Cameron Venti | Unsplash
Wonder Ventures Launches $31 Million Fund Focused Exclusively on LA Startups
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.
“The 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,” Rosen said, noting that Wonder already deploys more than 90% of its capital in Southern California-based ventures. “We still believe that the earliest stage is underfunded—pre-traction and pre-seed. That stage is the hardest time to raise and get elite investors, and that explicitly is what Wonder does.”
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 homeowners’ property tax assessment bills through an appeals process. Rosen said he filed his own appeal on the company’s website as its founders made their pitch to him on the phone. “I hope to save thousands of dollars,” he noted.
Among Wonder’s most successful investments to date has been Honey, the ecommerce rewards app that PayPal acquired for $4 billion in 2019. The VC’s initial early-stage investment in the Arts District-based startup returned an exit worth more than Wonder’s entire $5 million first fund, according to Rosen.
The firm’s 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 Wonder’s stake in WhatNot is “worth more than the entire [$15 million] second fund.”
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 isn’t 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.
How We Calculated Cost
It is difficult to pinpoint one figure that will apply to every EV driver. Even within a single state, there’s variables – such as mileage driven, the type of vehicle and battery, plus the type of charger as well as if the car owner is opting to fuel up at a public station versus installing a personal home charging point.
But the general formula for calculating how much charging an electric car will cost is pretty simple: divide your car’s maximum range by its range per kWh, then multiply it by the average cost of electricity per kWh.
That figure, range per kWh, is an estimate that can vary greatly depending on vehicle and also driving factors. More intense driving, say, uphill in the wind, would lower your overall range per kWh since the car needs more power.
Regardless of driving conditions, though, you’re always likely to pay more to charge an EV in California than other parts of the country.
California’s average electricity cost in August was about 27 cents per kilowatt hour (kWh). Compared to the national average price of around 16 cents per kWh, that’s quite high. In part because California’s “fixed” costs of operating its electric system are used to offset public programs including wildlife mitigation.
Based on data from the Department of Tax and Fee Administration and Energy Commission, as well as the U.S. Energy Information Administration we also calculated the average California driver spends around $230 on gas monthly, or around $2,760 per year.
How Much Does It Cost To Charge a Tesla?
Tesla Model 3.
Photo courtesy of Tesla
So, say you drive a Tesla Model 3, one of the most popular Tesla cars.
Tesla says the standard 2022 Model 3’s long-range battery has a top range of 350 miles per full charge, and while it doesn’t report range per kWh, auto analysts at Edmunds estimate it to be around 25 kWh/100 miles or 2.5 miles. All told, it should cost about $29.36 to fully fuel a Model 3 in California – but bear in mind that you can only use Tesla’s network of proprietary Superchargers unless you have an adapter.
Or, as the U.S. Department of Energy (DOE) estimated, charging a Tesla Model 3 costs about $550 per year.
Tesla’s 2022 Model S sports car, on the other hand, requires more charging for higher performance. It costs $39.05 per charge, or around $1 per 25 miles.
Teslas are more expensive to charge than most of their counterparts in part because of their Supercharger network – which most drivers will find a worthy trade-off, given that they’re fast, and can charge an EV from 0% to 80% in about 30 minutes.
How Much Does It Cost to Charge a Rivian?
An R1T in Rivian Blue at the main entrance to the plant in Normal, IL.
Courtesy of Rivian
If you’re one of the few driving a 2022 Rivian R1T electric truck, it’ll cost around $17.66 per charge. Rivian’s battery models have varying range, but on the high end, contain 400 miles on a full charge. The DOE estimates that driving 25 miles in a 2022 R1T will cost about $1.68 or about $1,000 annually.
Rivian’s other model, the R1S, is almost identical in price (it costs about 20 cents less than the R1T, by our estimates).
How Much Does It Cost to Charge a Nissan Leaf?
2023 Nissan Leaf charging.
Photo courtesy of Nissan
A 2022 Nissan Leaf’s base model comes with a 40 kWh battery pack. The DOE estimates this version of Nissan’s affordable commuter car has a maximum range of 149 miles, and gets about 3 miles per kWh, pretty much on par with the overall average for electric vehicles.
Using this information, we can estimate that the Nissan Leaf will cost around $13.41 to charge once. The DOE calculates that a 2022 Leaf’s annual fuel cost will total $650.
How Much Does It Cost to Charge a Ford F-150 Lightning EV?
2023 Ford F-150 Lightning
Photo courtesy of Wikimedia Commons
Ford’s much-hyped electric F-150 all-wheel drive truck debuted last May to much fanfare, including a test drive from President Joe Biden.
The F-150 Lightning has a max range of 230 miles, and on average a higher fuel cost than competing electric trucks like Rivians. On average, it’ll cost roughly $12.67 for one charge, though the DOE estimates this will amount to around $1,050 annually.
This year Ford also released an electric Mustang, the Mach-E SUV. The standard Mach-E has a top range of 247 miles on a full charge, and gets about 3 miles per kWh. One full charge of the Mach-E will cost around $22.23, and the DOE surmises that’ll add up to a yearly charging expense of roughly $700.From Your Site Articles
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