every three months with full size products. Started in 2010 by Daniel Broukhim, Michael Broukhim, Sam Teller and Katie Rosen Kitchens, it now boasts more than one million members. Last year, the company raised $80 million in a Series A round led by Kleiner Perkins last year and appears to be preparing for an eventual IPO as it slims down costs and refocuses on its high value products.
Launched in 2016, the finance management tool helps consumers to avoid overdrafts, provides paycheck advances and assists in budgeting. Last year, it began to roll out a digital bank account that was so popular that two million users signed up for a spot on the waitlist. The company, run by co-founder Jason Wilk, has raised $186 million in venture capital and counts billionaire Mark Cuban as an early investor and board member. Other backers include Playa Vista-based Chernin Group.
SURE offers multiple technology products to major insurance brands — its platform can host everything from renter's insurance to covering baggage, so customers never have to leave an agency's website. It also offers its platform to ecommerce marketplaces, embedding third-party insurance protections for customers to purchase all on the same webpage. Founded in 2014, the Santa Monica-based startup last raised an $8 million Series A round led by IA Capital in 2017.
Founded in 2009 by former Google CIO Douglas Merrill and ex-Sears executive Shawn Budde, Zest AI provides AI-powered credit underwriting. It helps banks and other lenders identify borrowers looking beyond traditional credit scores. It claims to improve approval rates while decreasing chargeoffs. The company uses models that aim to make the lending more transparent and less biased. This fall the company raised $15 million from Insight Partners, MicroVentures and other undisclosed investors, putting its pre-money valuation at $75 million, according to PItchbook.
Santa Monica-based PlayVS provides the technological and organizational infrastructure for high school esports leagues. The pandemic has helped the company further raise its profile as traditional sports teams have been benched. Founded in early 2018, PlayVS employs 46 people and has raised over $100 million. In addition to partnering with key educational institutions, it also has partnerships with major game publishers such as Riot and Epic Games.
A SaaS platform helps Shopify brands create mobile shopping apps. The marketing software saw shopping activity jump 50% over 90 days as the pandemic walloped traditional retailers. Founded by Eric Netsch and Sina Mobasser, the company raised a $10 million Series A round led by SignalFire, bringing the total raise to $15 million.
Papaya lets customers pay any bill from their mobile devices just by taking a picture of it. The mobile app touts the app's ease-of-use as a way to cut down on inbound bill calls and increase customer payments. Founded by Patrick Kann and Jason Metzler, the company has raised $25 million, most recently a S10 million round of convertible debt financing from Fika Ventures, Idealab and F-Prime Capital Partners.
FloQast is a management software that integrates enterprise resource planning software with checklists and Excel to manage bookkeeping. The cloud-based software company claims its system helps close the books up to three days faster. It is used by accounting departments at Lyft, Twilio, Zoom and The Golden State Warriors. In January, it raised $40 million in Series C funding led by Norwest Venture Partners to bring the total raise to $92.8 million.
The company's rights management platform expedites licensing payments and tracks partnership and sponsorship agreements. It counts BuzzFeed, the Vincent Van Gogh Museum and Sanrio (of Hello Kitty and friends fame) among its clients. In May it announced $8 million in Series A financing led by Bessemer Venture Partners and Nosara Capital, bringing the total raised to $12 million.
The Los Angeles-based company provides a touchless entry system that uses individuals cell phones to help with identification instead of a key card. The company offers a subscription for the cloud-enabled software that allows companies to help implement safety measures and it said demand has grown amid the pandemic. Founded by James Segil and Alex Kazerani the company raised $36 million led by Greycroft earlier this year, bringing its total funding to $63 million.
FightCamp is an interactive home workout system that turns your space into a boxing ring with a free standing bag, boxing gloves and punch trackers. The company is riding the wave of at-home fitness offerings including Peloton, Mirror and Zwift that have taken off during the pandemic as gyms closed. The company has raised $4.3 million to date.
The Santa Monica-based company provides video and interactive content for education in math, science, economics and standardized test prep. Founded in 2018 by Nhon Ma and Alex Lee, who previously founded Tutorcast, an online tutoring service, the company gathers post-graduate educated instructors to create video lessons for online learning.
The creator of a pan with a cult following on social media, this Los Angeles-based startup designs and retails cookware and dinnerware. Founded by Amir Tehrani, Zach Rosner and Shiza Shahid, the company completed its Series A funding earlier this year, bringing its total raised to date to $10 million.
For customers that have no formal credit or banking history, this company's application promises more financial access, choice and control. It gathers data to create a credit score that can be used to instantly underwrite and disburse loans ranging from $10 to $500. Co-founded by Shivani Siroya and Jonathan Blackwell, Tala has raised $217.2 million to date. Its investors include PayPal Ventures, Lowercase Capital and Data Collective.
Founded in 2007 by chief executive Ara Mahdessian and president Vahe Kuzoyan, ServiceTitan operates software that helps residential home contractors grow their businesses. It provides businesses tools like customer relationship management and accounting integration to streamline operations. The company closed a $73.82 million Series E funding round from undisclosed investors earlier this year.
Founded in 2017 by former professional "Call of Duty" player Matthew Haag, 100 Thieves manages esports competitions in major titles including "Counter Strike Global Offensive" and "League of Legends." The company also produces apparel and merchandise, opening a physical store and training ground called the "Cash App Compound" in collaboration with Fortnite earlier this year. The company has raised $60 million to date, from investors including Salesforce CEO Marc Benioff and Aubrey Graham, better known as the rapper Drake.
This AI-powered customer service platform automates text conversations between customers and businesses to increase sales. Emotive uses their sales team to verify questions, distinguishing it from other bot-driven marketing services, according to the company. The company was founded in 2018 by Brian Zatulove and Zachary Wise, who serve as the chief executive and the chief operating officer, respectively. It has raised $6.65 million to date, from Floodgate Fund and TenOneTen Ventures.
Created by former hedge fund trader Sam Polk, the Los Angeles-based startup wants to be a healthy fast food chain. It prices its healthy pre-packaged meals around $5 in underserved communities while costing more in other neighborhoods with the goal of reducing so-called food deserts in low-income neighborhoods. It also offers a subscription delivery service. The company recently closed a $16 million Series B round led by Creadev along with Kaiser Permanente Ventures.
Lead art by Candice Navi.
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Ben Bergman is the newsroom's senior finance reporter. Previously he was a senior business reporter and host at KPCC, a senior producer at Gimlet Media, a producer at NPR's Morning Edition, and produced two investigative documentaries for KCET. He has been a frequent on-air contributor to business coverage on NPR and Marketplace and has written for The New York Times and Columbia Journalism Review. Ben was a 2017-2018 Knight-Bagehot Fellow in Economic and Business Journalism at Columbia Business School. In his free time, he enjoys skiing, playing poker, and cheering on The Seattle Seahawks.
While you can’t drink an NFT, that isn’t stopping some beverage startups from looking to capitalize on the blockchain-enabled craze.
Non-fungible tokens have gained traction in the art world, where artists and creators are using the digital assets to create closer connections with fans and collectors.
The idea of building a creative community around a product is not unfamiliar to beverage brands. After all, generations of beverage aficionados gave us the concept of the bar, the tea house and the coffee joint.
As brands increasingly take to the digital world to increase their exposure, many beverage companies are now experimenting with NFT technology to build interest around their products. Budweiser, for instance, recently signed a deal to mint collectible tokens, as have Bacardi, Fountain Hard Seltzer and the Robert Mondavi Winery.
Three new L.A.-based beverage brands–Bored Breakfast Club, Yerb and Leisure Project–are also using the blockchain to build their companies and engage with customers in different ways. Each is using NFTs to kickstart their direct-to-consumer businesses and build interest in their brands.
The goal is to use the transparency and equity inherent in blockchain technology to attract early adopters—giving them an opportunity to test ideas and products before they’re finalized—and encourage them to invest in a community built around their drinks.
Time will tell if each brand can deliver on that promise.
Bored Breakfast Club's NFT tokens feature the Bored Ape characters and serve as a subscription membership.
Bored Breakfast Club
One L.A.-based effort, Bored Breakfast Club, has looked to leverage the popularity of Bored Ape collectible NFTs to help jump start a new coffee subscription service.
Frogtown-based marketing agency Kley is leading the effort to use Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) intellectual property to build direct-to-consumer coffee subscription memberships that are sold as NFTs on the Ethereum blockchain. The tokens themselves feature a breakfast scene that include BAYC and MAYC characters, and each functions as a coffee subscription membership.
BAYC and MAYC are considered two of the most popular and expensive NFT collections, according to OpenSea, a secondary NFT marketplace that also tracks their value. BYAC NFTs are valued at approximately 74.69 ETH ($244,041) on the platform.
Kley co-founder Brad Klemmer said the idea was to parlay the success of the Bored Apes brand into a new direct-to-consumer offering. Owners of the NFTs get two free coffee shipments and the possibility of more, if the project is a success.
Klemmer said the idea is to build a regular clientele for his coffee brand by shipping it directly to consumers, rather than relying on them to go to a coffee shop or grocery store. “You need a brand and community that puts their product on [consumers’] doorstep on a weekly basis,” he said.
Bored Breakfast Club launched the project on Jan. 10, offering 5,000 NFTs for .08 ETH (approx. $250) each, and promising token holders they would receive a 12-ounce bag of a different variety of coffee for each of two NFT sales thresholds the company surpassed. The NFTs have since sold out, meaning that the project will ship two bags of coffee to each token holder by the end of the month. The company has also created a “community coffee wallet” that could entitle token holders to still more coffee.
A graphic explains Bored Breakfast Club's "wallet" concept.
That’s because the “wallet“ collects funds from a 5% royalty on its NFTs that are bought and sold on the secondary market. Once it collects enough funds, the company will send additional blends to its 5,000 token holders. (Klemmer said they’re waiting to get data from their initial shipments to determine how much it will cost to ship additional bags). That communal “wallet“ will also pay to produce extra bags of coffee and Bored Breakfast Club merchandise to sell to non-NFT holders.
Klemmer said he sees the NFT offerings as a “fun way to buy coffee.” Also, there were “similarities around NFT communities engaging with each other and what the DTC subscription model is trying to be.”
Bored Breakfast Club works with Yes Plz Coffee, which sources, roasts, packages and delivers the coffee to NFT holders.
Yerb was born out of entrepreneur Brett Fink's habit of drinking yerba mate with friends, many of them creatives who were looking for a coffee alternative. The traditional South American drink is said to provide a calmer caffeine-imbibing experience than coffee.
Like Bored Breakfast Club, Fink is hoping to use NFTs to drum up interest in his business early on. But instead of relying on the popularity of a particular NFT brand, Fink sees an opportunity to use the blockchain to heighten awareness of his own brand and, hopefully, develop buy-in for its first product.
Fink, who has past experience building and growing consumer-packaged good (CPG) brands, including cannabis brands, thinks NFTs can help build a creative community around a product.
“If you believe what we believe, and want to create a product for the creative process, you can benefit from it, as there is a massive untapped opportunity in NFT and CPG projects,” Fink said. “You need to get people to believe what you believe, then have them be involved and take ownership of that product.”
Yerb’s first yerba mate drink will be bottled in 12-ounce cans but sold through NFTs that cost 0.039 ETH (approx. $77 USD). The company started offering the tokens in February of last year; each entitles the holder to six cans of Yerb’s first release, as well as an additional six-pack of cans every year that they hold the NFT. Yerb is hoping that the offer will help it identify early adopters who will buy-in to the brand as repeat customers.
Non-NFT holders will be able to purchase the drinks once token holders receive the first shipment. Yerb is targeting April 2022 for that release after hitting supply chain issues last year.
Venice-based Leisure Project is taking a similar approach to Yerb by targeting creatives with an emphasis on community development.
The startup, which bills itself as “the world’s first co-created beverage brand,” hopes to market a kind of natural Gatorade for entrepreneurs, creators and innovators.
Leisure Project was started by former NCAA Division I athletes and brothers Steve Michaelsen, who works at Nike LA, and Alex Michaelsen, who works at TikTok marketing agency GO Ventures in Beverly Hills. The brothers, who have been bootstrapping the project themselves, have spent almost two years creating the brand’s first three flavors.
In December, the Michaelsens announced plans to experiment with minting NFTs that would provide token holders with the first run of their beverages, cheaper pricing on additional flavors and the opportunity to pitch new products. Leisure Project has been sampling its drinks at local NFT events to drum up publicity.
Down the line, the company hopes to use the blockchain to give token holders access to a yet-to-be-defined “creator database” of potential partners and grants.
Leisure Project is in its early stages, but its founders hope establishing buy-in through NFTs and social platforms like Discord will help build an authentic community for their brand, and give them a potentially vital advantage over more-established competitors. “Big brands can’t go backwards and do something community-orientated after the fact,” Steve Michaelson said.
Correction: An earlier version of this post said Bored Breakfast Club would ship four bags of coffee to early NFT holders as sales thresholds were met. The company has since changed that number to two.
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