b capital group

Funding for Southern California startups has stalled as some of the region's biggest investors spread money outside the region.

In 2010, roughly one in every 10 startup dollars deployed nationally funded tech companies in Southern California. A decade later, that share has remained stubbornly static, even as the total sum invested in local startups ballooned from $4 billion in 2010 to $14 billion in 2019. That's according to a new report commissioned by Alliance for SoCal Innovation, a nonprofit advocating for the local tech scene.

"The good news is the pie has gotten bigger, but our slice of it has stayed more or less the same," said Andy Wilson, the executive director of the Alliance.

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If you were trying to close your new venture fund in the spring, you probably had a lot of sleepless nights and frantic Zoom meetings as limited partners tried to shore up their existing portfolios amidst Wall Street turmoil.

But after the initial shock from coronavirus wore off and public markets sharply rebounded, 2020 turned out to be a great year to raise a new fund, with the major caveat that you are well-established and raising lots of capital.

Bigger was definitely better.

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B Capital Group, a Manhattan Beach-based growth-equity firm with over a billion and a half dollars in assets under management, has added Gabe Greenbaum as a Los Angeles-based general partner at the firm. Greenbaum, who was previously at Pritzker Group Venture Capital and OCA Ventures, said the move will mean the firm will invest more in Southern California.

"I do want to really spend a lot of time investing in the Southern California ecosystem, bringing additional awareness to the dynamic founders that are here," Greenbaum said. "And we'll also plan on hiring additional talent to be here in Southern California to help us."

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