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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.
How Caltech’s Fred Farina Is Creating a Haven for Research-Driven Startups on Campus
06:16 AM | September 21, 2022
Courtesy of Fred Farina
On this episode of the LA Venture podcast, Caltech’s Chief Innovation and Partnerships Officer Fred Farina discusses how the university converts fundamental research into new technology and supports developing startups.
Farina has been at Caltech for over 20 years, where he now oversees the Office of Tech Transfer, which is responsible for laying the groundwork for transitioning research into real-world applications. Set up in 1995, the department works on everything from patents and licensing to building a team and creating the infrastructure to support fledgling businesses.
“It’s not like we would cold call companies and try to sell patents… because of the early-stage nature of what we do,” he said. “Instead, focus has been on startups and all the programs that help get technologies more mature and more attractive for a VC, basically, to invest in the [technology] and form a company around it.”
Many of these early initiatives lack the real-world application proofing that venture capital firms are looking for before they invest, Farina said. To get these young companies over the hump, the school has proof-of-concept or “gap” funding that it distributes from the Rothenberg Innovation Initiative, to help researchers prove their ideas’ commercial potential. To help researchers “de-risk” those concepts, Caltech also offers an “Entrepreneurs in Residence” program.
Farina also helped set up The Caltech Fund and the Wilson Hill Fund, both of which provide seed funding to transform research into companies. Both funds provide between $500K and $1.5 million in seed funding for early-stage companies coming out of Caltech.
“A lot of the time, many of these projects are still not ready because…you need business people, as well as technical people and scientists, engineers. You need a plan. You need a polished pitch deck and all that stuff,” Farina said.
The next step has been to create an incubator, a space for funding recipients to work on their projects close to campus.
“The idea is to create the excitement around startups in our location that's, you know, in one place so that 5, 6, 7 startups can be in the same place and build on that excitement,” he said. Ultimately, the goal is to incubate companies ”for two years before they go out and, hopefully, then stay in Pasadena, rather than leave for the Bay Area or Boston or other areas.”
Caltech research and patents have played a major role in everything from DNA sequencing, to heavy-lift drone technology, to camera phones, among other technologies. Through NASA, Caltech also manages the Jet Propulsion Laboratory, which researches the exploration of space.
Quantum science and computing are another area of technology that is quickly growing out of the institution. Caltech partners with Amazon Web Services to develop quantum computing hardware and software, Farina said, adding that that partnership has greatly helped foster Caltech’s startup ecosystem, providing recent graduates with high-quality jobs.
“What I'm excited about is that, for the first time, we have a large company basically on campus doing work that matches what Caltech wants to do in terms of fundamental aspects, and with potential really deep impact on society,” he added.
dot.LA editorial intern
Kristin Snyder contributed to this post.
Click the link above to hear the full episode, and subscribe to LA Venture on Apple Podcasts, Stitcher, Spotify or wherever you get your podcasts.
This podcast is produced by LA Venture. The views and opinions expressed in the show are those of the speakers and do not necessarily reflect those of dot.LA or its newsroom.
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Minnie Ingersoll
Minnie Ingersoll is a partner at TenOneTen and host of the LA Venture podcast. Prior to TenOneTen, Minnie was the COO and co-founder of $100M+ Shift.com, an online marketplace for used cars. Minnie started her career as an early product manager at Google. Minnie studied Computer Science at Stanford and has an MBA from HBS. She recently moved back to L.A. after 20+ years in the Bay Area and is excited to be a part of the growing tech ecosystem of Southern California. In her space time, Minnie surfs baby waves and raises baby people.
Are Influencers the Key to Fighting Climate Change?
05:00 AM | March 16, 2023
Evan Xie
From makeup to books, people are increasingly basing their purchasing habits on what social media stars recommend. It shouldn’t come as a surprise, then, that influencers are swaying people to make more sustainable choices. A study released last week that was conducted by Unilever and the Behavioural Insights Team (BIT), which surveyed 6,000 people across the US, UK and Canada, found that 78% of consumers found influencers had the most impact on why people switch to sustainable choices. Traditional information outlets, on the other hand, lagged far behind—48% turned to TV documentaries, 37% turned to news articles and 20% turned to government campaigns.
On the surface, these statistics are sobering. Influencers, who lack any oversight or ethical requirements, are the ones responsible for shifting consumer behavior toward more sustainable options.
But this aligns with trends people have noted across the board. Gen Z has largely swapped TV time with social media usage, with one study finding that TV and film came behind video games, music, the internet and social media as young people’s favorite entertainment activities. Not only do 42% of Americans actively avoid reading the news, but 91% of young people get their news from social media. And overall trust in government institutions has reached a low of 27%, with many members of Gen Z believing the government hasn’t done enough to fight climate change.
Meanwhile, influencers are reaching people where they are. That’s not to say that some influencers don’t encourage overconsumption. After all, the so-called, “haul video” featuring heaps of cheap fast-fashion clothes, dominates fashion and beauty influencer spaces.
But there are an increasing number of creators carving out their niche with sustainability-centric content. On Instagram, people like @zerowastecutie and @DiandraMarizet share infographics focused on sustainable living tips and cutting out plastic. On TikTok, sustainability influencers are fighting against the overconsumption that runs rampant on the app. Some, like @climatediva, haul thrifted clothes, while creators like @tarabellerose make educational videos about environmental issues.
None of this suggests that influencer culture writ large has entirely shifted towards eco-friendly practices. It does, however, indicate that influencers have been more successful than any other institution in convincing young people to move beyond just worrying about climate change and instead make specific life changes.
The new paradigm makes sense, considering most influencers are between the ages of 18 and 34. And when coupled with the fact that young people are turning to TikTok rather than Google as their search engine of choice—just searching “zero waste” results in videos detailing budget-friendly ways to reduce waste and starter guides—short clips can go a long way in helping viewers get easy, actionable advice on simple lifestyle changes. A proposal that might not come across as effectively in a long documentary on TV or a news article.
This is all to say that it would be easy to look at Unilever’s findings and bemoan the way influencers have infiltrated how information spreads. But it’s not their fault that they’ve managed to capture people’s attention. If news organizations or government campaigns want to actually reach young people, they could stand to take some tips from TikTok stars.
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Kristin Snyder
Kristin Snyder is dot.LA's 2022/23 Editorial Fellow. She previously interned with Tiger Oak Media and led the arts section for UCLA's Daily Bruin.
https://twitter.com/ksnyder_db
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