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Wave Sports and Entertainment Lays Off a Third of Its Staff
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.
Sports media startup Wave Sports and Entertainment (WSE) has laid off 56 people—roughly one-third of its staff—as worsening economic conditions continue to hit tech startups.
The Santa Monica-based company began laying off workers last week, the company confirmed to dot.LA. A WSE spokesperson said the “restructuring” will allow the firm to focus on “core areas of expertise” like storytelling and league partnerships, with most of the eliminated roles coming from “supporting functions.” The layoffs, first reported by Insider, leave the company with 110 employees.
“As the industry begins to face economic headwinds, this restructuring will also allow WSE to maintain its strong balance sheet position, continue aggressively investing in key growth areas and manage from a position of strength,” the spokesperson said in a statement.
The startup is only several months removed from announcing a $27 million Series B funding round in February, which attracted investors like private equity firm TZP Group and venture capital firm Crossbeam Venture Partners. Star athletes have also been drawn to WSE’s platform; Milwaukee Bucks superstar Giannis Antetokounmpo joined the company’s Series B round as a “strategic partner,” while other athlete-investors include Cleveland Browns quarterback Baker Mayfield and former Duke University basketball star Jay Williams.
WSE produces sports video content that it publishes on social media platforms such as Snap, TikTok and Facebook, reaching more than 115 million followers globally, according to the company. Its brands—which include BUCKETS, FTBL, and HAYMAKERS—offer sports highlights, commentary and athlete profiles, among other digital content.
The company is far from the only tech firm—from giants Netflix and Snap to startups like Albert—that has slashed staff or slowed hiring in recent months amid increasingly precarious economic conditions. Privately-backed companies have cited a pullback in venture funding behind their need to cut costs, with private investors now also feeling the pain of a stock market that officially fell into bear market territory on Monday.
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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.
This Week in ‘Raises:’ Edward Norton’s Adtech Company Lands $80 Million
03:03 PM | April 08, 2022
Image by Candice Navi
This week in “Raises,” actor Edward Norton's TV measurement firm sealed a deal with Los Angeles-based investment firm Shamrock Capital, while an early-growth impact fund secured an investment from MassMutual.
Venture Capital
EDO, a Culver City-based TV advertising measurement startup, raised an $80 million growth investment led by Shamrock Capital.
ReadySet, a Beverly Hills-based cloud infrastructure startup, raised $29 million in seed and Series A funding led by Amplify Partners and Index Ventures, respectively.
Loaded, an L.A.-based gaming-focused talent and marketing agency, raised a $20 million growth equity round led by Coral Tree Partners.
Mangomint, an L.A.-based booking platform for salons and spas, raised $6.7 million in equity funding, per an SEC filing.
TeaRiot, a Marina del Rey-based plant-based energy drink company, raised $5 million in equity funding, per an SEC filing.
Rad Intelligence, an L.A.-based AI marketing technology company, raised more than $1 million in crowdfunded equity.
Funds
Emmeline Ventures, an L.A.- and Phoenix-based venture capital firm targeting female founders, is seeking to raise $5 million to $8 million for its first fund.
The 22 Fund, an L.A.-based early-growth impact fund, raised a $5 million catalytic investment from Massachusetts Mutual Life Insurance Company.
Ethos Venture Fund I, an investment fund created by edtech executives David Yi and Simon Shin, raised $2 million in capital with a goal of raising $30 million in total, per an SEC filing.
Raises is dot.LA’s weekly feature highlighting venture capital funding news across Southern California’s tech and startup ecosystem. Please send fundraising news to Decerry Donato (decerrydonato@dot.la).
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Decerry Donato
Decerry Donato is a reporter at dot.LA. Prior to that, she was an editorial fellow at the company. Decerry received her bachelor's degree in literary journalism from the University of California, Irvine. She continues to write stories to inform the community about issues or events that take place in the L.A. area. On the weekends, she can be found hiking in the Angeles National forest or sifting through racks at your local thrift store.
Santa Monica-Based Scooter Startup Veo Expands Into the City of LA
02:22 PM | June 23, 2022
Image courtesy of Veo
Three months after opening its new headquarters in Santa Monica, micromobility startup Veo is expanding its fleet and its footprint. As of last week, riders have been able to cross the municipal boundary between Santa Monica and L.A. and take trips north to Will Rogers State Beach, south to Marina Del Rey and east to Mar Vista.
“It’s good to see more people able to actually commute from Santa Monica to a nearby neighborhood…because in the past, we [did] see a lot of people stopped at the boundary,” said Veo CEO Candice Xie.
A screenshot shows Veo scooters' new availability on the west side of the city of L.A.
Still, riders will not be able to ride all through the city of L.A. The city of L.A. has only granted them permits for 500 vehicles. Xie said they’re focusing on expanding the boundaries of where their mostly Santa Monica-based users are already indicating they want to ride.
As part of the expansion, the company is adding a mixed fleet of 400 e-bikes and 100 standing scooters.
Enterprising riders who venture beyond the new, expanded geofenced zone can expect to receive a warning text message and for their vehicle to come to a slow stop. In addition, they will not be allowed to leave the e-scooter or e-bike outside of the zone without incurring a penalty that starts at $15.
Currently, it costs riders $1 to unlock and $0.33 cents per minute to ride (plus tax and fees). Residents of Santa Monica and Los Angeles who qualify can apply to ride at a reduced rate through Veo Access, where riders pay $5 per month for unlimited 30 minute rides.
Xie said that the permit approval process for the city of L.A. took longer than originally anticipated and that this new expansion will happen in phases, with the next phase anticipated in two to three months.
Veo is the seventh micromobility operator currently permitted in the city of Los Angeles, joining rivals Bird, Lime, Wheels, LINK (Superpedestrian), Lyft and Spin.
Veo’s expansion comes at a precarious time for the shared micromobility market. Earlier this month, Santa Monica-based Bird laid off 23% of its staff. Layoffs were also reported at both Superpedestrian and Voi this week.
However, Xie said that Veo is doubling down on both the greater L.A. area and California as a whole, as it recently launched in Berkeley and intends to move into Santa Clara and San Jose soon. As other companies lay off workers in pursuit of profitability, Xie said Veo is expanding.
“We're still hiring from the community and want to increase our exposure and also have more local talent join us.”
Correction: An earlier version of this post stated that Veo vehicles were already available in Santa Clara.
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Maylin Tu
Maylin Tu is a freelance writer who lives in L.A. She writes about scooters, bikes and micro-mobility. Find her hovering by the cheese at your next local tech mixer.
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