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XMeWe Billed Itself as the Anti-Facebook. Now It's Going Hollywood.
Rachel Uranga
andRachel Uranga is dot.LA's Managing Editor, News. She is a former Mexico-based market correspondent at Reuters and has worked for several Southern California news outlets, including the Los Angeles Business Journal and the Los Angeles Daily News. She has covered everything from IPOs to immigration. Uranga is a graduate of the Columbia School of Journalism and California State University Northridge. A Los Angeles native, she lives with her husband, son and their felines.
Francesca Billington
Francesca Billington is a freelance reporter. Prior to that, she was a general assignment reporter for dot.LA and has also reported for KCRW, the Santa Monica Daily Press and local publications in New Jersey. She graduated from Princeton in 2019 with a degree in anthropology.
The new chief executive of MeWe, the social network that billed itself the anti-Facebook, wants to lure in Hollywood talent — and is eyeing advertisers.
The move, steered by veteran tech and Hollywood executive Jeffrey Edell, is a departure for the Los Angeles company, which promises users it'll protect their privacy and prohibit manipulative algorithms with an ad-free network.
"I want to stay true to the privacy and those efforts, but I don't think it makes sense personally to be the quote anti-Facebook publicly," said Edell, who most recently was president of the entertainment and licensing company WTG Enterprises.

MeWe chief executive Jeffrey Edell
Since replacing founder Mark Weinstein — now the company's "chief evangelist" — last week as the network's chief executive, Edell has already signed on the comic duo Cheech Marin and Tommy Chong, better known as Cheech & Chong, to help promote the site.
"What I want to do is make the experience at MeWe an experience of chat and socializing around content, whether it be voice content like music or content that you would see documentaries, niche-based content, things like that," Edell said. "It would be really cool to have the ability to Chromecast or Rokucast, if you will, content that we would licensed or in our control and be able to have chat groups and socialize in and around that content."
The former chairman of Intermix Media, the parent company of MySpace, and a longtime executive for media distribution and licensing companies, Edell said he will use his Hollywood connections to build up partnerships. He noted that MeWe is already in talks with A-level talent.
About 17 million users are signed up worldwide for the free version of MeWe, about half in North America. The Culver City-based site appealed to some of those users by selling itself as privacy focused, with a "Privacy Bill of Rights" that vowed not to manipulate, filter or change newsfeeds or use facial recognition technology.
It kept those protections.
Unlike Facebook or Twitter, MeWe's revenue comes from subscribers who pay a monthly or annual fee to talk with a camera, access private chat rooms and get free emojis and other perks. Weinstein told dot.LA in March that the social platform makes $1 million each month from those subscribers alone.
Weinstein wouldn't disclose how many users pay for their accounts, but said 95% use the free version. MeWe has raised about $24 million from "high net-worth individuals," Edell said. And it's seeking another $20 million of funding from venture firms as it looks forward to creating new offices in a post-pandemic world.
Edell vowed to "stay true to the concept of privacy and security and protection of people's personal information." But, he says, he's open to partnering with advertisers to "give people the opportunity to make choices of what it is they want to see, listen to and do."
Until recently, the social network has relied on users' discontent with big social networks like Facebook to grow its base. When Facebook rolled out new WhatsApp privacy policies in January, upset users flocked to MeWe. The site gained 2.5 million users in one week. Some observers said it became a haven for anti-vaxxers and extremists.
Edell wants the site to appeal to users widely and while continuing to moderate content, although he didn't say how.
"If you're going to have crazy theories, again as long as you're not damaging to people, you're not pointing a gun at Obama's head, you're not raiding the Capitol to get to Nancy Pelosi... then a person should be available to be as silly as they want and they can not make sense or make sense, just don't cross the line," he said.
"The subscription model is going to stay," Edell said. "And there won't be a situation where I know exactly how you behave, so I send you an advertisement to buy Nike shoes and get creepy like that, but I'm thinking there has to be a way – as we move towards the future – to give you the option to figure out what it is you want, and then give you a place within the platform you can go and get it," he said.
For instance, he said, members might be able to opt into stores or groups with advertisers. That strategy will be key, he said, if it's to make a dent in Hollywood, where studios and talent alike depend on social media.
"We just have to be more sensitive towards the entertainment community and the people that are going to be on that platform and not create conflict," he said. "That doesn't mean we still can't be different."
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Rachel Uranga
Rachel Uranga is dot.LA's Managing Editor, News. She is a former Mexico-based market correspondent at Reuters and has worked for several Southern California news outlets, including the Los Angeles Business Journal and the Los Angeles Daily News. She has covered everything from IPOs to immigration. Uranga is a graduate of the Columbia School of Journalism and California State University Northridge. A Los Angeles native, she lives with her husband, son and their felines.
Francesca Billington
Francesca Billington is a freelance reporter. Prior to that, she was a general assignment reporter for dot.LA and has also reported for KCRW, the Santa Monica Daily Press and local publications in New Jersey. She graduated from Princeton in 2019 with a degree in anthropology.
https://twitter.com/racheluranga
rachel@dot.la
Rivian Stock Soars 29% in Its Nasdaq Debut, Topping Ford and GM
01:44 PM | November 10, 2021
Rivian has yet to prove it can compete with the likes of Tesla and General Motors, but investors are snapping up shares anyways, driving the company's stock price up 29% from its debut price on the Nasdaq exchange .
Rivian priced its IPO at $78 per share, above the $72-to-$74 range initially set by the emerging automaker, to raise almost $12 billion. By that measure, the electric truck and van manufacturer's IPO was the largest in the U.S. since Facebook's public-market debut way back in 2012.
Trading under the symbol "RIVN," Rivian's stock price peaked at $119.46 during the day before closing near $101 per share.
At that price, the company's market cap approached $87 billion, according to Nasdaq, blowing past Ford (at about $77 billion) and narrowly topping GM ($86 billion).
Rivian has a busy couple of years ahead of it. The waiting list for its first truck and SUV currently stretches to the end of 2023. Plus, the Irvine-based company still has to deliver thousands of electric vans to its largest investor: Amazon.
Rivian also faces a gender discrimination lawsuit from its former vice president of sales and marketing, Laura Schwab.From Your Site Articles
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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.
Bigger is Better: Ranking LA’s Biggest Funds of 2020
08:00 AM | December 28, 2020
If you were trying to close your new venture fund in the spring, you probably had a lot of sleepless nights and frantic Zoom meetings as limited partners tried to shore up their existing portfolios amidst Wall Street turmoil.
But after the initial shock from coronavirus wore off and public markets sharply rebounded, 2020 turned out to be a great year to raise a new fund, with the major caveat that you are well-established and raising lots of capital.
Bigger was definitely better.
U.S. venture capital funds raised a record $69.1 billion in 2020, according to Pitchbook data. And there were 14 mega-funds that hauled in $1 billion or more, the most since 2010.
Those included a pair of $4.5 billion mega-funds that Silicon Valley firm Andreessen Horowitz announced in November and a $1.8 billion vehicle Lightspeed, another Valley firm, closed in April.
But while the total amount of capital hit new highs, it was raised by far fewer firms. Smaller firms that back early-stage startups are having a much harder time fundraising.
Los Angeles is known for those smaller funds, but despite headwinds, 2020 saw some standouts.
B Capital Group closed a $822 million second fund in June with Boston Consulting Group (BCG) taking the lead as anchor investor. It was more than twice as big as the firm's $360 million debut fund.
B Capital Group was founded in 2014 by Facebook co-founder Eduardo Saverin, who's based in Singapore, and Raj Ganguly, a former BCG investor who resides in Manhattan Beach.
In November, Sinai Capital Partners announced the close of its $600 million second fund, $500 million of which will go towards the tech-focused Sinai Ventures and the rest to fund movies and television shows at New Slate Ventures. All the capital comes from a reclusive German billionaire.
The firm is run by Jordan Fudge, who stands out in the overwhelmingly white and older world of VC because he is Black, openly gay and only 28-years old. With the most recent raise, he now presides over nearly a billion dollars in capital.
Westlake Village BioPartners, the two-year-old firm focusing on life science and therapeutic companies, announced this month it has raised two new funds with $500 million in dry powder.
Last month, March Capital closed a $365 million third fund, according to SEC filings. The Santa Monica venture firm focusing on enterprise software was founded by Jim Armstrong, Jamie Montgomery, Gregory Milken and Sumant Mandal in 2014.
The firm has reaped a billion dollar-plus paper return on the 6.8 million shares it holds in the cybersecurity company CrowdStrike.
Data from Pitchbook and dot.LA. Lead art by Candice Navi.
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Ben Bergman
Ben Bergman is the newsroom's senior finance reporter. Previously he was a senior business reporter and host at KPCC, a senior producer at Gimlet Media, a producer at NPR's Morning Edition, and produced two investigative documentaries for KCET. He has been a frequent on-air contributor to business coverage on NPR and Marketplace and has written for The New York Times and Columbia Journalism Review. Ben was a 2017-2018 Knight-Bagehot Fellow in Economic and Business Journalism at Columbia Business School. In his free time, he enjoys skiing, playing poker, and cheering on The Seattle Seahawks.
https://twitter.com/thebenbergman
ben@dot.la
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