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XWhat Are LA’s Hottest Startups of 2021? We Asked Top VCs to Rank Them
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.
Despite — or in many cases because of — the raging pandemic, 2020 was a great year for many tech startups. It turned out to be an ideal time to be in the video game business, developing a streaming ecommerce platform for Gen Z, or helping restaurants with their online ordering.
But which companies in Southern California had the best year? That is highly subjective of course. But in an attempt to highlight who's hot, we asked dozens of the region's top VCs to weigh in.
We wanted to know what companies they wish they would have invested in if they could go back and do it all over again.
Startups were ranked by how many votes each received. In the case of a tie, companies were listed in order of capital raised. The list illustrates how rapidly things move in startup land. One of the hottest startups had not even started when 2020 began. A number doubled or even 16x'd their valuation in the span of a few short months.
To divvy things up, we delineated between companies that have raised Series A funding or later and younger pre-seed or seed startups.
Not surprisingly, many of the hottest companies have been big beneficiaries of the stay-at-home economy.
PopShop Live, a red-hot QVC for Gen Z headquartered out of a WeWork on San Vicente Boulevard, got the most votes. Interestingly, the streaming ecommerce platform barely made it onto the Series A list because it raised its Series A only last month. Top Sand Hill Road firms Andreessen Horowitz and Lightspeed Venture Partners reportedly competed ferociously for who would lead the round but lost out to Benchmark, which was an early investor in eBay and Uber. The round valued PopShop Live at $100 million, way up from the $6 million valuation it raised at only five months prior.
Scopely, now one of the most valuable tech companies in Los Angeles, was also a top vote getter.
The Culver City mobile gaming unicorn raised $340 million in Series E funding in October at a $3.3 billion valuation, which nearly doubled the company's $1.7 billion post-money valuation from March. It is no coincidence that that was the same month stay-at-home orders began as Scopely has benefited from bored consumers staying on their couch and playing ScrabbleGo or Marvel Strike Force.
The company's success is especially welcome news to seed investors Greycroft, The Chernin Group and TenOneTen ventures, who got in at a $40 million post valuation in 2012. Upfront Ventures, BAM Ventures and M13 joined the 2018 Series C at a $710 post-money valuation.
Softbank-backed Ordermark, which flew more under the radar, also topped the list. The company's online ordering platform became a necessity for restaurants forced to close their dining rooms during the pandemic and raised $120 million in Series C funding in October.
On the seed side, two very different startups stood out. There was Pipe, which enables companies with recurring revenues to tap into their deferred cash flows with an instant cash advance, and Clash App, Inc., a TikTok alternative launched by a former employee of the social network in August.
We will have the list of Southern California's top seed startups out tomorrow.
Hottest
PopShop Live ($100 million)
The live-streaming shopping channel created by Danielle Lin reportedly found itself in the middle of a venture capital bidding war this year. Benchmark eventually won out leading a Series A round, vaulting the app at a $100 million valuation. The Los Angeles-based platform has been likened to QVC for Gen Z and it's part of a new wave of ecommerce that has found broader appeal during the pandemic. Google, Amazon and YouTube have launched live shopping features and other venture-backed startups like Los Angeles-based NTWRK have popped up.
Boiling
Scopely ($3.3 billion)
One of the most valuable Southern California tech startups with a $3.3 billion valuation, the Culver City mobile game unicorn has benefitted from a booming gaming market that has flourished in this stay-at-home economy. Scopely offers free mobile games and its roster includes "Marvel Strike Force," "Star Trek Fleet Command" and "Yahtzee with Buddies." In October the company raised a $340 million Series E round backed by Wellington Management, NewView Capital and TSG Consumer Partners, among others fueling speculation that it was on its road to an IPO. Co-CEO Walter Driver has said that he doesn't have immediate plans to go public.
Ordermark ($70 million)
The coronavirus has forced the closure of many dining rooms, making Ordermark all the more sought after by restaurants needing a way to handle online orders. Co-founder and CEO Alex Canter started the business in 2017, which recently rang in more than $1 billion in sales. Ordermark secured $120 million in Series C funding by Softbank Vision Fund 2 in October that it will use to bring more restaurants online. The company's Nextbite, a virtual restaurant business that allows kitchens to add delivery-only brands such as HotBox from rapper Wiz Khalifa to their existing space through Ordermark, is also gaining traction.
Simmering
Cameo ($300 million)
Cameo, which launched three years ago, had its breakout year in 2020 as C-list celebrities like Brian Baumgartner banked over a million dollars from creating customized videos for fans. In the sincerest form of flattery, Facebook is reportedly launching a feature that sounds a lot like Cameo. Even though the company is still technically headquartered in Chicago, we included Cameo because CEO Steven Galanis and much of the senior team moved to L.A. during the pandemic and say they plan to continue running the company from here for the foreseeable future.
Mothership ($64 million)
Co-founded by CEO Aaron Peck, Mothership provides freight forwarding services intended to streamline the shipping experience. The company's tracking technologies connect shippers with nearby truck drivers to speed up the delivery process. It raised $16 million in Series A venture funding last year, driving the platform to a $48 million pre-money valuation.
Nacelle ($6.7 million)
Founded in 2019, Nacelle's ecommerce platform helps retailers improve conversion rates and decrease loading speeds for their sites. The software integrates with Shopify and other services, offering payment platforms and analytics integration, among dozens of services. Nacelle raised about $4.8 million earlier this year with angel investors that included Shopify's Jamie Sutton, Klaviyo CEO Andrew Bialecki and Attentive CEO Brian Long.
Boulevard ($30 million)
Matt Danna and Sean Stavropoulos came up with Boulevard when an impatient Stavropoulos was frustrated wasting hours to book a hair appointment. Their four-year-old salon booking and payment service is now used by some of Los Angeles' best-known hairdressers. Last month, the two secured a $27 million Series B round co-led by Index Ventures and Toba Capital. Other investors include VMG Partners, Bonfire Ventures, Ludlow Ventures and BoxGroup.
CloudKitchens ($5.3 billion)
Uber co-founder Travis Kalanick CloudKitchens rents out commissary space to prepare food for delivery. And as the pandemic has fueled at-home delivery, the company has been gobbling up real estate. The commissaries operate akin to WeWork for the culinary world and allow drivers to easily park and pick-up orders as the delivery market has soared during pandemic. Last year, it raised $400 million from Saudi Arabia's colossal sovereign wealth fund.
GOAT ($1.5 billion)
Founded by college buddies five years ago, GOAT tapped into the massive sneaker resale market with a platform that "authenticates" shoes. The Culver City-based company has since expanded into apparel and accessories and states that it has 20 million members. Last year, Foot Locker sunk a $100 million minority investment into 1661 Inc., better known as Goat. And this fall it landed another $100 million Series E round bankrolled by Dan Sundeheim's D1 Capital Partners.
Savage X Fenty
The lingerie company co-founded by pop singer Rihanna in 2018 is noted for its inclusivity of body shapes and sizes. It has raised over $70 million, but The New York Times' DealBook newsletter recently reported that it's been on the hunt for $100 million in funds to expand into active wear. The company generates about $150 million in revenue, but is not yet profitable, according to the report. It became the focus of a consumer watchdog investigation after being accused of "deceptive marketing" for a monthly membership program.
Warming Up
FabFitFun ($930 million)
The lifestyle company provides customized personal subscription box services every three months with full size products. Started in 2010 by Daniel Broukhim, Michael Broukhim, Sam Teller and Katie Rosen Kitchens, it now boasts more than one million members. Last year, the company raised $80 million in a Series A round led by Kleiner Perkins last year and appears to be preparing for an eventual IPO as it slims down costs and refocuses on its high value products.
Dave ($1 billion)
Launched in 2016, the finance management tool helps consumers to avoid overdrafts, provides paycheck advances and assists in budgeting. Last year, it began to roll out a digital bank account that was so popular that two million users signed up for a spot on the waitlist. The company, run by co-founder Jason Wilk, has raised $186 million in venture capital and counts billionaire Mark Cuban as an early investor and board member. Other backers include Playa Vista-based Chernin Group.
Sure ($59 million)
SURE offers multiple technology products to major insurance brands — its platform can host everything from renter's insurance to covering baggage, so customers never have to leave an agency's website. It also offers its platform to ecommerce marketplaces, embedding third-party insurance protections for customers to purchase all on the same webpage. Founded in 2014, the Santa Monica-based startup last raised an $8 million Series A round led by IA Capital in 2017.
Zest AI ($90 million)
Founded in 2009 by former Google CIO Douglas Merrill and ex-Sears executive Shawn Budde, Zest AI provides AI-powered credit underwriting. It helps banks and other lenders identify borrowers looking beyond traditional credit scores. It claims to improve approval rates while decreasing chargeoffs. The company uses models that aim to make the lending more transparent and less biased. This fall the company raised $15 million from Insight Partners, MicroVentures and other undisclosed investors, putting its pre-money valuation at $75 million, according to PItchbook.
PlayVS
Santa Monica-based PlayVS provides the technological and organizational infrastructure for high school esports leagues. The pandemic has helped the company further raise its profile as traditional sports teams have been benched. Founded in early 2018, PlayVS employs 46 people and has raised over $100 million. In addition to partnering with key educational institutions, it also has partnerships with major game publishers such as Riot and Epic Games.
Tapcart ($40 million)
A SaaS platform helps Shopify brands create mobile shopping apps. The marketing software saw shopping activity jump 50% over 90 days as the pandemic walloped traditional retailers. Founded by Eric Netsch and Sina Mobasser, the company raised a $10 million Series A round led by SignalFire, bringing the total raise to $15 million.
Papaya ($31.8 million)
Papaya lets customers pay any bill from their mobile devices just by taking a picture of it. The mobile app touts the app's ease-of-use as a way to cut down on inbound bill calls and increase customer payments. Founded by Patrick Kann and Jason Metzler, the company has raised $25 million, most recently a S10 million round of convertible debt financing from Fika Ventures, Idealab and F-Prime Capital Partners.
Floqast ($250 million)
FloQast is a management software that integrates enterprise resource planning software with checklists and Excel to manage bookkeeping. The cloud-based software company claims its system helps close the books up to three days faster. It is used by accounting departments at Lyft, Twilio, Zoom and The Golden State Warriors. In January, it raised $40 million in Series C funding led by Norwest Venture Partners to bring the total raise to $92.8 million.
Brainbase ($26.5 million)
The company's rights management platform expedites licensing payments and tracks partnership and sponsorship agreements. It counts BuzzFeed, the Vincent Van Gogh Museum and Sanrio (of Hello Kitty and friends fame) among its clients. In May it announced $8 million in Series A financing led by Bessemer Venture Partners and Nosara Capital, bringing the total raised to $12 million.
OpenPath ($28 million)
The Los Angeles-based company provides a touchless entry system that uses individuals cell phones to help with identification instead of a key card. The company offers a subscription for the cloud-enabled software that allows companies to help implement safety measures and it said demand has grown amid the pandemic. Founded by James Segil and Alex Kazerani the company raised $36 million led by Greycroft earlier this year, bringing its total funding to $63 million.
FightCamp ($2.5 million)
FightCamp is an interactive home workout system that turns your space into a boxing ring with a free standing bag, boxing gloves and punch trackers. The company is riding the wave of at-home fitness offerings including Peloton, Mirror and Zwift that have taken off during the pandemic as gyms closed. The company has raised $4.3 million to date.
Numerade
The Santa Monica-based company provides video and interactive content for education in math, science, economics and standardized test prep. Founded in 2018 by Nhon Ma and Alex Lee, who previously founded Tutorcast, an online tutoring service, the company gathers post-graduate educated instructors to create video lessons for online learning.
Our Place ($32.5 million)
The creator of a pan with a cult following on social media, this Los Angeles-based startup designs and retails cookware and dinnerware. Founded by Amir Tehrani, Zach Rosner and Shiza Shahid, the company completed its Series A funding earlier this year, bringing its total raised to date to $10 million.
Tala ($560 million)
For customers that have no formal credit or banking history, this company's application promises more financial access, choice and control. It gathers data to create a credit score that can be used to instantly underwrite and disburse loans ranging from $10 to $500. Co-founded by Shivani Siroya and Jonathan Blackwell, Tala has raised $217.2 million to date. Its investors include PayPal Ventures, Lowercase Capital and Data Collective.
ServiceTitan ($2.25 billion)
Founded in 2007 by chief executive Ara Mahdessian and president Vahe Kuzoyan, ServiceTitan operates software that helps residential home contractors grow their businesses. It provides businesses tools like customer relationship management and accounting integration to streamline operations. The company closed a $73.82 million Series E funding round from undisclosed investors earlier this year.
100 Thieves ($160 million)
Founded in 2017 by former professional "Call of Duty" player Matthew Haag, 100 Thieves manages esports competitions in major titles including "Counter Strike Global Offensive" and "League of Legends." The company also produces apparel and merchandise, opening a physical store and training ground called the "Cash App Compound" in collaboration with Fortnite earlier this year. The company has raised $60 million to date, from investors including Salesforce CEO Marc Benioff and Aubrey Graham, better known as the rapper Drake.
Emotive ($16.5 million)
This AI-powered customer service platform automates text conversations between customers and businesses to increase sales. Emotive uses their sales team to verify questions, distinguishing it from other bot-driven marketing services, according to the company. The company was founded in 2018 by Brian Zatulove and Zachary Wise, who serve as the chief executive and the chief operating officer, respectively. It has raised $6.65 million to date, from Floodgate Fund and TenOneTen Ventures.
Everytable ($33 million)
Created by former hedge fund trader Sam Polk, the Los Angeles-based startup wants to be a healthy fast food chain. It prices its healthy pre-packaged meals around $5 in underserved communities while costing more in other neighborhoods with the goal of reducing so-called food deserts in low-income neighborhoods. It also offers a subscription delivery service. The company recently closed a $16 million Series B round led by Creadev along with Kaiser Permanente Ventures.
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
LA VCs Weigh In On The Top Venture Capitalists of 2023
01:22 PM | January 03, 2023
Photo by Sterling Davis on Unsplash
2022 was a tough year for venture capital. Venture deals fell throughout the year as the economic environment became uncertain.
But despite the economic downturn, VCs still flocked to LA’s growing tech and startup scene.
We asked more than 30 investors to share which VCs are the best Los Angeles has to offer. The following list reflects those who received two or more votes.
A few familiar faces popped up, such as Bonfire Ventures’ Mark Mullen and TenOneTen’s Minnie Ingersoll, who both received the most votes in previous years. This year, Mullen topped the list with six votes, while Ingersoll and M13’s Anna Barber both came in second with three votes.
The below results are listed according to the number of votes received. In the case of a tie, the names are listed alphabetically by last name.
Here are LA’s top VCs of 2022 according to their peers:
Mark Mullen
Mark Mullen, Bonfire Ventures
Mark Mullen is the co-founder and managing director of Bonfire Ventures, a venture capital firm that invests in B2B software companies at seed stage. In 2022, Bonfire raised over $230 million across two new funds. Mullen previously founded Double M Partners and Mull Capital. (Disclosure: Mullen is an investor in dot.LA.)
Anna Barber, M13
Anna Barber is a partner at M13, which invests in early-stage consumer tech. M13 raised $400 million last year for its third fund and intends to target Web3. She was previously the managing director of Techstars LA and is currently on the Advisory Board of PledgeLA, which is a coalition of tech companies and venture capital firms. (Disclosure: M13 is an investor in dot.LA)
Minnie Ingersoll, TenOneTen
Minnie Ingersoll is a partner at TenOneTen Ventures, which invests in early-stage tech companies. Having started her career at Google, she went on to co-found the online used car marketplace Shift Technologies. She currently hosts dot.LA’s LA Venture podcast.
Dana Settle, Greycroft
Dana Settle is the co-founder of Greycroft, where she is also a managing partner. The venture capital firm primarily invests in Internet and mobile markets, such as the savings app Acorns and the banking company Narmi. She is currently a Board Director of the National Venture Capital Association. (Disclosure: Greycroft is an investor in dot.LA.)
Raj Ganguly
Raj Ganguly, B Capital Group
Raj Ganguly is a co-founder and anaging General Partner of the multi-stage global investment firm B Capital. In 2022, B Capital raised $250 million to launch its first early-stage fund. Ganguly is a Senior Advisor at the Boston Consulting Group.
Eva Ho, Fika Ventures
Eva Ho is a general partner at the boutique seed fund Fika Ventures, which invests in enterprise software, fintech, marketplaces, and digital health. In 2022, Fika invested in companies ranging from BuildOps, a software program for contractors, to HeyRenee, a healthtech company. Ho previously served as the Entrepreneur-in-Residence for City of Los Angeles and worked for Google and YouTube.
Rick Smith, Crosscut
Rick Smith co-founded the seed-stage venture capital firm Crosscut in 2008 and serves as a Managing Director. Since then, the firm has invested in companies ranging from Fabletics to Buzzfeed. Smith previously worked as a managing director at Palomar Ventures and SunAmerica.
Michael Tam, Craft Ventures
Michael Tam is a partner at Craft Ventures, an early-stage and growth fund. Last last year, Craft led the funding round for meez, a restaurant management app for chefs. Prior to joining Craft, Tam was a Senior Associate at Crosscut Ventures and oversaw business operations for Uber.
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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.
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Metaverse Gaming Studio Plai Labs Launches First Blockchain Game
04:00 AM | January 23, 2023
Plai Labs
Two leaders of Culver City-based mobile gaming outfit Jam City recently defected to start their own venture, a metaverse gaming studio by the name of Plai Labs.
Pronounced “play,” the Web3 gaming company is led by Jam City’s co-founders Chris DeWolfe and Aber Whitcomb.
DeWolfe previously held the role of CEO at Jam City, and Whitcomb was CTO. The two were responsible for kickstarting the rise of social networking when they launched MySpace together back in 2003, and ran the company for about six years before selling it to News Corp. for $580 million. Now, their latest venture is bringing together all the buzzwords the tech investing community loves to hear – Web3, generative AI, blockchain, gaming and NFTs.
The parting of ways with Jam City was amicable, both sides said. “As standalone businesses, each company is better positioned with enhanced flexibility to pursue avenues of growth,” Jam City’s new CEO Josh Yguado said in an email. “Chris is a serial entrepreneur who has been at the forefront of every evolution of the web, and I look forward to seeing how he and Aber shape Web3 with Plai Labs.”
In an interview with dot.LA, CEO DeWolfe said Plai Labs is the fourth startup he’s founded with Whitcomb, but the first that’s focused exclusively on Web3.
The company’s first product is a metaverse called Massina, which is home to its first blockchain game, “Champions Ascension.” The game, currently being built by a team of 50 people, is a massively multiplayer online role-playing game (MMORPG). With elements that remind of Activision Blizzard’s hit “World of Warcraft,” the game allows players to choose a variety of character classes and the ability to battle it out in a large-scale colosseum arena, go on quests, build and compete in custom dungeons and trade digital items.
What makes “Champions Ascension'' unique is that players can choose to own their characters in the form of an NFT. Plai Labs sold its first NFT batch in February 2022, and early adopters who bought the NFTs were granted access to a beta version of the game last September.
Referred to as “Champions,” the NFTs are currently selling on Opensea for as much as 55 ETH (over $90,000), but on average they mint for around .7 ETH (around $1,150). There’s also an NFT collection of pets for your Champion, which are cute alien-looking creatures that have their own unique skills and traits.
Right now, you have to own an NFT to participate in the game. Plai plans to offer more Champions in an auction next week with additional plans to open the platform up to players who are interested in experiencing the world without owning an NFT, spokesman Josh Brooks told dot.LA.
In addition, DeWolfe told dot.LA that the plan is for Plai to build out an artificial intelligence backed by generative AI (like ChatGPT or Midjourney) that allows users to create and upload their own digital assets to the game. “For example, their own dungeon crawling [and] their own characters within the games,” DeWolfe explained. “We kind of see our mission as reinventing social from the ground up… Instead of having this massive group of people creating content every day, it's a bit like MySpace, or like Roblox, where your community is creating content.”
Plai Labs is backed by Andreessen Horowitz (a16z), which led a $32 million seed round that closed Jan. 13. In a blog post, a16z investors Andrew Chen, Robin Guo and Arianna Simpson said they invested in the company because they “believe that the future of social networks begins with games.”
DeWolfe told dot.LA, “the investment from a16z validates our vision and validates everything that we've been working on for the last year and a half.”
Though it’s still early days for Plai and “Champions Ascension,” the Discord set up for early-adopting NFT buyers has over 230 users and the game’s YouTube page has nearly 7,900 subscribers.
“It's a big, audacious project but people are loving it. The retention for the folks that are in the world is off the charts,” DeWolfe said. “The folks that are in the world are also owners and the floor price of all the NFTs has gone up by 30%, versus the rest of the NFT world [where] there wasn't any real utility with those entities.”
DeWolfe drew a distinction between Plai Labs’ NFTs, which have a clear utility, and other NFT projects that have seen their worth wildly fluctuate because they don’t generate value from a specific use case.
That said, the gaming community remains divided on blockchain games, partly because it’s still a developing genre. Attempts by big studios like Square Enix, EA or Ubisoft to create play-to-earn games on the blockchain have been met with derision and dismissed as a cash-grab.
To that end, DeWolfe said he believes that his and Whitcomb’s track record of building quality titles at Jam City like “Cookie Jam” and “Harry Potter: Hogwarts Mystery,” along with their expertise in creating communities online will allow Plai Labs to sprint where others have stumbled. “Along the way we’ve learned a lot about social, gaming and Web3,” DeWolfe said. “It was always our thesis from the very beginning that Web3 had to deliver something that the previous web didn't, which was utility, ownership and portability.”
Editor’s note: Jam City and CEO Josh Yguado are investors in dot.LA.
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Samson Amore
Samson Amore is a reporter for dot.LA. He holds a degree in journalism from Emerson College. Send tips or pitches to samsonamore@dot.la and find him on Twitter @Samsonamore.
https://twitter.com/samsonamore
samsonamore@dot.la
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