SoCal Venture Pipeline, Pacific Western Bank Partner on Getting Early-Stage LA Startups VC Funding
Photo by Julian Myles on Unsplash

SoCal Venture Pipeline, Pacific Western Bank Partner on Getting Early-Stage LA Startups VC Funding

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.

https://twitter.com/ksnyder_db
dot.LA Summit: Lessons Learned From a 4-Time Startup Founder
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.

Read moreShow less
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
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.

Read moreShow less
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
RELATEDTRENDING
LA TECH JOBS
interchangeLA