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Here Are LA's Top VCs, According to Their Peers
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.
Though Silicon Valley is still very much the capital of venture capital, Los Angeles is home to plenty of VCs who have made their mark – investing in successful startups early and reaping colossal returns for their limited partners.
Who stands out? We thought there may be no better judge than their peers, so we asked 28 of L.A.'s top VCs who impresses them the most.
The list includes many familiar names. Dana Settle, founding partner of Greycroft, and Mark Mullen, founding partner of Bonfire Ventures, garnered the most votes.
Settle manages West Coast operations for Greycroft, a New York firm with $1.8 billion in assets under management. She is one of only nine of the top 100 VCs nationally who are women, according to CB Insights.
Mullen is a founding partner of Bonfire Ventures, which closed a $100 million second fund in September to continue funding seed stage business-to-business (B2B) software startups. Mullen has also been an angel investor and is an LP in other funds focusing on other sectors, including MaC VC and BAM Ventures.
Below is the list of the top ranked investors by how many votes each received from their peers. When there was a tie, they appear in alphabetical order according to their last name:

Mark Mullen, Bonfire Ventures
Mark Mullen is a founding partner of Bonfire Ventures. He is also founder and the largest investor in Mull Capital and Double M Partners, LP I and II. A common theme in these funds is a focus on business-to-business media and communications infrastructures.
In the past, Mullen has served as the chief operating officer at the city of Los Angeles' Economic Office and a senior advisor to former Mayor Villaraigosa, overseeing several of the city's assets including Los Angeles International Airport and the Los Angeles Convention Center. Prior to that, he was a partner at Daniels & Associates, a senior banker when the firm sold to RBC Capital Markets in 2007.

Dana Settle, Greycroft
Dana Settle is a founding partner of Greycroft, heading the West Coast office in Los Angeles. She currently manages the firm's stakes in Anine Bing, AppAnnie, Bird, Clique, Comparably, Goop, Happiest Baby, Seed, Thrive Market, Versed and WideOrbit, and is known for backing female-founded companies.
"The real change takes place when female founders build bigger, independent companies, like Stitchfix, TheRealReal," she said this time last year in an interview with Business Insider. "They're creating more wealth across their cap tables and the cap tables tend to be more diverse, so that gives more people opportunity to become an angel investor." Prior to founding Greycroft, she was a venture capitalist and startup advisor in the Bay Area.

Erik Rannala, Mucker Capital
Erik Rannala is a founding partner at Mucker Capital, which he created with William Hsu in 2011. Before founding Mucker, Rannala was vice president of global product strategy and development at TripAdvisor and a group manager at eBay, overseeing its premium features business.
"As an investor, I root for startups. It pains me to see great teams and ideas collapse under the pressure that sometimes follows fundraising. If you've raised money and you're not sure what comes next, that's fine – I don't always know either," Rannala wrote in a blog post for Mucker.
Mucker has a portfolio of 61 companies, including Los Angeles-based Honey and Santa Monica-based HMBradley.

William Hsu, Mucker Capital
William Hsu is a founding partner at the Santa Monica-based fund Mucker Capital. He started his career as a founder, creating BuildPoint, a provider of workflow management solutions for the commercial construction industry not long after graduating from Stanford.
In an interview with Fast Company, he shared what he learned in the years following, as he led product teams at eBay, Green Dot and Spot Runner, eventually becoming the SVP and Chief Product Officer of At&T Interactive: "Building a company is about hiring correctly, adhering to a timeline, and rigorously valuing opportunity. It's turning something from inspiration and creative movement into process and rigor."
These are the values he looks for in founders in addition to creativity. "I like to see the possibility of each and every idea, and being imaginative makes me a passionate investor."

Jim Andelman, Bonfire Ventures
Jim Andelman is a founding partner of Bonfire Ventures, a fund that focuses on seed rounds for business software founders. Andelman has been in venture capital for 20 years, previously founding Rincon Venture Partners and leading software investing at Broadview Capital Partners.
He's no stranger to enterprise software — he also was a member of the Technology Investment Banking Group at Alex. Brown & Sons and worked at Symmetrix, a consulting firm focusing on technology application for businesses.
In a podcast with LA Venture's Minnie Ingersoll earlier this year, he spoke on the hesitations people have about choosing to start a company.
"It's two very different things: Should I coach someone to be a VC or should I coach someone to enter the startup ecosystem? On the latter question, my answer is 'hell yeah!'"
Josh Diamond, Walkabout Ventures
Josh Diamond founded Walkabout Ventures, a seed fund that primarily focuses on financial service startups. The firm raised a $10 million fund in 2019 and is preparing for its second fund. Among its 19 portfolio companies is HMBradley, which Diamond helped seed and recently raised $18 in a Series A round.
"The whole reason I started this is that I saw there was a gap in the funding for early stage, financial service startups," he said. As consumers demand more digital access and transparency, he said the market for financial services is transforming — and Los Angeles is quickly becoming a hub for fintech companies. Before founding Walkabout, he was a principal for Clocktower Technology Ventures, another Los Angeles-based fund with a similar focus.

Kara Nortman, Upfront Ventures
Kara Nortman was recently promoted to managing partner at Upfront Ventures, making her one of the few women – along with Settle – to ascend to the highest ranks of a major VC firm.
Though Upfront had attempted to recruit her before she joined in 2014, she had declined in order to start her own company, Moonfrye, a children's ecommerce company that rebranded to P.S. XO and merged with Seedling. Upfront invested in the combination, and shortly after, Nortman joined the Upfront team.
Before founding Moonfrye, she was the SVP and General Manager of Urbanspoon and Citysearch at IAC after co-heading IAC's M&A group.
In an interview with dot.LA earlier this year, she spoke on how a focus for her as a VC is to continue to open doors for founders and funders of diverse backgrounds.
"Once you're a woman or a person of color in a VC firm, it is making sure other talented people like you get hired, but also hiring people who are not totally like you. You have to make room for different kinds of people. And how do you empower those people?"

Brett Brewer, Crosscut Ventures
Brett Brewer is a co-founder and managing director of Crosscut Ventures. He has a long history in entrepreneurship, starting a "pencil selling business in 4th grade." In 1998, he co-founded Intermix Media. Under their umbrella were online businesses like Myspace.com and Skilljam.com. After selling Intermix in 2005, he became president of Adknowledge.com.
Brewer founded Santa Monica-based Crosscut in 2008 alongside Rick Smith and Brian Garrett. His advice to founders on Crosscut's website reflects his experience: "Founders have to be prepared to pivot, restart, expect the unexpected, and make tough choices quickly... all in the same week! It's not for the faint of heart, but after doing this for 20 years, you can spot the fire (and desire) from a mile away (or not)."

Eva Ho, Fika Ventures
Eva Ho is a founding partner of Fika Ventures, a boutique seed fund, which focuses on data and artificial intelligence-enabled technologies. Prior to founding Fika, she was a founding partner at San Francisco-based Susa Ventures, another seed-stage fund with a similar focus. She is also a serial entrepreneur, most recently co-founding an L.A. location data provider, Factual. She also co-founded Navigating Cancer, a health startup, and is a founding member of All Raise, a nonprofit that supports and provides resources to female founders and funders.
In an interview with John Livesay shortly before founding Fika, Ho spoke to how her experience at Factual helped focus what she looks for in founders. "I always look for the why. A lot of people have the skills and the confidence and the experience, but they can't convince me that they're truly passionate about this. That's the hard part — you can't fake passion."

Brian Lee, BAM Ventures
Brian Lee is a co-founder and managing director of BAM Ventures, an early-stage consumer-focused fund. In an interview with dot.LA earlier this year, Lee shared that he ended up being the first investor in Honey, which was bought by PayPal for $4 billion, through investing in founders and understanding their "vibe."
"There's certain criteria that we look for in founders, a proprietary kind of checklist that we go through to determine whether or not these are the founders that we want to back…. [Honey's founders] knew exactly what they were building, and how they were going to get there."
His eye for the right vibe in a founder is one gleaned from experience. Lee is a serial entrepreneur, founding LegalZoom.com, ShoeDazzle.com and The Honest Company.

Alex Rubalcava, Stage Venture Partners
Alex Rubalcava is a founding partner of Stage Venture Partners, a seed venture capital firm that invests in emerging software technology for B2B markets. Prior to joining, he was an analyst at Santa Monica-based Anthem Venture Partners, an investor in early stage technology companies. It was his first job after graduating from Harvard, and during his time at Anthem the fund was part of Series A in companies like MySpace, TrueCar and Android.
He has served as a board member in several Los Angeles nonprofits and organizations like KIPP LA Schools and South Central Scholars.
"Warren Buffett says that he's a better businessman because he's an investor, and he's a better investor because he's a businessman. I feel the same way about VC and value investing. Being good at value investing can make you good at venture capital, and vice versa," Rubalcava said in an interview with Shai Dardashti of MOI Global.

Mark Suster, Upfront Ventures
Mark Suster, managing partner at Upfront Ventures, is arguably L.A.'s most visible VC, frequently posting on Twitter and on his blog, not only about investing but also more personal topics like weight loss. In more normal years, he presides over LA's biggest gathering of tech titans, the Upfront Summit. Before Upfront, he was the founder and chief executive officer of two software companies, BuildOnline and Koral, which was acquired by Salesforce. Upfront backed both of his companies, and eventually he joined their team in 2007.
In a piece for his blog, "Both Sides of the Table," Suster wrote about the importance of passion — not just for entrepreneurs and their businesses, but for the VCs that fund them as well.
"On reflection of the role that I want to play as a VC it is clearly in the camp of passion. I really want to start my journeys only with people with whom I want to work closely with for the next 5–7 years or more. I only want to work on projects in which I believe can produce truly amazing change in an industry or in the world."
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
Orby TV Carves Out Its Place in the Attention Wars With a New Twist on an Old Model
07:16 AM | May 22, 2020
One way to think about the entertainment industry is as a massive war for attention. Within that war rumbles the battle for at-home video dominance (often itself called a streaming war, which feels a bit like calling the Pacific theater of World War II the Pacific War).
At that battlefront, giants like Netflix and Disney spend boggling amounts of money and rack up mind-numbing debts. On the periphery, several smaller battalions like Tubi and Vudu wield their ad-funded service weapons. And scattered about it all, minor militias scurry in search of a patch to claim their own.
Orby TV thinks it's found one -- starting at about $40 a month compared to more high-priced competitors.
"We're looking at what we feel is an underserved segment," said Michael Thornton, Orby TV founder and chief executive. Previously chief revenue officer of Starz after stints at Disney and DirecTV, Thornton launched Orby TV in early 2019 out of Studio City for "people that are fed up with high prices and want a lean-back experience" where you "hit power, and then it's on."
For an installation fee and a monthly payment of less than half of what most cable or satellite services charge, Orby TV customers get dozens of cable channels via satellite dish, plus dozens more over-the-air (OTA) broadcast channels via digital antenna, all beamed through one coaxial cable into a TV that turns on with the click of a remote, complete with a program guide.

TV for a Toll
One reason Orby TV is relatively affordable is that it doesn't carry sports channels. Foregoing national and regional sports networks means saving on licensing costs, which the company can pass on to customers. Sports coverage from broadcast networks (ABC, CBS, NBC, Fox) and Turner stations (TNT, TBS) remains available.
Orby TV also eschews channels that can only be had as parts of a bundle, many of which are owned and operated by the networks. Those bundles tend to be an all-or-nothing proposition.
"The industry has been and always will be very paranoid in terms of how it sets itself up," Thornton told dot.LA. "They have most favored nations clauses out the ying-yang (so there's) very little ability to cherry pick services."
The upshot is that Orby TV viewers can lean back and watch Fox (via broadcast), but not its cable channels like Fox News or Fox Sports; NBC, but not Bravo, MSNBC or Telemundo; ABC, but not ESPN, Disney Channel, or National Geographic.
Nevertheless, with a stable that still includes TNT, A&E, CNN, AMC and others, Orby TV's basic package includes 46 satellite cable channels, per its website, with upgrades available for an additional charge.
The digital antenna, meanwhile, picks up not just the major network broadcasts but also the OTA "digital subchannels" that flow alongside these transmissions in the government regulated broadcast spectrum. (Think stations like ABC-2, ABC-3, NBC-7, etc.) Reception quantity varies by location but the company noted that 150 OTA channels are available in Hermosa Beach, and 88 just outside of Denver. These all fit on the broadcast spectrum thanks to decades of digital compression advances, noted an Orby TV representative.
Throw in the technological infrastructure afforded by the cloud, remote communication tools, and data management systems, and Orby TV's innovation is simply taking advantage of a set of "tried and true" technologies and combining it with a prepaid business model to enable a simple, flexible, low-cost service.
Customers can cancel their monthly subscription anytime and return at leisure, and meanwhile keep the broadcast channels coming in from the antenna – which remain on the program guide. Add it all up, and media analyst Dan Rayburn calls Orby TV a "niche service that works well for what it does." Affordability and flexibility, notes Thornton, could be "particularly relevant right now given what people are going through" with the coronavirus crisis.
Who's it for?
Thornton cited the growing pool of the Pay TV-world's net losses–six million in the past year–as a potential source of subscribers, who could be looking for cheaper options.

Michael Thornton, CEO of Orby TV and UCLA Anderson Alum
"The downward trend in traditional (cable) that we've seen for the better part of a decade has been accelerating as consumers look for less expensive and more flexible options," noted Ian Olgeirson, senior analyst at SNL Kagan.
Rayburn sees a smaller addressable market for Orby TV: those who live in rural areas with poor access to broadband. Such technological deprivation often forecloses internet-delivered alternatives like YouTube TV, Hulu TV, or Sling TV
Leichtman generally concurs. Orby TV, he says, is primarily for "rural, non-sports fans."
One plus side of that, added Rayburn, is that "it's much easier for them to have lower customer acquisition costs because they can target specific people in a zip code or zone."
Thornton, though, is more aspirational. He sees an addressable market that includes not just those lacking broadband and Pay TV's net losses, but anyone currently with an OTA-only setup (difficult to precisely quantify) and even the 40 million-plus who "have a prepaid cell phone service and are familiar with the model," he said.
But even modest numbers might be enough.
"They don't need a lot of subscribers to be profitable," said Rayburn.
Thornton pegs it at around 80,000. Already claiming "tens of thousands of subscribers and growing," across all 48 states, with Best Buy as its biggest retailer, the plan is to break even by no later than early next year.
"We're essentially on schedule," he reported.
Orby TV's lead investor, a pension fund that requests anonymity, will presumably be pleased.
"We've always told our investor that we're open to exit strategies," Thornton said. "(But) it was always about providing a self-sustaining service."
"There's value in being a small company that's profitable," said Rayburn. "Everybody is trying to build such a big company. What's wrong with being a small company that grows every year and makes a profit?"
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Sam Blake
Sam primarily covers entertainment and media for dot.LA. Previously he was Marjorie Deane Fellow at The Economist, where he wrote for the business and finance sections of the print edition. He has also worked at the XPRIZE Foundation, U.S. Government Accountability Office, KCRW, and MLB Advanced Media (now Disney Streaming Services). He holds an MBA from UCLA Anderson, an MPP from UCLA Luskin and a BA in History from University of Michigan. Email him at samblake@dot.LA and find him on Twitter @hisamblake
https://twitter.com/hisamblake
samblake@dot.la
After Inspiring Musicals, TikTok Is Funding a Theater Production of Its Own
11:15 AM | April 13, 2022
Photo courtesy of Impact24 Public Relations
After dominating the internet with its short-form videos, TikTok is taking its content to the next stage—literally.
The video-sharing platform has commissioned its first musical, “For You, Paige,” which will be performed live from a New York theater at 4 p.m. PT Thursday and streamed on the platform. While funding a musical may sound like an odd project for a social media company, TikTok has emerged as a hub for music creators and fans. The upcoming production comes less than two weeks after composers Emily Bear and Abigail Barlow won a Grammy Award for their musical theater album, “The Unofficial Bridgerton Musical,” which originated on TikTok.
“For You, Paige”—a pun referring to TikTok’s content feed—was created by Daniel Mertzlufft, who serves as executive producer, composer, co-book writer and music supervisor. The story follows teenage composer Landon (played by Roman Banks), who collaborates with his best friend Paige (Sri Ramesh) on a song inspired by Paige’s favorite young adult book series, “Utopia.” When a video of Landon performing the song goes viral on (where else?) TikTok, Landon is approached by a producer offering him a chance to adapt “Utopia” into a feature-length musical. Only one problem: Landon’s vault into superstardom leaves Paige behind.
“When we were talking with TikTok about it, they really want to invest in the musical theater community and show their support for the amazing content [that creators are posting on the platform],” Mertzlufft told dot.LA. (Neither Mertzlufft nor TikTok disclosed the social media firm’s financial contribution to the project. Representatives for TikTok did not return multiple requests for comment.)

Executive producer Daniel Mertzlufft.
Courtesy of Will Parker
Mertzlufft knows first hand how Culver City-based TikTok can turn a viral video into a legitimate musical production. He was a creative leader for “Ratatouille: The TikTok Musical,” a livestreamed concert produced last year that raised more than $2 million for The Actor’s Fund, a nonprofit that supports performing arts professionals.
The origins of that project can be traced to an August 2020 video posted by TikTok user Emily Jacobson, who uploaded a love ballad about the character Remy from the Pixar movie “Ratatouille.” The song took off months later when Mertzlufft posted his own version, which had racked up 2.6 million views as of Tuesday. The video prompted many TikTokers to contribute their own ideas for the would-be musical, sparking a #RatatouilleMusical hashtag that has collected more than 308 million views to date.
Why does TikTok lend itself so well to musicals? For Mertzlufft, it’s because the app is essentially an open forum for creators to share ideas and get feedback, without needing a bunch of followers to be discovered. Its video editing tools also allow creators like Mertzlufft to easily jazz up their clips with a fake orchestra or backup vocals. He noted that other interest-based communities have also thrived on platform—such as #BookTok, where literature lovers discuss books they’ve read.
“It truly is an entertainment platform in that it's not about who you follow, it's about the content,” Mertzlufft said.
“For You, Paige” was written specifically for TikTok’s vertical screen presentation. Characters will position themselves on stage to be captured by one of three cameras in the theater, standing in places that might not make sense for a live audience, Mertzlufft said. (Due to COVID-19 precautions, the show won’t be performed for a live audience.) Staging one of the first musicals created for vertical viewing has been an “exciting challenge,” Mertzlufft said.
“That's what most of rehearsal is about today—figuring out exactly where those cameras are,” he said.
“For You, Paige” is filled with TikTok references in the dialogue that avid users will understand, Mertzlufft said. But die-hard TikTok fans won’t be able to get too close to the show, and not just because of COVID precautions: Mertzlufft declined to share the name of the New York theater staging the production.
“We're concerned about people showing up at the theater, and we just don't have the security and all of that,” he said. “But it is a theater in New York, and we're very excited about it.”
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Christian Hetrick
Christian Hetrick is dot.LA's Entertainment Tech Reporter. He was formerly a business reporter for the Philadelphia Inquirer and reported on New Jersey politics for the Observer and the Press of Atlantic City.
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