They Launched a Social Media App for NFTs. Now They’ve Raised $15 Million for a New Fund

Harri Weber

Harri is dot.LA's senior finance reporter. She previously worked for Gizmodo, Fast Company, VentureBeat and Flipboard. Find her on Twitter and send tips on L.A. startups and venture capital to harrison@dot.la.

They Launched a Social Media App for NFTs. Now They’ve Raised $15 Million for a New Fund
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JPEG Fund, an investment fund from the creators of NFT-focused social media app Context, has secured $15 million for its first fund, according to a new SEC filing.


The South Pasadena-based fund—whose name seemingly references the widespread, derisive joke about non-fungible tokens being little more than overpriced JPEG images—raised the $15 million from a solitary investor, per the regulatory filing.

The fund co-managers, Adam Ludwin and Luke Miles, unveiled Context in October, pitching it as a service for discovering new NFTs and following NFT artists and collectors. (Crypto industry publication Decrypt compared the app to Instagram for NFTs.) Later that month, the pair incorporated a limited liability company named JPEG Fund I GP.

Its ties to blockchain technology aside, it’s unclear what the fund will focus on. Ludwin and Miles did not respond to requests for comment.

Ludwin previously co-founded the blockchain startup Chain, which was acquired by blockchain network Stellar in 2018, while Miles co-founded Restocks, a Y Combinator-backed streetwear app that no longer exists.

The pair also previously worked at Byte, which was Vine co-founder Dom Hofmann’s attempt to recapture the magic of the shuttered short-form video-sharing app. Byte was acquired last year by Los Angeles-based, TikTok-esque startup Clash, while much of its staff was reportedly snapped up by Discord.

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LA Tech ‘Moves’: Mapp Gains New CPO and CTO, Prodoscore Taps Boeing Exec

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’: Mapp Gains New CPO and CTO, Prodoscore Taps Boeing Exec
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’: GITAI Lands $30M, Steno Gains $15M

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.

Raises
Image by Joshua Letona

A local space robotics startup raised fresh funding to expand the flight model manufacturing facilities throughout the U.S. and increase employment, while a remote litigation platform raised more funding to continue growing its footprint in new markets across the country, develop service channels for its clients and continue expanding its tech team.

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Gitai Secures $30 Million in Funding to Continue Space Robotics Developments

Samson Amore

Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.

Gitai Secures $30 Million in Funding to Continue Space Robotics Developments
\u200bPhoto: Gitai

Space robotics company Gitai raised a $30 million Series B extension this week, bringing the total value of the round to roughly $47 million.

The funding will be used to further develop Gitai’s suite of space robots as well as build out its manufacturing footprint in Torrance. Previously Gitai announced it raised a $17.1 million Series B in March 2021; this additional raise is still part of that round.

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