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What Are LA’s Hottest Startups of 2022? See Who VCs Picked in dot.LA’s Annual Survey
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.
In Los Angeles—like the startup environment at large—venture funding and valuations skyrocketed in 2021, even as the coronavirus pandemic continued to surge and supply chain issues rattled the economy. The result was a startup ecosystem that continued to build on its momentum, with no shortage of companies raising private capital at billion-dollar-plus unicorn valuations.
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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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.
Kippo, a Dating App For Gamers, Enters the Metaverse
09:00 AM | January 20, 2022
Image courtesy of Kippo
Gamers’ favorite dating app is taking romance into the metaverse.
Los Angeles-based Kippo has unveiled an update to its app, called Kippo 2.0, that allows users to create avatars and make connections through an in-app virtual world.
“Our vision always was to create a very immersive experience,” Kippo co-founder and CEO David Park told dot.LA. “Dating should be fun, meeting people should be fun, and all of that is bundled into what Kippo 2.0 is going to be.”
Gaming is still core to Kippo’s mission. The company says that 93% of its users played games together before meeting in person. Most users would exchange gamer tags before exchanging phone numbers. But with the 2.0 update, users are incentivized to stay in the app and communicate through the new game-like interface.
Park said that Kippo is focused on monetizing the app’s cosmetic features, such as clothing and accessories that users can buy to style their avatars. “We think about all the experiences that humans have in the physical world and [how we can] bring them onto a digital platform,” he said.
The refreshed app will feature Kippo Arcade, a virtual world that allows users’ avatars to participate in shared experiences, like go-kart racing and soccer games. Park noted that Kippo doesn’t need to only function as a tool for romance; it can also help users meet new friends.
“Bars don't call themselves ‘dating bars’ and parties don't call themselves ‘dating parties,’” he said. “As soon as you create a dating party or a dating event, it loses all of its cool factor right away and it feels like there's this agenda.”
Kippo also stands out for its cost—or lack thereof. While other dating apps have plenty of features, many of them require payment to access. (Bumble, for instance, makes users pay in order to extend the 24-hour window in which they can match.) Park said his app “offer[s] more for free than any other dating app, and our goal long-term is to make more and more features free.”
“Imagine if Facebook had a paywall, or Instagram had a paywall, or TikTok had a paywall,” he continued. “It's just not the same.”
To date, Kippo has raised $4.5 million in funding from investors including Jason Calacanis of Launch, according to the company.From Your Site Articles
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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 Digital 'Mirror' Measures Every Aspect of Your Body, Making It Easier To Try On Clothes Online
02:56 PM | September 15, 2022
Photo by Decerry Donato
Online shopping surged in the past few years and nowadays some may feel trying on clothes in stores takes too much time. But too often, purchasing clothes on the internet can lead to making multiple returns because let’s face it, it’s not always easy to ensure the items fit properly.
Former New York lawyer Lenny Adams knows how difficult it is to shop with time constraints. Most of his day is spent in the office, and Adams wanted a solution. That’s why he created Toli 360, a retail mirror that has the ability to measure an item of clothing on any individual and body type.
Here’s How It Works:
First, the shopper stands on a turntable that performs a complete 360 degree measurement of the body. The platform measures every centimeter of the individual, then weighs and photographs the body (over 200 images taken) using four high definition cameras. This all takes place in less than 30 seconds.
Toli 360 example of a person's measurements
Photo by Decerry Donato
Once the process is complete, a digital version is produced, allowing the shopper to try on clothing in the mirror and see how it will fit, drape and cling on their body. Every person that goes through the full body process will also have the option to view the digital version on the app at no additional cost.
When the customer is ready to shop, Toli will redirect them to the brand’s website. Adams said that they do not hold inventory—Toli will act as a marketplace where customers can buy clothing and accessories.
Founded in 2016, Adams’ vision came to life and he decided to step away from his law practice and put 100% of his time into building Toli 360. The fashion tech startup also partnered with Oracle earlier this year to help with data protection and cloud computing assistance.
Toli 360 expects to open its first retail location in 2023. The location has not been determined, but Adams said they are looking to place a store in a higher end shopping mall.
Once the physical location opens, customers will be able to walk in and use one of the mirrors for a full body measurement and then shop from the comfort of their phone. The app will store each person’s specific measurements and allow them to walk away and shop from anywhere. If the customer feels their body type has changed (weight loss or gain, for example), they can come back to receive an update of their measurements. The physical location will have several mirrors lined up in addition to a gallery so customers can feel the fabrics of the items they plan to purchase.
Earlier this month, Toli inked a deal with five different fashion brands from high end to streetwear and lifestyle. Adams did not disclose any of the names, but he did say that they were all highly recognizable brands.
“They each wanted to carve it out for their sector of fashion,” Adams told dot.LA, “The foundation is all the same, but in terms of what to do with it, I like seeing all designers and brands have a different idea of implementation for it.”
Toli 360 founder Lenny AdamsCourtesy of Toli 360
Aside from Toli’s other capabilities, Adams confirmed the mirror’s four built-in cameras can also be utilized for creating TikToks and recording YouTube videos.
As someone who enjoys buying clothes, Adams said that Toli’s mission “is about ushering in the next generation of fashion retail and part two of that is to bring the world's largest mall into your living room.”
Adams believes that the model of fashion retail will benefit greatly from this technology, especially because we’ve been buying clothes in the same way for the last 50 years.
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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.
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