🔦 Spotlight
YouTube star Jimmy Donaldson, a.k.a. MrBeast, is embroiled in a legal battle with the company behind his virtual burger restaurant, MrBeast Burger. 🍔⚖️📜
After MrBeast's lawsuit against Virtual Dining Concepts (VDC), which managed the burger's fulfillment and delivery, VDC has countersued for $100 million in damages. VDC claims MrBeast failed to fulfill contractual obligations, such as promoting the burger brand, making false and damaging statements, and causing financial harm.
MrBeast initially sued VDC, citing concerns about food quality and damage to his brand's reputation. MrBeast Burger operates through a network of "ghost kitchens," offering food through delivery apps cooked in existing restaurant facilities. It rapidly expanded to 1,700 locations since 2020, attracting attention and crowds.
VDC's lawsuit reveals that MrBeast attempted unsuccessful contract renegotiations in November 2022, February 2023, and June 2023. The legal cook-off centers on alleged breaches and disparaging remarks from MrBeast about the burger brand. Despite the legal battle, MrBeast remains influential online, having ventured into various projects beyond the burger business, including a line of snacks named Feastables.
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🤝 Venture Deals
LA Startups
- Virtualitics, a data analytics and 3D visualization platform, raised a $37M Series C led by Smith Point Capital - learn more
- Luxury Presence, a provider of growth marketing solutions for real estate pros, raised $19.2M in a Series B1 led by Bessemer Venture Partners - learn more
- Nature Coatings, a biochemicals startup, raised a $2.5M Seed round co-led by Regeneration.vc and The 22 Fund - learn more
LA Funds
- Mantis Venture Capital joined a $17M Series A for Haus, a startup that helps companies measure the ROI on their marketing efforts - learn more
LA Exits
- Check back next week!
⚒️ Open Roles
Are you a tech firm, startup, or VC with open roles? Reach out to be featured on next week’s Newsletter!
📅 LA Tech Calendar
Friday, August 11th
- Cypher VR Los Angeles - Virtual reality escape room experiences!
Monday, August 14th
- Generative AI and AI Alignment with Amino Capital🗽 - Hear from Generative AI experts about how generative AI can be used in the entertainment industry!
Tuesday, August 15th
- Techstars: How to Make Your Application Stand Out🗽 - Prepare an eye-catching application with insider tips!
Wednesday, August 16th
- Ask Me Anything with Leading Innovation Law Firm: Wilson Sonsini🗽 - explore impact investing through disease foundations and innovative approaches to addressing rare disease challenges!
- KPMG Private Enterprise Tech Innovator in the U.S. Finals 2023🗽 - exclusive opportunity for you to hear the finalists’ pitches and get a first look at their ambitious plans for transforming the technology landscape!
Thursday, August 17th
- LA Tech Networking Happy Hour🗽 - Bringing LA tech world into one place to broaden our networks and get away from our laptops!
- LA Startup and Tech Mixer - Kick off August the right way with networking and drinks!
- GENERATIVE LA—LIGHTSPEED X SCOPELY X ACTIVISION (August 30th)🗽 - Bringing together local founders, engineers, designers and product leaders building the future of AI!
Other events to add to the calendar
🗽 - Free
Have an awesome event coming up? Reach out to be featured on next week’s Newsletter!
🌍 Around The Internet
The top 3 funding rounds for LA startups in July are…🥁🥁🥁
- Impulse Space - $45M Series A
- Karat - $40M Series B
- Gardens - $31.3M Series A
📙 What We’re Reading
- Listen to TenOneTen’s LA Venture Podcast on Katelyn Foley - the President of UP.Labs - read more
- Meet the 2023 finalists for KPMG’s top Tech Innovators in the U.S. - read more
🙋♀️ Key Hires
- AdvisorCheck appoints Adriel Tam as CEO - read more
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