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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.
Upfront Ventures Summit: The Chainsmokers Journey From Music to Venture
02:16 PM | March 02, 2023
Clark Studio
On Thursday, Upfront Ventures hosted its 2023 Summit and music icons Alex Pall and Drew Taggart of The Chainsmokers hit the stage, not to perform, but instead to discuss their venture journey.
The duo launched MantisVC, a Marina Del Rey-based early stage tech venture fund in 2019.
Pall and Taggart shared the stage with WndrCo’s managing partner Jeffrey Katzenberg to dive deeper into what their music career has taught them and how it translated over to their venture firm.
Here are some of the most important takeaways:
The duo believes hustle is more important than talent to achieve success.
“There's just so much content out there that's just happening all the time for no reason,” Taggart said. “There's just so much to pay attention to and if you have to wake up every day, and think out what your angle is going to be, try stuff, have it not work. You have to accept defeat so frequently and still get up and do it.”
Creating music was their foray into building communities.
“I think we have some real insight into how to build that community and tell that story because essentially, that's all we're trying to do,” Pall said. “No matter what your business is, you're telling the story about something that you think is important that someone else needs and will enjoy.”
Building connections and having conversations with pioneers in the space helped them launch MantisVC.
“Humility and being self aware are two of our strengths,” Taggart said. “I think knowing what we don't know is a big part of how we've gotten to where we are, and with the support of people around us, and the relationships we built, we understood that we were going to have to go out and prove to the world that we were serious about this and we respected the people that have come before us and the people that are doing it right now.”
VCs should offer all their founders support.
“When you're building something early on, you want that support, that hands-on feeling and the purpose of Mantis isn't necessarily right now to replace the incredible institutional investors that exist out there and have been around for a while,” Pall continued.
“But we want to be the Robin to their Batman, and we think there's a way that we can kind of partner with everybody in the space and provide our founders that holistic support they need. It's inspiring to work alongside people that share that same energy and we're constantly working on ourselves and I feel like it takes a really special type of human being to be successful in this world. Level of grit and determination and something that's continually fueled us and we want to invest in people like that.”
Feedback is necessary and essential to create successful products and businesses.
“Similar to products or services that you're building, it's important to get real life feedback out there and iterate on those things,” Taggart said. “And there's really just no substitute for that.”
Pall added, “I think for some reason in our culture, it's become an issue for people just to be straightforward and say no, about things and give honest feedback and, and move on. I think we can all learn a lot from just having more honest conversations with each other.”
Never lose sight of your core audience and mission as a company.
“Never forget what your core product is and what people love about that and make sure that every piece of innovation is derivative of that,” Taggart said. “I see a lot of friends of ours that have had really successful companies start to build ancillary projects that don't really feed their core audience that they're just making to compete with their competition. We do the same thing in songwriting, and you can never lose sight of what people love about you.”
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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.
Why This Monk-Turned-Entrepreneur Is Betting His NFT Lounge Can Survive the FTX Fallout
05:00 AM | February 15, 2023
Photo: Rafi Lounge
Set in the foothills of Eastern Malibu across the street from Robert de Niro’s Nobu, the Rafi Lounge, a NFT-powered wellness center and coworking space, somehow looks like both a beachfront country club and a swank monastery. On a clear day, you can see Catalina Island across the ocean. The sign above the entrance says, “Welcome, please allow us to reintroduce you to yourself.”
Pushing through the braided rope entryway and passing a tranquil stone Buddha head waterfall, I arrived just after a yoga class former playboy model-turned “Dancing With the Stars” host Brooke Burke finished. The central open space that usually houses yoga mats or stationary bikes has been cleared off, and the giant projection screen behind the small stage is playing a tranquil plant video – an hour earlier, a larger-than-life Burke was on it helping clients “booty burn.”
The building – which used to belong to a venture capital firm – has been totally transformed to look like nature’s reclaimed it, dotted with lemon trees and cloaked in ornamental faux grass carpeting. Buddha statues are in every corner, some larger than five feet. On the way to one yoga room, there’s a small shop selling pricey essential oils, Rafi Lounge merch, and CBD gummies. On the wall of the shop hang three breathtakingly detailed portraits of indigenous peoples made by the founder with charcoal. There’s some construction ongoing, as they’re converting former corner offices into hot yoga saunas and a spa.
On the day of my visit, the place is bustling with staff who are lugging boxes of Himalayan salt panels to install in the hot yoga room. Israeli-born Kung-Fu master and former monk Rafi Anteby, the founder of the eponymously named space, tells me that after our chat he plans to paint them all black to match the walls. No detail is too small to notice, something evident in his Mandala work.
Rafi Lounge founder, Rafi Anteby, pictured here with his Mandala and sand collections. Photo: Rafi Lounge
The Rafi Lounge opened last year on November 10—the day before crypto exchange FTX went bankrupt. “Everyone said Rafi, go into a shutdown, don’t do it,” Anteby said. “I said I can't, because I pre-sold to members and I promised them [the launch is] what will happen.”
Still, Anteby felt he couldn’t renege on his promise to open the lounge to those who did buy in, so he forged ahead. So, what do NFTs have to do with a wellness center?
Each, according to Anteby, corresponds to a level of access. The least expensive, Unity, is the lowest tier and gives holders access to virtual classes. The second tier, Mindful, encompasses physical and virtual access to the Lounge. And the highest tier selling for $5,500, Awakened, are the ones Rafi is selling individually that act as an all-access pass to the Lounge and its benefits and events (including, Anteby said, “spiritual yacht parties”). Both Mindful and Awakened NFTs are lifetime memberships to Rafi Lounge, and include free access to annual retreats it hosts.
But facing the changing seasons of the crypto market and unwilling to sacrifice his brand by letting the Rafi Lounge tokens be resold to oblivion on public markets, Anteby took the drastic step to control his NFT inventory – buying up the remainder a mere day after the minting.
Anteby admitted he “lost a quarter of a million dollars” between creating and buying the NFTs back. But he said it was worth it: “I'm going to take each because I want to control who's coming to my lounge. I want to know that they will be my advocates as well.”
A view of the Rafi Lounge in the afternoon, before a yoga class. Photo: Rafi Lounge
Currently, there are 100 members, 55 of which are lifetime NFT holders. The 6,000 square-foot rooftop lounge is also open to the public. Which is to say, anyone can buy a 10-day pass for $250, pay the $40 fee for individual classes or come to public events. One of those people is Amie Yaniak who was diagnosed with stage four cancer last May that has since metastasized into her bones.
“I’ve never been anywhere like this. This was the first class I’ve done since the cancer, and it was just so cleansing,” Yaniak says. While she’s not a member, Yaniak told me she was interested in returning for more classes.
In addition to people like Yaniak, Anteby is also curating a more select crowd of well-to-do celebrities that can act as brand ambassadors for the lounge. He said he wants it to be a sort of more laid-back SoHo house, where top minds converge on the Pacific Ocean to make deals and network. Some of the names dropped during my tour of the property included Jamie Foxx (who Anteby calls a good friend), Chris Noth, Gladys Knight, and Equinox co-founder Lavinia Errico, whom I actually briefly met, since she’s a member of the Lounge’s advisory board.
The lounge's entryway and check-in. Photo: Samson Amore
As Tame Impala wafts from the lounge’s speakers, Anteby tells me stories of getting Taoist monks drunk at karaoke bars and studying medical qigong and tai chi in China. Anteby hung the intricate mandalas on the walls of a yoga room and he says they take around two years to complete as he carefully places individual grains of sand and uses tree sap to preserve their form. The mandalas are meant to be a contemplation of man’s relationship with nature, which is partly why Anteby designed the NFT versions of them to resemble a sort of elemental fusion that combines water, fire and earth.
Owning an NFT also corresponds to owning a fraction of the Malibu Mandala Rafi made that hangs in the lounge.
Anteby, right, speaks with a partner at his lounge in Malibu.Photo: Samson Amore
While Anteby admits the launch hasn’t netted him any profits yet and said he’s out around $1 million launching the place, he’s determined to turn the Rafi Lounge into a franchise and has plans to open future locations in other cities big into tech and wellness like Miami, Scottsdale, Ariz., Newport Beach, and Austin.
Besides the obvious cases like Yaniak’s, Anteby said he thinks the larger tech community needs a breather. “They all have digital burnout,” he said. “It's more than just me helping you to breathe. You need to take care of yourself, and here people do that all the time.”
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Samson Amore
Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College and previously covered technology and entertainment for TheWrap and reported on the SoCal startup scene for the Los Angeles Business Journal. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.
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