dot.LA Weekly Update
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
🔦Spotlight
In the US of A, the vibrant start-up world paints a dazzling picture of innovation and potential. However, beneath the surface of glitz and glamour lies a troubling reality—a pervasive societal inequity that takes center stage. The numbers don't lie: in 2022, Black and Latino founders were left with a mere 1% and 1.5% slice of the VC funding pie. Meanwhile, women-founded teams, secured only a slightly larger share at 1.9%. At the time of exit, White male founders average an astonishing $210 million each, leaving our underrepresented counterparts to juggle with a mere 43% of that staggering sum, $91.1 million. It's a sobering tale of missed opportunities and systemic biases, one that deserves our serious attention…McKinsey is here to address this with the InLA Accelerator🚗🤸🏾♀️👻
McKinsey’s InLA partners with SoCal’s underrepresented founders to tackle their toughest challenges and fuel sustainable, inclusive growth. On Friday, July 14th the inaugural Demo Day was conducted to narrow down the final 3 ventures to receive 3 months of hands-on consulting to fuel their growth. The winners?
- ChargerHelp!: ChargerHelp! is a national EV charging infrastructure operations and maintenance service provider that hires and reskills black and brown workers to participate in the green economy. Series A - $20M raised
- Expect Fitness: Expect connects pre and post natal mothers with OB GYN approved on demand fitness workouts to minimize the risk of complications and promote maternal health. Pre-Seed - $300K raised
- Ghost: Ghost is a B2B marketplace for leading retailers and wholesalers to buy and sell surplus consumer goods to reduce the $160B+ pool of global excess inventory discarded each year. Series A - $18M raised
Follow their journeys and Learn more about this incredible initiative!
🤝Venture Deals
LA-based Startups
- Valhalla Ventures, a Los Angeles-based early-stage venture firm focused on deeptech and gaming, raised $66M for its first fund - learn more
- Topanga.io, reusable packaging programs that save money and are sustainable, raised $3.6M in a funding round led by Amasia and Struck Capital - learn more
- Surf Air Mobility, electric aviation and air travel company, went public via direct listing guided by Anthem Venture Partners - learn more
LA-based Funds
- Cymbal, a crypto startup that allows users to view and search the Ethereum blockchain for transactions, addresses, tokens, prices and other activities, raised $18.5M in funding round joined by CAA Connect, and UTA Ventures - learn more
- Whop, a startup building a marketplace for people to sell access to digital products, raised $17M in a Series A joined by Insight Partners, Zinal Growth, and The Chainsmokers - learn more
- UpLift, a health insurance provider for virtual psychotherapy and psychiatry services, raised $10.7M in a Series A led by Ballast Point Ventures and joined by B Capital - learn more
- Gushwork.ai, an operational workflow outsourcing platform, raised $2.1M in pre-seed funding led by Lightspeed and joined by B Capital - learn mor
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
