Following one of the busiest weeks for LA tech in recent memory, local tech companies had just as many big stories to report this week.
Fair acquires Skurt, announces new funding
Quarter one of 2018 is proving to be a very popular time for tech companies to announce acquisitions. This week, two local tech companies who operate in the automotive space announced one such move, with fintech company Fair acquiring on-demand car rental service Skurt for an undisclosed amount. According to TechCrunch, Skurt's platform will shut down, with its technology and team being integrated into Fair's infrastructure. The publication also reported that Fair had added another round of equity funding — bringing its total to more than $100 million. [Press Release]
Tronc to sell LA Times to NantWorks founder, LA resident Patrick Soon-Shiong
tronc, the global media company who had — until recently — owned a number of properties, including the Los Angeles Times, announced this week that it would be selling the iconic LA publication to LA native and tech billionaire Patrick Soon-Shiong. The move will help tronc expand its digital operations, causing shares in the company to surge 37 percent to its highest price in four years. [Press Release]
Snap stocks soar as company beats expectations
After a rough second half of 2017, Venice-based social media company Snap was able to snap out of its funk, announcing to shareholders recently that its earnings were up, causing the company's shares to surge. The company reported its fourth-quarter revenue of $286 million, which was up 72 percent over quarter four in 2016. The news caused Snap shares to jump 29 percent in after-hours trading to $18 a share, a dollar more than what the company went public at in March 2017. [Biz Journals]
Massage service Soothe acquires LA-based massage service Melt
LA-based Soothe announced it's second-ever acquisition this week, revealing that it had recently purchased LA-based on-demand massage service Melt for an undisclosed amount. As a part of the purchase, Melt therapists will join Soothe's network of certified massage therapists. Presently, Soothe is available in 55 cities in four different countries. [Massage Magazine]
Revzi launches Newport Beach-based office led by founder and CEO
Revzi, a fintech startup that — until now — was headquartered in Chicago, where it was founded, and Colorado, announced recently that it had opened a new office in Newport Beach. The office will be led by Founder and CEO Paul Hadfield, who recently spoke to Built In LA about his decision to move out west after a life spent in the Midwest. [Revzi]
Fundings of the week
SmartAction, Undisclosed
El Segundo-based SmartAction, a company that uses AI as part of its omnichannel customer self-service platform, announced it had secured an undisclosed round of funding from Staley Capital and TVC Capital. The company said that it plans to use the funding to expand its sales and marketing teams, as well as continue to develop its product and grow internationally. [Press Release]
Bitvore, $14.2 million
Irvine-based data analytics software company Bitvore announced it had raised $14.2 million this week as part of an ongoing funding round that kicked off in December of 2016 and is reported to be worth $17.75 million. Specifics of the round were not released. [SoCal Tech]
