FabFitFun raised $80M from legendary VC Kleiner Perkins
West LA lifestyle company FabFitFun raised its first major round this week, led by Kleiner Perkins, the VC company behind legendary brands including Amazon and Airbnb. The funding is a major milestone for the brand, which has developed a growing suite of products and amassed an enviable million-plus subscriber based, despite modest VC origins.
The company has plans to grow its team and build out its infrastructure — both physical (warehouses) and technological (data). At the same time, co-founder and co-CEO Michael Broukhim doubts the funding will change much about the company’s culture. “We’ve always been a scrappy, innovative company, and I think we’re going to keep that at our core — that it will continue to lead us on to bigger successes,” he said. [Built In LA]
Watch out Betterment — OC fintech company Acorns raises $105M
Acorns, the micro investing app developed by a Nobel Laureate economist, announced that it raised $150 million in new funds this week. The app allows users to invest their spare change in the kind of low-cost, diversified portfolios offered by major asset managers like Vanguard and BlackRock. (Did we mention the man behind the algorithm has a Nobel Laureate?) Marketed as a millennial investment tool, Acorns has now surpassed its primary competitor Betterment in valuation, with $860 million in VC. The Irvine-based company will use the money to invest in a content partnership with CNBC, whose investment arm was among the lead investors in the round. [Business Insider]
Earny rolls out new price protection feature — this time for hotel bookings
E-commerce and fintech platform Earny launched a new product this week that tracks hotel costs. To offer competitive rates and bookings, the company is partnering with Priceline, but the feature will work with most major hotel chains and online travel agencies — anyplace with a standard refund policy. When a user books a room that drops in price, Earny notifies them of the change and helps rebook at a lower rate.
“Consumers travel a lot. We want to be there for them when they do. We want to make sure we provide the confidence to help them shop without being concerned about price,” said co-founder and CEO Oded Vakrat. According to Vakrat, the rollout is the beginning of a big year for Earny. “This year is going to be a year of expansion for us. We are finally starting to expand into new markets and Earny users should be able to take advantage of new money saving hacks and products,” Vakrat said. [Press release]
The Super Bowl goes green with electric vehicle charging stations
When the Los Angeles Rams head to the Super Bowl on Sunday, they’ll be in good, environmentally-friendly company. The NFL stadium in Atlanta where the Patriots and the Rams will be facing off is the newest of the league’s stadiums and was built with a green future in mind. The site comes equipped with an electric vehicle parking lot, where up to 48 cars can re-charge while they watch the game. The average charging time is about 30 minutes — about as long as it takes to watch the Super Bowl halftime show. (Go Rams!) [Mashable]
Riot Games scores Foot Locker sponsorship and launched European gaming finals
Reports have it that e-sports giant Riot Games will be hosting the European League of Legends spring finals tournament in Rotterdam. The LA-based gaming and e-sports company has also scored new partnership deals with Foot Locker and Logitech, who will outfit the players at the games. Riot Games was founded in 2006 and has attracted all-star players from across the e-sports and gaming spaces, including employees on the Forbes 30 Under 30 list and innovation awards from Fast Company. [LA Biz Journal]
...and literally so many more fundings
There’s been a lot of funding news in the last few weeks. To check out the rest of our LA funding coverage — including Fernish and NEXT Trucking — check out the full story here. [Built In LA]
