These Are LA's Top Venture Capitalists of 2022, According to Their Fellow VCs
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On the heels of a record-setting year for Southern California’s startup environment, we asked more than 30 leading Los Angeles-based investors for their take on the city’s top venture capitalists. (Specifically, we prompted: “Which L.A.-based VCs impress you the most?”) They responded with the names of 45 peers that they admire—14 of whom made the following list by receiving two or more votes.
The results offer an insider’s view of the L.A.’s startup scene in 2022—which, even as it rapidly expands, remains an insular world led by a handful of key dealmakers, like the venture capital industry at large. This year, TenOneTen partner Minnie Ingersoll and Bonfire Ventures managing director Mark Mullen tied for the top spot, with five votes apiece; they were followed by Wonder Ventures managing partner Dustin Rosen, who received four votes. Behind them, five VCs tied for third place with three votes each, while another six investors round up the list with two votes apiece.
Like last year’s list (which also featured Bonfire’s Mullen in the top spot), the below results are sorted by the number of votes each VC received; where there were ties, we list the investors alphabetically by their last names. As always, we asked survey participants not to vote for any of their colleagues—and vetted the list to ensure they stuck to that rule.
Without further ado ado, here are LA’s top VCs of 2022, as judged by their peers.
Minnie Ingersoll, TenOneTen Ventures
Minnie Ingersoll, TenOneTen Ventures (5 Votes)
Minnie Ingersoll is a partner at early-stage venture firm TenOneTen, whose recent investments include crypto travel rewards startup FlyCoin. Prior to TenOneTen, she co-founded Shift Technologies, an online marketplace for buying and selling used cars. Ingersoll also spent more than a decade at Google, where she focused on the tech giant’s fiber optic, advertising and charitable efforts. (She also hosts dot.LA’s LA Venture podcast.)
Mark Mullen, Bonfire Ventures
Mark Mullen, Bonfire Ventures (5 Votes)
Mark Mullen is co-founder and managing director of Bonfire Ventures, an early-stage venture firm that backs business-to-business (B2B) software startups. (Recent investments include cloud communications startup Telgorithm.) Mullen previously managed venture funds Double M Partners and Mull Capital. In January, an SEC filing revealed that Bonfire aimed to raise $165 million for its third fund. (Disclosure: Mullen is an investor in dot.LA.)
Dustin Rosen, Wonder Ventures
Dustin Rosen, Wonder Ventures (4 Votes)
Dustin Rosen is the founder and managing partner of Wonder Ventures, an early stage investor in companies including L.A.-based unicorns Whatnot and Bird. Earlier in his career, Rosen founded the fashion app Pose and was a senior associate at the Mail Room Fund. Last month, Wonder launched a $31 million fund focused exclusively on early-stage L.A. startups.
Jim Andelman, Bonfire Ventures
Jim Andelman, Bonfire Ventures (3 Votes)
Alongside Mark Mullen, Jim Andelman is a co-founder and managing director at Bonfire Ventures, an early-stage venture firm focused on B2B software startups. Previously, he oversaw software deals for Bay Area investment firm Broadview Capital Partners.
Anna Barber, M13
Anna Barber, M13 (3 Votes)
Anna Barber is a partner at M13, a venture firm focused on early-stage consumer tech companies. (Recent investments include NFT startup Unblocked.) Barber is also an advisor to the USC Marshall Venture Fund. She previously led Techstars LA as its managing director and co-founded Scribble Press, a New York-based book publishing startup. (Disclosure: M13 is an investor in dot.LA.)
Eva Ho, Fika Ventures
Eva Ho, Fika Ventures (3 Votes)
Eva Ho is a general partner at Fika Ventures, a seed-stage firm that focuses on sectors including AI, automation and big data. Ho formerly worked at Google and served as entrepreneur-in-residence for the city of Los Angeles.
Jeff Morris, Chapter One
Jeff Morris, Chapter One (3 Votes)
Jeff Morris is the founder and managing partner of Chapter One, a venture firm targeting early-stage web3 startups. The former Tinder executive’s previous investments include Dapper Labs, Lyft, Cameo and PearPop.
Dana Settle, Greycroft
Dana Settle, Greycroft (3 Votes)
Dana Settle is a co-founder and managing partner at Greycroft, which has backed consumer-focused startups including Acorns, Goop and Bumble. The Lehman Brothers alum helped Greycroft close two funds worth nearly $700 million combined in late 2020. (Disclosure: Greycroft is an investor in dot.LA.)
Josh Diamond, Walkabout Ventures
Josh Diamond, Walkabout Ventures (2 Votes)
Josh Diamond is a general partner at Walkabout Ventures, a seed-stage venture firm that primarily targets fintech startups. Diamond previously served as a principal investor at Clocktower Technology Ventures.
Buck Jordan, Wavemaker Labs
Buck Jordan, Wavemaker Labs (2 Votes)
Buck Jordan is the founder and CEO of Wavemaker Labs, which funds and incubates startups in partnership with larger corporations. Wavemaker has especially targeted the food industry supply chain space—backing automated technologies at both the agricultural and food preparation stages that deploy AI and robotics.
Kara Nortman, Upfront Ventures
Kara Nortman, Upfront Ventures (2 Votes)
Kara Nortman is a managing partner at Upfront Ventures. An alum of IAC, Battery Ventures and Microsoft, Nortman previously co-founded children’s ecommerce startup Moonfrye and also helped launch women’s professional soccer club Angel City FC. Upfront raised $177 million for a new fund in January; local portfolio companies include GOAT, Creator Now and Endgame. (Disclosure: Upfront Ventures is an investor in dot.LA.)
Spencer Rascoff, 75 & Sunny
Spencer Rascoff, 75 & Sunny (2 Votes)
Spencer Rascoff is a co-founder and general partner at 75 & Sunny, a venture firm and startup incubator. Focused on sectors including proptech and ecommerce, Rascoff previously co-founded Zillow, Hotwire.com and real estate platform Pacaso (Disclosure: Rascoff is the co-founder and executive chairman of dot.LA.)
Adriana Saman, Clocktower Technology Ventures
Adriana Saman, Clocktower Technology Ventures (2 Votes)
Adriana Saman is a principal at Clocktower Technology Ventures, a venture firm investing in early-stage fintech startups across the U.S., Europe and Latin America. Saman was previously an analyst at JPMorgan Chase.
Sara Zayani, Global Founders Capital
Sara Zayani, Global Founders Capital (2 Votes)
Sarra Zayani is a partner at Global Founders Capital. The Greycroft alum has led Global Founders’ investments in local startups including Cann, Universal Hydrogen and Pacaso.
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It may not be the best ghost story to come out of Los Angeles, but Nicky will soon haunt the pages of a book written by bestselling author Neil Strauss, who has penned autobiographies for the likes of Marilyn Manson and Jenna Jameson. Nubla has licensed Nicky to an NFT storytelling project called Jenkins the Valet, which is backed by Creative Artists Agency and will see Strauss cobble together stories from various Bored Ape holders.
Nubla’s Bored Ape Yacht Club #6717, which he affectionately named "Nicky Nickels."
Photo courtesy of Gene Nubla“This goes into the philosophy of Web3—like, I can participate as an owner now,” said Nubla. “I'm in the door now, versus on the outside looking in and just watching the movies [and] paying the ticket.”
These days, there are scores of artists, startups and entertainment companies—as well as ordinary NFT holders—who are parlaying non-fungible tokens into commercialized intellectual property. Santa Monica-based Universal Music Group, one of the world’s largest record labels, has created a “metaverse group” consisting of four Bored Apes who ostensibly make music, while crypto exchange Coinbase is using Bored Apes as characters for a film trilogy. Talent agencies like WME and United Talent Agency, meanwhile, have added Bored Apes and other NFT characters to their client rosters.
These creative works are possible because blockchain firms like Yuga Labs, the company behind Bored Ape Yacht Club, have attached broad commercialization rights to NFTs, which are unique digital assets verified using blockchain technology. Granting those rights could boost the value of NFT collections by making them more culturally relevant, according to experts, though it remains to be seen whether such projects can appeal to audiences beyond NFT adopters.
A lot of legal questions remain, too, as actor and producer Seth Green just learned the hard way. Green is developing a hybrid live-action/animated comedy called “White Horse Tavern,” in which the creator’s own Bored Ape—whom Green affectionately named “Fred”—comes to life as a friendly neighborhood bartender. The project was almost sabotaged last month when a scammer duped Green in an online phishing scheme—stealing four of his NFTs, including Fred. Since Bored Ape NFTs come with a license to commercialize the art, Green may have momentarily lost the rights to produce the show (Fred has since returned home safely). The drama turned Green into a poster child for how sketchy the world of NFTs can still be—the “Wild West” of digital assets, as some observers have put it.
Ready for Primetime?
Jeremy Goldman, a Los Angeles attorney who leads the blockchain group at law firm Frankfurt Kurnit Klein & Selz, credits companies like Yuga Labs for generating immense value for their NFT collections. The problem, as he sees it, are the collections’ relatively brief terms and conditions that don’t spell out what happens in certain situations, like when an NFT is stolen. That has the risk of killing projects and productions if investors or distributors are uncertain of the consequences.
“All of these NFT projects, including Bored Ape Yacht Club, are highly experimental and in some ways were never meant for primetime,” Goldman told dot.LA. “A lot of questions about the license are sort of unanswered.”
That hasn’t stopped some entertainment tech firms from sticking NFT avatars in their stories. L.A.-based Invisible Universe is developing an animated parody called “The R3al Metaverse,” which will include characters from five NFT collections. (Disclosure: dot.LA co-founder and executive chairman Spencer Rascoff is an investor in Invisible Universe).
Promotional art for the "The R3al Metaverse."Photo courtesy of Invisible Universe
The startup bought three NFTs and secured licenses for two more that fit well with the story, CEO Tricia Biggio told dot.LA. Just to be sure, Invisible Universe approached the creators behind the NFT projects, as well. While those organizations had varying views on using the IP, they all saw the value of Invisible Universe’s project, she noted.
“It was funny—some of them would be like, ‘Well, you actually don't have to run it by us,’” Biggio said.
In “The R3al Metaverse,” NFTs who live in the digital world come over to the real one after they’re cast in a reality TV show and move in together. The parody pokes fun at the debate around the value of NFTs, as well: In one episode, the characters stare at a painting and are confused by its lack of “real-world application” besides being a wall decoration. (“Like zero utility,” one observes, according to a storyboard of the scene.) Invisible Universe will release around 40 episodes of the program on social media platforms starting in late July, with each episode running between 45 and 90 seconds.
Who will watch a show about NFTs—which, for all of their recent hype, are still owned by just a tiny fraction of the population? Biggio said that the audience for “The R3al Metaverse” will primarily be holders of its featured NFT communities: Bored Ape Yacht Club, Cool Cats, Doodles, World of Women and Robotos, which collectively have roughly 50,000 tokens in circulation. That said, Biggio believes the show can build an audience outside the not-yet-mainstream NFT market and, in turn, boost the value of those collections.
“Because we aren't gating the content, we have a unique opportunity to onroad people into the Web3 space who enjoy the content, fall in love with the characters and want to be a part of the collaborative storytelling experience,” Biggio said.
‘A Unique Opportunity To Create Wealth’
At their most basic level, NFTs—like artwork at large—generate much of their value from their scarcity and cultural relevance. Yet companies like Yuga Labs have popularized the idea of giving NFT holders commercial rights as well, allowing Bored Ape holders to put their ape’s face on a t-shirt or other merchandise and sell it. That not only makes the NFT itself more lucrative, but may well make the entire collection more valuable as Bored Apes are plastered on storefronts or featured in films.
“By giving broad IP rights—either making them public domain or granting commercial rights to holders—you're increasing the chances, potentially, that these items are going to get out there and go viral and become culturally relevant, and therefore sought after,” said Goldman, the attorney.
Bill Starkov, a real estate developer who lives near Calabasas, “right by the Kardashians,” in his words, is the founder of another primate-inspired NFT project, Apocalyptic Apes. (The collection’s zombified primates look like scarier versions of Bored Apes.) Starkov said his team gave NFT holders the right to do “whatever you want” with the artwork—so long as they don’t use the Apocalyptic Apes brand name. “We have to make sure they use it properly enough and it's used to promote our project and our brand in a good way,” he explained.
Apocalyptic Apes have been featured on the shorts of mixed martial arts fighters. Photo courtesy of Bill Starkov
Apocalyptic Ape holders have placed their simians on hot sauce bottles, exercise equipment and sunglasses, he noted, while on the entertainment side, a car-racing game, comic books and movies depicting the apes are all in the works, too. Starkov, who goes by Fity.Eth online, has also partnered with Nicky Diamonds, the owner of clothing company Diamond Supply, on licensing deals with Ape holders to create merchandise. Those deals are generating tens of thousands of dollars for ape holders who collaborated with Diamond, he said.
“One thing that people are sleeping on is the understanding of IP rights,” Starkov said of some people in the NFT community. “They think it's a quick flip, but it's not. It's something long-term. It's something that's here to stay. It's a unique opportunity to create wealth.”
Nubla is among the NFT holders who have taken advantage of those IP rights. Speaking through an augmented reality filter on his computer that made him look like Nicky Nickels, Nubla said he’s earned some cash by allowing artists to make works based on his Bored Ape, including one artist who sells lapel pins bearing NFT art. A street painting of Nicky also adorns the side of a brick building in Brooklyn—part of a mural by the graffiti artist Masnah, who was paid for his work by NFT holders.
"Nicky Nickels" was featured in a Brooklyn street painting. Photo courtesy of Gene Nubla
When the Florida-based startup Tally Labs launched the Jenkins the Valet project last June, Nubla was one of the 69 lucky people to randomly mint a rare “Yacht” NFT. That allowed him to license his Bored Ape as a character in Strauss’ novel and receive a share of the book’s royalties. Nubla debated selling the Yacht NFT as its value reached six figures, but ultimately decided to keep it and build out Nicky’s IP “just to see where it goes.”
Nubla does see some risk in NFT collections decentralizing their IP; he noted that there isn’t much stopping another Bored Ape holder from using their NFT to promote ideas or views that others may disagree with or find offensive. But like a lot of people involved in the space, he’s enamored with the idea of Web3—a decentralized vision for the internet that runs on blockchain-powered applications.
“It'd be nice to be able to benefit off the royalties of anything that comes off this,” Nubla said of the Strauss novel, which is coming out this summer. “But I'm doing it mainly just for the vibes.”
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In order to gauge the local startup scene and who’s leading the proverbial pack, we asked more than 30 leading L.A.-based investors for their take on the hottest firms in the region. They responded with more than two dozen venture-backed companies; three startups, in particular, rose above the rest as repeat nominees, while we've organized the rest by their amount of capital raised as of January, according to data from PitchBook. (We also asked VCs not to pick any of their own portfolio companies, and vetted the list to ensure they stuck to that rule.)
Without further ado, here are the 26 L.A. startups that VCs have their eyes on in 2022.
1. Whatnot ($225.4 million raised)
Whatnot was the name most often on the minds of L.A. venture investors—understandably, given its prolific fundraising year. Whatnot raised some $220 million across three separate funding rounds in 2021, on the way to a $1.5 billion valuation.
The Marina del Rey-based livestream shopping platform was founded by former GOAT product manager Logan Head and ex-Googler Grant LaFontaine. The startup made its name by providing a live auction platform for buying and selling collectables like rare Pokémon cards, and has since expanded into sports memorabilia, sneakers and apparel.
2. Boulevard ($40.3 million raised)
Boulevard’s backers include Santa Monica-based early-stage VC firm Bonfire Ventures, which focuses on B2B software startups. The Downtown-based company fits nicely within that thesis; Boulevard builds booking and payment software for salons and spas. The firm has worked with prominent brands such as Toni & Guy and HeyDay.
3. GOAT ($492.7 million)
GOAT launched in 2015 as a marketplace to help sneakerheads authenticate used Air Jordans and other collectible shoes. It has since grown at a prolific rate, expanding into apparel and accessories and exceeding $2 billion in merchandise sales in 2020. The startup sealed a $195 million funding round last summer that more than doubled its valuation, to $3.7 billion.
The Best of the Rest
VideoAmp ($578.6 raised)
Nielsen competitor VideoAmp gathers data on who's watching what across streaming services, traditional TV and social apps like YouTube. The company positions itself as an alternative to so-called "legacy" systems like Nielsen, which it says are "fragmented, riddled with complexity and inaccurate." In addition to venture funding, its total funding figure includes more than $165 million in debt financing.
Mythical Games ($269.4 million raised)
Seizing on the NFT craze, Mythical Games is building a platform that powers the growing realm of “play-to-earn games.” Backed by NBA legend Michael Jordan and Andreessen Horowitz, the Sherman Oaks-based startup’s partners include game publishers Abstraction, Creative Mobile and CCG Lab.
FloQast ($202 million raised)
FloQast founder Michael Whitmire says he got a “no” from more than 100 investors in the process of raising a seed round. Today, the accounting software company is considered a unicorn.
Nacelle ($70.8 million raised)
Nacelle produces docuseries, books, comedy albums and podcasts. The media company’s efforts include the Netflix travel series “Down To Earth with Zac Efron.”
Wave ($66 million raised)
A platform for virtual concerts, Wave has hosted performances by artists including Justin Bieber, Tinashe and The Weeknd. The company says it has raised $66 million to date from the likes of Warner Music and Tencent.
Papaya ($65.2 million raised)
Sherman Oaks-based Papaya looks to make it easier to pay “any” bill—from hospital bills to parking tickets—via its mobile app.
LeaseLock ($63.2 million raised)
Based in Marina del Rey, LeaseLock says it’s on a mission to eliminate security deposits for apartment renters.
Emotive ($58.1 million raised)
Emotive sells text message-focused marketing tools to ecommerce firms like underwear brand Parade and men's grooming company Beardbrand.
Dray Alliance ($55 million raised)
Based in Long Beach, Dray says its mission is to “modernize the logistics and trucking industry.” Its partners include Danish shipping company Maersk and toy maker Mattel.
Coco ($43 million raised)
Coco makes small pink robots on wheels (you may have seen them around town) that deliver food via a remote pilot. Its investors include Y Combinator and Silicon Valley Bank.
HiveWatch ($25 million raised)
HiveWatch develops physical security software. Its investors include former Twitter executive Dick Costollo and NBA star Steph Curry’s Penny Jar Capital.
Popshop ($24.5 million raised)
Whatnot competitor Popshop is betting that live-shopping is the future of ecommerce. The West Hollywood-based firm focuses on collectables such as trading cards and anime merchandise.
First Resonance ($19.4 million raised)
Founded by former SpaceX engineer Karan Talati, First Resonance runs a software platform for makers of electric cars and aerospace technology. Its clients include Santa Cruz-based air taxi company Joby Aviation and Alameda-based rocket company Astra.
Open Raven ($19 million raised)
Founded by Crowdstrike and Microsoft alums, Open Raven aims to protect user data. The cybersecurity firm’s investors include Kleiner Perkins and Upfront Ventures.
Fourthwall ($17 million raised)
When an actor faces the camera and speaks directly to the audience, it’s known as “breaking the fourth wall.” Named after the trope, Venice-based Fourthwall offers a website builder that’s designed for content creators.
The Non Fungible Token Company ($15 million raised)
The Non Fungible Token Company creates NFTs for musicians under the name Unblocked. Its investors include Jay Z’s Marcy Venture Partners and Shawn Mendez.
Safe Health Systems ($15 million raised)
Backed by Mayo Clinic Ventures, Safe Health develops telehealth software and offers tools for enterprises to launch their own health care apps.
Intro ($11.6 million raised)
Intro’s app lets you book video calls with experts—from celebrity stylists, to astrologists, to investors.
DASH Systems ($8.5 million raised)
With the tagline “Land the package, not the plane,” DASH Systems is a Hawthorne-based shipping company that builds hardware and software for automated airdrops.
Ettitude ($3.5 million raised)
With a focus on sustainability, Ettitude is a direct-to-consumer brand that sells bedding, bathroom textiles and sleepwear.
Afterparty ($3 million raised)
Along similar lines as Unblocked, Afterparty creates NFTs for artists and content creators such as Clay Perry and Tropix.
Heart to Heart ($0.75 million raised)
Heart to Heart is an audio-focused dating app that “lets you listen to the story behind the pictures in a profile.” Precursor Ventures led the pre-seed funding round.
Frigg (undisclosed)
Frigg makes hair and beauty products that contain cannabinoids such as CBD. The Valley Village-based company raised an undisclosed seed round in August.
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