funding

funding

This Week in ‘Raises’: ContractSafe Inks $27.5M, Deal Box Collects $125M

A local RNA base-editing platform raised fresh funding to advance its drug development pipeline, while a local Web3 company founded by former MySpace and Jam City founders Chris DeWolfe and Aber Whitcomb scored funding to build out an artificial intelligence backed by generative AI that allows users to create and upload their own digital assets to the game.

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Courtesy of Nobody Studios

With 14 startups under his belt and $5 billion worth of exits, Mark S. McNally wanted to use his expertise and pursue his idea of starting a studio.

“I was at a turning point in my career, three or four years ago, and was really determined to figure out whatever I did next was going to be a legacy builder,” McNally says.

That’s what McNally is hoping to do with Los Angeles-based crowd-funded venture capital studio Nobody Studios. The studio, co-founded with Barry O’Reilly, Eric Reis, Sejal Thakkar, Ray Leonard Jr. and, Meritxell McNally in 2020, announced plans earlier this month to create 100 companies in-house over the next five years. Their plan is to give anyone who wants to invest in their crowdfunding campaign, regardless of the amount invested, some influence towards the creation of new companies coming from the studio.

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Photo by engin akyurt on Unsplash

As the tech industry reeled last year from a shaky macroeconomic environment, mass layoffs and poor stock performance, investors and venture capitalists began to tighten their purse strings. The proof is in the numbers: global venture funding slid from $681 billion to just $445 billion between 2021 and 2022, according to data from Crunchbase.

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