LA Tech Updates: Spotify Misses Revenue Mark, Snap Releases Diversity Report, TikTok Jabs Facebook

🔦 Spotlight

Hello Los Angeles,

This week has been a challenging one for many in our city as we continue to face the aftermath of the recent wildfires. Recovery efforts are in full swing, and as always, the strength and resilience of our community shine through.

If you or someone you know has been impacted, there are resources available to help navigate this difficult time:

• LA County Wildfire Recovery Resources: Access here

• City of Los Angeles Recovery Resources: Access here

• Eaton Fire Damage Maps: View here

• Pacific Palisades Fire Damage Maps: View here

These tools can provide support, whether you’re looking for financial assistance, housing resources, or updates on affected areas.

While our community focuses on recovery, we’re also reminded of what makes LA unique: its unrelenting drive to build, create, and innovate. A great example this week comes from Whatnot, the live shopping platform co-founded in 2019 by Grant LaFontaine and Logan Head, which has just achieved a major milestone.

Whatnot announced it raised $265 million in Series E funding, valuing the company at an impressive $5 billion.

For those unfamiliar, Whatnot combines shopping and entertainment through live-streamed auctions. Think of it as a vibrant, interactive marketplace where sellers showcase everything from trading cards and collectibles to fashion items, all in real time. Buyers can bid during the stream, creating a sense of excitement and connection that feels more personal than traditional online shopping.

The company’s new funding—co-led by Greycroft, DST Global, and Avra Capital—will drive expansion into markets like Australia and bring improvements to seller tools, from inventory management to advanced analytics. But what stands out most is Whatnot’s focus on its people. CEO Grant LaFontaine announced plans to buy back $72 million in shares for long-term employees, a move that underscores the company’s dedication to sharing its success.

As we move forward, let’s celebrate stories like these that show how innovation thrives in LA—even amid challenges. Whether it’s supporting wildfire recovery, building the next great startup, or simply connecting with others, we each play a role in shaping the spirit of our city.

🤝 Venture Deals

LA Companies

• Phase Four, a leader in advanced in-space propulsion systems, announced the first close of its Series C funding round, securing nearly 60% of the target raise, led by Artemis Group Capital, to ramp up production of its Valkyrie Hall Effect Thrusters to at least 250 units annually and develop cutting-edge propulsion technologies for defense and national security needs. - learn more

• Proper, a next-generation supplement brand launched by fitness entrepreneur Amanda Kloots, secured investment from Ben Bennett's Beauty Accelerator, The Center, to redefine the supplement industry with innovative, nutrient-focused wellness solutions tailored for modern lifestyles. - learn more

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🔦 Spotlight

To our Los Angeles family,

This week’s wildfires have brought immense pain and hardship to our beloved city. Many of our friends, neighbors, and colleagues have faced evacuations, power outages, and the devastating loss of homes and livelihoods. Our hearts go out to everyone affected by this tragedy.

At dot.LA, we want to express our deepest sympathy to those suffering in this moment. We see your resilience and stand with you during this challenging time. This community has always been defined by its strength and compassion, and now is the time to come together in support.

If You or Someone You Know Has Been Impacted, Resources Are Available:

Evacuation Shelters:

• Calvary Community Church: 5495 Via Rocas, Westlake Village, CA 91362
• Ritchie Valens Recreation Center: 10736 Laurel Canyon Blvd., Pacoima, CA 91331
• Pan Pacific Recreational Center: 7600 Beverly Blvd., Los Angeles, CA 90036
• Westwood Recreation Center: 1350 Sepulveda Blvd., Los Angeles, CA 90025
• Pasadena Civic Auditorium: 300 East Green Street, Pasadena, CA 91101
• Pomona Fairplex: 1101 W McKinley Ave, Pomona, CA 91768
• Stoner Recreation Center: 1835 Stoner Ave, Los Angeles, CA 90025

Animal Shelters:

Small Animals:

• Agoura Animal Care Center: 29525 Agoura Rd, Agoura Hills, CA 91301
• Baldwin Park Animal Care Center: 4275 Elton St, Baldwin Park, CA 91706
• Carson Animal Care Center: 216 W Victoria St, Gardena, CA 90248
• Downey Animal Care Center: 11258 Garfield Ave, Downey, CA 90242
• Lancaster Animal Care Center: 5210 W Ave I, Lancaster, CA 93536
• Palmdale Animal Care Center: 38550 Sierra Hwy, Palmdale, CA 93550

Large Animals:

• Pomona Fairplex: 1101 W McKinley Ave, Pomona
• Industry Hills Expo: 16200 Temple Ave, City of Industry, CA 91744
• Antelope Valley Fair: 2551 W Avenue H, Lancaster, CA 93536
• Los Angeles Equestrian Center: 480 W Riverside Dr, Burbank, CA 91506
• Pierce College Equestrian Center: 7100 El Rancho Dr, Woodland Hills, CA 91371

Disaster Relief Information:

• LA County Assessor: Information for property owners and FAQs about disaster relief.

Mental Health Support:

• Los Angeles County Department of Mental Health: Crisis counseling and support for those affected. Access services through their website or call their hotline at (800) 854-7771.

Temporary Housing Support:

• Airbnb: In partnership with 211 LA, offering free temporary housing for displaced residents. Spaces are limited; complete the form to be notified of availability.

Transportation Support:

• Uber: Use promo code WILDFIRE25 for 2 free rides up to $40 each to/from active shelters.
• Lyft: Code CAFIRERELIEF25 offers 2 rides up to $25 each for up to 500 riders, valid until 1/15.
• Metro: Fare collection is suspended systemwide.

Staying Informed:

• Watch Duty App: Provides real-time wildfire tracking, evacuation warnings, and updates.
• Los Angeles Fire Department Alerts: Visit their website for the latest information on fire status and safety guidelines.

Safety Precautions:

• Ready, Set, Go!: Personal Wildfire Action Plan by the Los Angeles County Fire Department.

To those in our community who are volunteering, donating, or offering aid in any form—thank you. Your efforts embody the spirit of LA: strong, compassionate, and unstoppable.

At dot.LA, we’re committed to amplifying stories of resilience and support. If you’ve seen inspiring acts of kindness or have resources to share, please let us know. Together, we can shine a light on the incredible ways this community is stepping up during these trying times.

In the days ahead, let’s hold tight to the bonds that unite us and remember that we are stronger together. The fires may scar the land, but they cannot dim the collective spirit of Los Angeles.

We’re here for you, and we’re with you.

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🔦 Spotlight

Happy Friday LA!

As we close the book on 2024, Los Angeles has had a remarkable year in tech and venture capital. From groundbreaking funding rounds to industry-defining innovations, the city’s tech ecosystem has showcased its ability to adapt and thrive. Among the year’s final highlights was the announcement that Crosscut Ventures, one of LA’s premier early-stage venture capital firms, has added Jon Ylvisaker as its newest Partner.

Crosscut Ventures’ Bold New Direction

Announced in late December, Jon Ylvisaker’s appointment reflects Crosscut Ventures’ commitment to advancing its focus on the energy transition. Ylvisaker brings decades of experience in driving investments in energy technologies and digital infrastructure. As the founding partner and managing director of Yield Capital Partners, he led investments in startups and established companies shaping the future of sustainability. At Wolfacre Global Management, a Tiger Management hedge fund, he further honed his expertise in supporting impactful climate-focused solutions.

Brian Garrett, Managing Director and Co-Founder of Crosscut Ventures, said, “Jon's extensive experience in climate and digital infrastructure investments, coupled with his impressive track record of bringing groundbreaking technologies to market, makes him the ideal partner to help lead our focus.”

Since its founding in 2008, Crosscut has played a key role in shaping LA’s tech landscape. Ylvisaker’s addition reinforces the firm’s commitment to addressing global challenges like energy transition and sustainability, further solidifying its leadership in venture capital innovation.

What’s Next for LA Tech in 2025

The momentum from 2024 has set the stage for an even bigger year ahead. Entrepreneurs, investors, and innovators in LA are poised to take on new challenges and create meaningful change across industries.

As we step into 2025, we want to thank everyone who helped make 2024 such a standout year. Here’s to another year of progress, innovation, and success. From all of us at dot.LA, Happy New Year!

🤝 Venture Deals

LA Companies

• First Resonance, a company specializing in digital manufacturing software through its ION Factory OS, has raised a $20M funding round led by Third Prime with participation from Blue Bear Capital and others. This brings its total funding to $36M and will be used to accelerate product development, grow its customer base, and enhance support for advanced manufacturing sectors like aerospace, robotics, and clean energy. - learn more

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