Ten venture capital firms have committed to include a "diversity rider" — a promise to startups that they made their best effort to find underrepresented investors — in their deals.
The project was the brainchild of Alejandro Guerrero, a partner at Los Angeles-based Act One Ventures and the child of Mexican immigrants, who often found he was the only person of color in the room when investment deals north of six figures were being made.
Alejandro Guerrero often found he was the only person of color in the room when big investment deals were being negotiated.
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LA Tech Updates: Techstars Music Accelerator Seeks Startups; Wrapbook Gets $3.6M in Seed Funding; PatientPop Raises $50M
- Applications Are Open for Techstars Music Accelerator Program
- Wrapbook, Provider of Payroll for Productions, Unwraps $3.6 million in Seed Funding
- PatientPop, a Digital Health Marketing Firm, Raises $50 million
PatientPop Raises $50M as Demand for Online Healthcare Rises<img lazy-loadable="true" src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzE4MDE0Ni9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY2MzE4OTQ0OX0.wJwNz-HrIONbuhfSBaEv6hdEVrtiUxxpbfvQvLix2UY/img.jpg?width=980" id="6cc92" class="rm-shortcode" data-rm-shortcode-id="7e40cffcab79e931224cafaf79cde2be" data-rm-shortcode-name="rebelmouse-image" /><p>As doctors and hospitals are scrambling to get their services online, PatientPop, a company that does just that has raised $50 million as investors bet heavily on new forms of delivering healthcare.</p><p>The Series C funding is led by HLM Venture Partners with participation from previous investors Toba Capital, Transformation Capital and Silicon Valley Bank. And it includes new investors like Commonfund and Vivo Capital.</p><p>"This is more important than ever as providers quickly adapt their digital strategy and presence to attract and retain patients, and seek the technology and tools they need to successfully operate their practice throughout the COVID-19 pandemic," said co-founder and co-CEO of the Santa Monica-based company, Luke Kervin.</p><p>PatientPop works with the patient's electronic medical record and electronic health record to connect them to doctors that best fit their needs. It also allows patients to track and book their appointments.</p><p>According to FairHealth's monthly telehealth tracker in May calls went up 9.19% compared to last year.</p><p>The platform also works with doctors to use SEO in order to have them grow their online presence and increase bookings. It also offers PatientPop Pro to make it easier for doctors to manage their marketing efforts. </p><p>"PatientPop will no doubt continue to help doctors adopt new technologies that are critical to practice success," said principal of Vivo Capital, Nathan Dau in announcing the raise.</p>
Techstars Music Accelerator Aims for Diversity in 2021<img lazy-loadable="true" src="https://dot.la/media-library/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzU4MjI0Ni9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY1ODEyNTEzMn0.CyMwaQnB7_ZnL18XwBLnYjldj0KuwIGDJjQjfk3kQ70/image.jpg?width=980" id="6f12c" class="rm-shortcode" data-rm-shortcode-id="c275e678cf80a04ddb3f5fa889eb6076" data-rm-shortcode-name="rebelmouse-image" />
By Nadya C/ Shutterstock<p>Applications for the 2021 Techstars Music Accelerator open today. </p><p>The L.A.-based program will begin on February 16th, 2021 and culminate in a demo day in mid-May. It will accept applications until November 13th. </p> <p>"Now, more than ever, we need to do our part to support incredible entrepreneurs, regardless of their cultural background, economic status or physical location," wrote program director Bob Moczydlowsky in <a href="https://medium.com/@bobmoz/techstars-music-2021-unprecedented-challenge-and-opportunity-fa939f9d207f" target="_blank">a blog post</a>.</p> <p>Techstars Music 2021 will be virtual, meaning participating startups don't have to relocate to L.A. The entire selection process will be conducted by video conference. </p> <p>"As investors," Moczydlowsky's post continues, "we think this is a once-in-a-generation opportunity to build a gigantic business in music and live events. We also think it is the perfect opportunity to build a more equitable and diverse music business."</p> <p>To that end, the program is committing to having 50% of its CEOs be "diverse," with a focus on Black, LGBTQ+ and female founders. This benchmark will remain in place for future cohorts as well. </p> <p>The Techstars Music program is a collaboration between Techstars and several groups in the music business. This year, partner companies include Warner Music Group, Sony, Peloton and Amazon Music. Such members provide capital to the program and also help run it. Participants also get access to many other mentors from the music, tech and venture capital worlds.</p> <p>Prior program participants have collectively raised over $90 million after the program, Moczydlowsky wrote.</p><p>The application portal can be found <a href="https://www.f6s.com/musicaccelerator-2021/apply" target="_blank">here</a>.</p>
Wrapbook, Provider of Payroll for Productions, Unwraps $3.6 million in Seed Funding<img lazy-loadable="true" src="https://dot.la/media-library/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzU3ODgzNS9vcmlnaW4ucG5nIiwiZXhwaXJlc19hdCI6MTYyOTM5MjkzOH0.V6atS0zD42fGSSGuRiqnE7GHs5YygbWuk9vPUg41gcc/image.png?width=980" id="cb7f9" class="rm-shortcode" data-rm-shortcode-id="f65d372ca6d9b3ff8f4fd73ff0e059bd" data-rm-shortcode-name="rebelmouse-image" />
Wrapbook is seeking to be the leading payroll processing platform for the entertainment industry.<p><a href="https://www.wrapbook.com/" target="_blank">Wrapbook,</a> which is seeking to be the leading payroll processing platform for the entertainment industry, announced Tuesday it has raised $3.6 million in seed funding. <a href="https://www.equal.vc/approach/" target="_blank">Equal Ventures</a> led the round with participation from Uncork Capital and 4S Bay Partners.</p><p>"Wrapbook is the easiest way for employers to compliantly pay employees for a week of work," Wrapbook co-founder and CEO Ali Javid said in a written statement. "We are here to help employers and employees be paperless to assist with COVID-19 and be compliant [with] AB5 in entertainment and across project based industries."</p><p>The company previously raised from One Planet Ops and NYU Innovation Venture Fund in March on a SAFE (simple agreement for future equity) at a $5.5 million valuation that converted during this seed round, according to Pitchbook.</p>
Valence, a tech platform and professional network launched last year that connects Black founders, announced its inaugural funding network Thursday. The list includes investors at top firms including Sequoia Capital, Accel and Upfront Ventures.
"For years, Black entrepreneurs have been told that Silicon Valley is a meritocracy, but at the same time most haven't had access to the top networks, the warm introductions, and the mentorship that underpin lasting success in tech. Valence is upending this completely by bringing the top VCs to compete for the best Black entrepreneurs." said Valence co-founder and general partner at Upfront Ventures, Kobie Fuller. "We want to even the playing field with the goal of exponentially growing the number of Black-owned startups that get funded."
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