Los Angeles tech wasn’t short on funds in February.
There was Clutter’s gangbusters $200 million Series D led by the Softbank Vision Fund, GOAT Group’s $100 million deal with Footlocker, Signal Sciences’ $35 million round and, just $10 million behind, Ritual’s $25 million draw. Even celebrities got in on the action: Joseph Gordon-Levitt’s newly reconfigured artist collaboration tool HitRecord raised $6.4 million.
But there were also quite a few smaller fundings of note. And, while these deals often fly under the radar, the story they tell is just as important as those with a few more zeros. Here’s why.
Smaller and earlier stage fundings often give us a picture of what’s next. It’s a chance to see what VCs and tech insiders — a.k.a people who make a living making bets on the next greatest technological feat — are putting their money on.
Here’s what they put their money on in February.
Funding raised: $3M
Round: Series A
Funding date: February 22, 2019
Investors: K2VC, BY Investment Partners
Funding total: $3M
WeGet is an online beauty buying platform that blends social media and e-commerce. The platform blends social media with e-commerce to create an environment where users connect with brands, products and fellow users as they experience new products. According to Crunchbase, WeGet’s official launch date was December 2018, putting it on the earliest end of the early-stage venture label.
Funding raised: $500K
Round: Seed
Funding date: Feb. 5, 2019
Investors: SMRK Investment Fund
Funding total: $1.5M
Competera, which has been in business since 2014, is an AI company that helps retailers better forecast demand. The company helps with price optimization and overall brand intelligence with companies including Panasonic, Watsons, Acer, Tink, and a number of popular overseas brands. SMRK, which led both Competera seed rounds, is based in Ukraine.
Funding raised: $1M
Round: Seed
Funding date: Feb. 19, 2019
Investors: Tera Ventures (lead), Zac Park, Sterling Road, Severin Hacker, Nate Cavanaugh, J.J. List, Andrew Rabin
Funding total: $1M
Brainbase is developing a suite of products focused on intellectual property licensing. This month’s seed round — the company’s first — includes participation from a number of angel investors, including Severin Hacker of the popular language-learning app Duolingo. The day after the funding news dropped, the company launched a new product called Marketplace, a platform that facilitates licensing deals, from discovery through royalty payments.
Funding raised: $3.3M
Round: Seed
Funding date: Feb. 7, 2019
Investors: Lerer Hippeau (lead), Mark VC, Greycroft
Funding total: $3.3M
Prima’s cannabinoid botanical products — currently available for early-access and preorder — are engineered to help the body achieve balance, according to information from their website. Greycroft, who invested in the company’s first seed round, has also invested in LA companies like Happiest Baby, Wondery and Tapcart. Lerer Hippeau, the firm that led the round, has ties to other cannabis companies like Herb.
Funding raised: $8M
Round: Series A
Funding date: Feb. 13, 2019
Investors: FirstMark (lead), Upfront Ventures, GingerBread Capital, Amplify.LA
Funding total: $11M
Skylar is an organic perfume company that makes and ships custom perfumes straight to consumers using an at-home scents quiz and sampling system. The company received early backing from serial founder Brian Lee (co-founder of LegalZoom and The Honest Company), as well as Bouqs CEO John Tabis. Founder Cat Chen worked in consumer products at The Honest Company before launching Skylar in 2017. With this month’s round, Skylar pulls far ahead of its competitors, Scent Trunk and Royal Aroma, and is neck-and-neck with Austin-based online perfumer Phlur ($13M in total funding).
Funding raised: $3.5M
Round: Seed
Funding date: Feb. 25, 2019
Investors: Craft Ventures (lead), William Barnes, Josh Mohrer, Wonder Ventures, Act One Ventures
Funding total: $4.9M
Logistics startup Dray Alliance burst onto the scene this week with the announcement of $3.5M in new funding. The company, which streamlines the movement of cargo from ports to warehouses or shipping centers, is entering an already crowded space. NEXT Trucking and Shippabo — both of which work with the ports in LA and Long Beach — already have a stake in the city’s drayage transportation market. Still, it’s a huge market, and with Craft Ventures leading the round, it’s a pretty sure sign that the company has legs.
Funding raised: $1M
Round: Seed
Funding date: Feb. 4, 2019
Investors: ScOp Ventures
Funding total: $1.2M
Joining LA’s burgeoning edtech scene, HeyTutor is an online platform that allows students, tutors and agencies to connect in real time. Using HeyTutor, tutors can set their own hourly rates based on their experience, while building up a review base that students can use when deciding who to hire. The system also matches students with tutors who fit their needs and facilitate payments between the two parties. The company, which was launched in 2016, has already acquired two other tutoring ventures. ScOp, who led both of HeyTutor’s two seed rounds, is also invested in Procore and Archer Education.
Funding raised: $17.5M
Round: Series B
Funding date: Feb. 21, 2019
Investors: Fertitta Capital (lead), The Chernin Group
Funding total: $17.5M
The Action Network is a premium sports analysis and media company founded by The Chernin Group. The company provides information and entertainment aimed to help users bet smarter on sports or fantasy leagues. Their online product combines sports news coverage, live scores, odds and bet tracking. The Action Network’s parent group participated in the round. Fertitta Capital, which led the round, has only one other investment in their name, a digital media studio called Moonbug that’s dedicated to kids’ programming.
.png)
