Prompt: Rollercoaster in front of open sky. Dollars falling down
🔦Spotlight
The Amplify.LA Seed Reportfor the first half of 2023 reveals a decrease in LA seed funding relative to H1 2022, reflecting the global decline in venture capital. 🌍💸⬇️
Global funding took a nosedive, plummeting by a whopping 51% compared to last year. The City of Angels had its wings clipped too. Los Angeles saw a 20% decline in dollars deployed, making it rain a little less than in 2022 (💸 not ☔). Deal count also took a dip, with a 28% decrease.
Now don't fret just yet! There's a plot twist in this wild ride. The second quarter came to the rescue, showing a massive rebound with a 124% increase in capital deployed. And where did the moolah go? E-commerce and Blockchain took a backseat, while SaaS had a field day, claiming a delicious 45% of the pie. Aerospace deals took off, doubling in number and showing that LA is soaring to new heights. Health and wellness companies also flexed, going from 9% to 19% of the deal volume.
🤝Venture Deals
LA-based Startups
- Skims, an apparel company founded by Kim Kardashian, raised $270M in a funding round led by Wellington Management and joined by Greenoaks Capital Partners and Imaginary Ventures - learn more
- Futureverse, an AI and metaverse technology and content startup, raised $54M in a Series A led by 10T Holdings - learn more
- Karat, maker of fin-tech tools for content creators, raised $40M in a Series B led by SignalFire and raised $30M in debt from TriplePoint Capital - learn more
- Collectly, a patient financial engagement software company, raised $29M in a Series A led by Sapphire Ventures - learn more
- Embrace, a platform for developing mobile experiences, raised $20M in a funding round led by NEA and joined by Greycroft - learn more
- Beehiiv, a platform for writing, monetizing, and distributing newsletters (like this one!), raised $12.5M in a Series A led by Lightspeed Ventures - learn more
- Voice.ai, a real-time speech modulation startup, raised $6M in a funding round led by Mucker Capital and M13 - learn more
- Loma, a SaaS solution to local marketing and awareness for franchises, raised $2.25M in a pre-seed round led by Wavemaker, Slauson, and Impulsum - learn more
- Readout.ai, an AI biostatical and medical writing tool, raised a pre-seed funding round led by Meridian Street Capital and joined by Mucker Capital - learn more
LA-based Funds
- Powerhouse Capital and 75 and Sunny participated in the a16z Games-led $2.3M seed round for Closing theory, a new, independent game studio - learn more
- Varsity Healthcare Partners, a lower middle-market private equity firm, raised a $700M fund, Varsity Healthcare Partners IV - learn more
📅LA Tech Calendar
Friday, July 21st
- DEFORUM @ BRIGHTMOMENTS🗽 - A 3-day celebration of AI artists and developers in an art gallery…and AI karaoke!
Monday, July 24th
- Go see Barbie or Oppenheimer…or both!
Tuesday, July 25th
- Disarming AI: Webinar Series🗽 - Scared of AI? Us too! Tune into this webinar to stop it from taking over the world…or demystify it!
- SCALE Demo Day at UCLA🗽 - Want to see the best and brightest in aerospace? Come see all the startups in the SCALE accelerator pitch!
Wednesday, July 26th
- LA Film & NFT Web3 Meetup🗽 - NFT's in Film/Media, and Music will shape all areas/facets of our daily lives!
Thursday, July 27th
- Investors & Entrepreneurs in Los Angeles - Come for the startup pitches and networking, stay for the drinks!
- LA Startup and Tech Mixer - Come for the drinks, stay for the networking!
Other events to add to the calendar
🗽 - Free
Have an awesome event coming up? Reach out to be featured on next week’s Newsletter!
⚒️Open Roles
VP of Sales @ HostGPO
Fresh off a $6M funding round, LA-based HostGPO is hiring a VP of Sales. This role will work closely with the executive team and oversee all of Sales Operations, developing sales strategies and driving revenue growth. This role is remote. HostGPO is the market-leading platform for vacation rental owners to manage their purchases. Reach out if you’re interested, and we’ll connect you to the team, or apply directly here.
Director of Sales @ First Resonance
LA-based First Resonance is hiring a Director of Sales. This role is hands on leading a team of business development reps, while growing the team and creating a sales pipeline. Founded by engineers from companies like SpaceX, NASA, Apple, and Toyota, First Resonance is creating a faster and more dynamic world for manufacturers. Reach out if you’re interested, and we’ll connect you to the team, or apply directly here.
Are you a tech firm, startup, or VC with open roles? Reach out to be featured on next week’s Newsletter!
🌍Around The Internet
Do you have a dream?
LA-based brewery, Golden Road Brewing, is here to make your dreams come true. 🍻 💸🛟
“Follow Your Dreams” aims to empower people to dream big by offering monetary support and mentorship, especially for historically underrepresented communities in business, entrepreneurship, media, the arts, and many other industries (not just beer🍺).
So hop aboard the flight of dreams and savor the hopportunity to brew your own destiny with Golden Road Brewing! 21+ can apply here by July 25th!
📙What We’re Reading
- Amplify’s LA seed report for the 1st half of 2023 is out! - read more
- How AI will change how we supply and consume energy - read more
- PeerStreet, an LA-based real estate debt investing platform, filed for chapter 11 bankruptcy - read more
🙋♀️Key Hires
- Soumil Mhaskar, Olivia Volkel, Ryan Baynes, and Charlie Wasson join the Watertower Ventures Scholars Program - read more
