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SoCal Venture Pipeline, Pacific Western Bank Partner on Getting Early-Stage LA Startups VC Funding
Kristin Snyder
Kristin Snyder is dot.LA's 2022/23 Editorial Fellow. She previously interned with Tiger Oak Media and led the arts section for UCLA's Daily Bruin.
The SoCal Venture Pipeline program is partnering with Pacific Western Bank to continue connecting early-stage startups with venture capital.
Now formally known as the SoCal Venture Pipeline powered by Pacific Western Bank, the program has matched new startups with investors since launching in 2021. Pacific Western will serve as its lead sponsor, joining continuing supporters Wilson Sonsini and KPPB LLP. The Pipeline originally only considered startups looking for Series A funding, but expanded to include seed funding in February. Alliance managing director Eric Eide said adding Pacific Western to the program will further help its startups navigate both Series A and seed fundraising.
“That's really been where we've seen a lot of founder demand,” Eide said. “The amount of founders applying has tripled since [adding seed funding]. There's a lot of interest, particularly amongst the VC community or network, to see high-quality, vetted deal flow.”
Since launching a year ago, the Pipeline has accepted 31 of its 247 applicants. As a rolling program, the selection committee reviews applications on a monthly basis. Companies must be tech-focused and based in Southern California. For Series A funding, Eide said they look for teams that have already raised $500,000 angel or seed investment and are looking to raise at least $4 million. He said companies have to show demonstrable traction at the seed level, have a compelling market opportunity, and have raised at least $250,000.
Eide said they work closely with the chosen founders to connect them to the Pipeline’s network of 200 venture capitalists. Joining the program as a new sponsor, Eide said Pacific Western Bank will help advise founders and secure capital. The Cove Fund venture partner JC Ruffalo, who volunteers to help the program’s founders, told dot.LA in an email that the Pipeline exposes venture capital firms to companies that they might not otherwise have a chance to connect with.
“The SoCal Venture Pipeline is supporting and building a legacy of tech and medtech innovation and growth which will create a more robust and stronger innovation ecosystem here in Southern California,” he said.
Pacific Western Bank SVP Mark diTargiani said the bank was drawn to the Pipeline’s wide reach across Southern California. For early-stage startups, the bank provides free banking services, high-yield checking accounts, and a bit of unsecured credit card debt. diTargiani said they have already begun giving advice to companies in the program and have also introduced new investors to the Pipeline.
“What we saw was an opportunity to help to build a community of early-stage startups throughout the L.A. ecosystem,” diTargiani said.
Despite the unstable market, there is plenty of capital for early-stage startups, diTargiani said. Though the funding environment has changed in recent months, Eide said people are still making deals—and the Pipeline’s investor network can help founders make important connections to get those deals.
“It's still a good time to be raising relatively even if it's a little bit different than the heady days of last year,” Eide said.
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Kristin Snyder
Kristin Snyder is dot.LA's 2022/23 Editorial Fellow. She previously interned with Tiger Oak Media and led the arts section for UCLA's Daily Bruin.
https://twitter.com/ksnyder_db
dot.LA Summit: Lessons Learned From a 4-Time Startup Founder
09:44 AM | October 21, 2022
Photo by Decerry Donato
While funding from venture capital firms can ensure the longevity of your company, believing in its potential and the service your company provides is just as impactful.
Co-founder and managing director of BAM Ventures Brian Lee thinks so.
Lee is a four-time founder of prominent companies, including online provider of legal services LegalZoom.com, Inc.; online women’s footwear shopping platform ShoeDazzle.com Inc.; eco-friendly consumer line The Honest Co and sports collecting platform Arena Club.
He shared the stage with dot.LA’s 2021 “Entrepreneur of the Year” Alex Israel, the co-founder and CEO of Metropolis Technologies, a mobility commerce platform that connects transportation, payments, and local businesses for the first time.
As Los Angeles’ ecosystem has grown, Israel asked Lee—given his experience in the startup world—if he saw the wealth of opportunities back then as there are now.
Lee said there were only three funds based in Los Angeles at that time.
“Our very first meeting with a venture capitalist here in Los Angeles was the day that the NASDAQ crashed,” said Lee, “and I remember [the VC] sat us down, and he says, 'The internet is over.’”
During this time, he and his partner agreed they wanted to continue despite receiving nos from the 50 venture capital firms they pitched to. But Lee realized they needed a face to the brand to build some credibility.
“Robert Shapiro was number one on our list, partly because he was from Los Angeles, but also because he was, at that time, one of the most famous attorneys in the world after the OJ [Simpson] case.”
He learned that every time Shapiro appeared on television, LegalZoom orders rose. So he brought this same approach into his next startup–ShoeDazzle. There, he brought Kim Kardashian on board.
“This is very early influencer marketing,” Lee said.
Lee and Israel agree that it's very difficult to start a company, but as long as you have the work experience and the connections, those things alone can get you very far.
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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.
AmazeVR Wants You To Attend K-Pop Concerts Virtually
01:57 PM | September 28, 2022
Photo courtesy of AmazeVR
Virtual reality startup AmazeVR now has $17 million to further expand its VR concert experience.
The West Hollywood-based company’s latest funding amounts to a bet that virtual shows, a staple of the pandemic, are here to stay. Mirae Asset Capital led the Series B funding round, with Mirae Asset Financial Group subsidiary (Mirae Asset Venture Investment), CJ Investment, Smilegate Investment, GS Futures and LG Technology Ventures investing again. Mobile game maker Krafton joined the group—but South Korean entertainment company CJ ENM’s stake reveals AmazeVR’s plans to expand into K-pop world.
AmazeVR intends to use the cash infusion to hire more engineers and visual effects artists and to fill out its content offerings. The money will also help the company bolster its artist roster—which already includes Megan Thee Stallion—and produce more virtual concerts.
CJ ENM has certainly made a name for itself through a broad range of content. Forming K-pop groups and producing K-dramas, the company also oversees music TV channels, award shows and fan conventions. Previously, CJ ENM launched a company with K-pop phenomenon BTS’ label to foster new music talent.
Even as in-person concerts come back, their virtual counterparts have permeated pop culture. Even award shows have started to recognize the burgeoning performance method. In August, the MTV Video Music Award introduced the Best Metaverse Performance, which K-pop girl group Blackpink won.
Technology has helped many K-pop groups explode in popularity, with bands amassing very passionate international audiences through social media platforms. SM Entertainment, the media company behind groups like EXO and Red Velvet, launched a streaming platform to host virtual concerts and interviews with its talent roster. BTS’ online show in June brought in 1.3 million viewers—a slight increase from its 2020 virtual production.
This isn’t AmazeVR’s first time exploring the K-pop space. In July, it partnered with SM Entertainment to produce concerts for its talent roster through Seoul-based Studio A.
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Kristin Snyder
Kristin Snyder is dot.LA's 2022/23 Editorial Fellow. She previously interned with Tiger Oak Media and led the arts section for UCLA's Daily Bruin.
https://twitter.com/ksnyder_db
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