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Wonder Ventures Launches $31 Million Fund Focused Exclusively on LA Startups
Pat Maio
Pat Maio has held various reporting and editorial management positions over the past 25 years, having specialized in business and government reporting. He has held reporting jobs with the San Diego Union-Tribune, Orange County Register, Dow Jones News and other newspapers in Ohio, West Virginia, Maryland and Washington, D.C.
After hitting the jackpot with hometown bets like shopping app Honey, Los Angeles venture capital firm Wonder Ventures is doubling down with a new early-stage fund focused exclusively on L.A. startups.
Santa Monica-based Wonder has raised $31 million for its new venture fund, founder and managing partner Dustin Rosen told dot.LA. The new fund is double the size of the $15 million pre-seed fund that Wonder raised in 2018, and like that one it will target fledgling L.A.-based startups that Rosen believes are too easily overlooked by larger VCs.
βThe L.A. ecosystem is really mature as far as a place to build technology companies, and more capital than ever is coming into L.A. to fund our companies as they grow and scale toward an IPO,β Rosen said, noting that Wonder already deploys more than 90% of its capital in Southern California-based ventures. βWe still believe that the earliest stage is underfundedβpre-traction and pre-seed. That stage is the hardest time to raise and get elite investors, and that explicitly is what Wonder does.β
Rosen pointed to an eclectic group of more than 60 L.A.-based founders and tech executives who have invested in its latest fund, including those from current and former Wonder portfolio companies like Clutter, Tala, and Honey. Other investors from local startup success stories like Snap, GoodRx, and Dollar Shave Club also pitched in.
Fom left to right: Valentina Rodriguez, senior investor; Dustin Rosen, managing partner; and Taylor Bolhack, head of platform and community for Wonder Ventures.
Courtesy of Wonder Ventures
Among the first companies to be funded by the new vehicle is RealAppeal, a Santa Monica-based startup that finds savings in homeownersβ property tax assessment bills through an appeals process. Rosen said he filed his own appeal on the companyβs website as its founders made their pitch to him on the phone. βI hope to save thousands of dollars,β he noted.
Among Wonderβs most successful investments to date has been Honey, the ecommerce rewards app that PayPal acquired for $4 billion in 2019. The VCβs initial early-stage investment in the Arts District-based startup returned an exit worth more than Wonderβs entire $5 million first fund, according to Rosen.
The firmβs largest portfolio holding today is WhatNot, the Marina del Rey-based livestream auction marketplace that raised more than $220 million in venture capital last year on the way to reaching a unicorn valuation of $1.5 billion. That investment has proven even more lucrative than its bet on Honey; Rosen noted that the current value of Wonderβs stake in WhatNot is βworth more than the entire [$15 million] second fund.β
In addition to launching the new fund, Wonder has made two new hires to help oversee its portfolio of nearly 80 companies. Valentina Rodriguez, formerly an analyst and trader with Morgan Stanley, has joined the venture firm as a senior investor, while Taylor Bolhack, previously with Santa Monica-based micromobility operator Bird, has been named head of platform and community.
Wonder Ventures isnβt the only L.A-based VC firm targeting local seed and pre-seed startups. After five years with San Francisco-based Crosslink Capital, investor Joe Guzel has launched a fintech-focused early-stage fund with McLain Southworth called Haven Ventures, Guzel told the LA Venture podcast this week.
Pat Maio
Pat Maio has held various reporting and editorial management positions over the past 25 years, having specialized in business and government reporting. He has held reporting jobs with the San Diego Union-Tribune, Orange County Register, Dow Jones News and other newspapers in Ohio, West Virginia, Maryland and Washington, D.C.
Here's How To Get a Digital License Plate In California
03:49 PM | October 14, 2022
Photo by Clayton Cardinalli on Unsplash
Thanks to a new bill passed on October 5, California drivers now have the choice to chuck their traditional metal license plates and replace them with digital ones.
The plates are referred to as βRplateβ and were developed by Sacramento-based Reviver. A news release on Reviverβs website that accompanied the billβs passage states that there are βtwo device options enabling vehicle owners to connect their vehicle with a suite of services including in-app registration renewal, visual personalization, vehicle location services and security features such as easily reporting a vehicle as stolen.β
Reviver Auto Current and Future CapabilitiesFrom Youtube
There are wired (connected to and powered by a vehicleβs electrical system) and battery-powered options, and drivers can choose to pay for their plates monthly or annually. Four-year agreements for battery-powered plates begin at $19.95 a month or $215.40 yearly. Commercial vehicles will pay $275.40 each year for wired plates. A two-year agreement for wired plates costs $24.95 per month. Drivers can choose to install their plates, but on its website, Reviver offers professional installation for $150.
A pilot digital plate program was launched in 2018, and according to the Los Angeles Times, there were 175,000 participants. The new bill ensures all 27 million California drivers can elect to get a digital plate of their own.
California is the third state after Arizona and Michigan to offer digital plates to all drivers, while Texas currently only provides the digital option for commercial vehicles. In July 2022, Deseret News reported that Colorado might also offer the option. They have several advantages over the classic metal plates as wellβas the L.A. Times notes, digital plates will streamline registration renewals and reduce time spent at the DMV. They also have light and dark modes, according to Reviverβs website. Thanks to an accompanying app, they act as additional vehicle security, alerting drivers to unexpected vehicle movements and providing a method to report stolen vehicles.
As part of the new digital plate program, Reviver touts its productsβ connectivity, stating that in addition to Bluetooth capabilities, digital plates have βnational 5G network connectivity and stability.β But donβt worryβthe same plates purportedly protect owner privacy with cloud support and encrypted software updates.
5 Reasons to avoid the digital license plate | Ride TechFrom Youtube
After the Rplate pilot program was announced four years ago, some raised questions about just how good an idea digital plates might be. Reviver and others who support switching to digital emphasize personalization, efficient DMV operations and connectivity. However, a 2018 post published by Sophosβs Naked Security blog pointed out that βthe plates could be as susceptible to hacking as other wireless and IoT technologies,β noting that everyday βobjects β things like kettles, TVs, and baby monitors β are getting connected to the internet with elementary security flaws still in place.β
To that end, a May 2018 syndicated New York Times news service article about digital plates quoted the Electronic Frontier Foundation (EFF), which warned that such a device could be a ββhoneypot of data,β recording the driversβ trips to the grocery store, or to a protest, or to an abortion clinic.β
For now, Rplates are another option in addition to old-fashioned metal, and many are likely to opt out due to cost alone. If you decide to go the digital route, however, it helps if you know what you could be getting yourself into.
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Steve Huff
Steve Huff is an Editor and Reporter at dot.LA. Steve was previously managing editor for The Metaverse Post and before that deputy digital editor for Maxim magazine. He has written for Inside Hook, Observer and New York Mag. Steve is the author of two official tie-ins books for AMCβs hit βBreaking Badβ prequel, βBetter Call Saul.β Heβs also a classically-trained tenor and has performed with opera companies and orchestras all over the Eastern U.S. He lives in the greater Boston metro area with his wife, educator Dr. Dana Huff.
steve@dot.la
π¦ Spotlight
Hello Los Angeles,
ServiceTitan is making it clear: the trades are getting a tech glow up. At its annual Pantheon conference in Glendale, the home services software giant rolled out a bold AI vision and topped it off with a fresh acquisition that could change the way HVAC contractors do business.
First, the AI. ServiceTitan unveiled what it calls the βnext evolutionβ of its platform, and this is not just window dressing. Think automated call summaries so techs spend less time typing, predictive scheduling that knows when your AC is likely to fail before you do, and estimates that generate faster than a homeowner can ask, βSo, how much is this going to cost me?β For small and mid sized contractors, these are the kinds of tools that level the playing field against the big chains and maybe even help them get home before dinner. It is AI built not for hype, but for the day to day grind of the trades, where minutes saved can mean jobs won and customers kept.
Then came the news that ServiceTitan is acquiring Conduit Tech, a Boston startup best known for its LiDAR powered HVAC design software. Instead of squinting at tape measures and crunching numbers in clunky spreadsheets, contractors can now scan a home, generate a 3D model, and deliver a polished, ACCA certified proposal on the spot. Translation: faster bids, more trust, and fewer βI will get back to you next weekβ moments.
Put together, the AI rollout and Conduit deal are more than product updates. They are a signal of where ServiceTitan wants to take the industry. This is not just software that keeps the books balanced or trucks dispatched. It is an attempt to make technology an advantage in a field where labor is scarce, expectations are high, and every interaction with a customer matters. In short, ServiceTitan is not just keeping the lights on, it is rewiring how the trades get work done.
π€ Venture Deals
LA Companies
- Modern Animal has hit a $100M annual run rate and closed a new $46M funding round led by Addition, True Ventures and Upfront Ventures with participation from Founders Fund. The company delivers veterinary care both in clinics and virtually, and it is using the funds to expand services such as specialty care, 24/7 virtual access, integrated pharmacy and ecommerce, along with extended urgent care hours. The company also announced a board expansion with new leadership added to support scaling operations and enhancing its technology infrastructure. - learn more
- MarqVision raised a $48M Series B round led by Peak XV Partners, with participation from investors including Salesforce Ventures, HSG, Coral Capital, and returning backers like Y Combinator and Altos Ventures. Based in Los Angeles, MarqVision offers AI-powered brand protection toolsβmonitoring marketplaces, removing counterfeit listings, managing trademarks, and protecting brand reputation online. The new funds will go toward expanding its AI and engineering teams, accelerating automation, enabling enterprise-grade features, and growing its global presence in markets like Japan, Korea, China, Europe and beyond. - learn more
- Divergent Technologies raised $290M in a Series E round led by Rochefort Asset Management, with $250M in equity and $40M in debt, bringing its valuation to about $2.3 billion. Using its proprietary DAPS (Divergent Adaptive Production System) platform, the Torrance based company builds hardware for aerospace, defense and automotive sectors by combining rapid design, additive manufacturing and automated assembly. The new capital will help Divergent scale its manufacturing capacity, build out its team and develop new capabilities for upcoming product lines. - learn more
- Apex raised $200M in a Series D round led by Interlagos, giving the Los Angeles company a valuation above $1 billion. Apex builds configurable βsatellite busβ platforms used by commercial and government clients, including for communications, sensing, and national security constellations. The capital will boost production capacity by 50 percent, expand its manufacturing footprint in Los Angeles, and strengthen vertical integration including acquiring propulsion technology and insourcing more subsystems. - learn more
LA Venture Funds
- Mantis Venture Capital joined Benchmark, Uncork, Y Combinator and Mayfield in backing Numeralβs $35M Series B, part of a $57M total funding haul. Numeral is an AI powered platform that automates everything around sales tax for e-commerce and SaaS brands including filing, remittance, exemption certificates, state registrations, nexus detection and more. The money will go to speeding up product innovation, building out its global compliance footprint, and adding smarter automation so finance teams can stop wrestling with tax rules and start scaling. - learn more
- Magnify Ventures participated in Series A for Seven Starling, contributing to an $8M funding round led by Rethink Impact. Seven Starling is a virtual womenβs mental health company focused on maternal mental health, offering group therapy, medication management, patient advocates, and digital tools. The new capital will fuel its expansion into more U.S. states (aiming for over 30 by the end of 2026), deepen partnerships with healthcare providers, and scale its model to help more mothers. - learn more
- Calibrate Ventures led Vibranium Labsβ $4.6M seed round, joined by Mirae Asset and investors including a16z and Franklin Templeton. Vibranium Labsβ flagship product, βVibe AI,β acts as a full-time AI incident engineer, monitoring, triaging, and resolving IT incidents automatically. The funds will be used to expand the engineering team, accelerate product development, and deepen integrations so Vibe AI can be embedded into more incident response systems across industries. - learn more
- B Capital led a $20M financing round in Extend, with additional participation by March Capital, Point72 Ventures, FinTech Collective, and Commerce Ventures. Extend, a spend-and-expense management platform, allows businesses to use virtual cards with their existing bank or card programs while offering workflow tools like receipt capture, approvals, and automated reconciliation. The new capital will help Extend scale issuer partnerships, launch new expense management services, accelerate its path to profitability, and the company also added Francois Horikawa as CFO to help guide the financial strategy forward. - learn more
- Alexandria Venture Investments joined Versant Ventures and Qiming Venture Partners USA in a $65M Series A for Dualitas Therapeutics, a South San Francisco company developing bispecific antibodies through its DualScreen discovery engine. Dualitas is advancing two lead programs, DTX-103 for allergic disease and DTX-102 for autoimmune conditions, both showing strong preclinical results. The funding will support these programs and expand the companyβs platform to discover new bispecific candidates in immunology, inflammation and beyond. - learn more
- Oversubscribed Ventures joined a syndicate that invested in Noble Mobileβs $10 million seed round. Noble Mobile, founded by Andrew Yang, is a telecom startup offering unlimited data plans while giving customers cash back when they use less data. The funds will be used to launch operations, roll out its mobile virtual network service, and build features that encourage better digital wellness. - learn more
- Mantis Venture Capital participated in Doctronicβs $20M Series A round, which was led by Lightspeed Venture Partners and also backed by Union Square Ventures, Tusk Ventures, Seven Stars, and others. Doctronic is a healthcare AI startup building a platform for fast, personalized medical advice and virtual visits with licensed physicians, aiming to reduce wait times and costs. The new funds will help the company scale its operations across the U.S., expand partnerships with insurers and health systems, and extend its reach to more patients. - learn more
- Strong Ventures led a Series A round investing about β©1 billion in Ares3, with Seoul National University Technology Holdings also participating. Ares3 runs florist subscription service βHonest Flowerβ for consumers and βFlowerGo,β a B2B platform for floral suppliers, with steady growth thanks to brand partnerships and solid demand. The new capital will help Ares3 extend its reach via offline experience locations and campaigns to shift public perception of flowers from luxury to everyday goods. - learn more
- Gold House Ventures participated in MedSetGoβs oversubscribed $2.4M seed round led by TurboStart. MedSetGo is an AI-driven healthcare company based in San Francisco that is working to streamline patient care transitions by helping people find and schedule the right care after discharge. The funding will go toward accelerating product development and hiring, especially expanding the engineering, data science, and commercialization teams. - learn more
- March Capital was among the investors in Lila Sciencesβ $235M Series A round, which was co-led by Braidwell and Collective Global. Lila builds an autonomous science platform combining AI, robotics and software to automate the scientific method - generating hypotheses, designing experiments, running them, learning from results. The funds will be used to scale Lilaβs βAI Science Factories,β expand globally in cities like Boston, San Francisco and London, and accelerate its ability to explore materials, chemistry, life sciences and diagnostics more quickly. - learn more
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