In a somewhat quieter period for funding news, five LA tech startups kicked off the year and pulled through with the LA area’s largest funding rounds of the month. Learn more about what these companies are planning with their fresh capital.
#5. $18 million, January 13
The company’s “headless” platform enables engineers to create an online shopping experience designed to suit brands’ needs as they branch out into e-commerce. The $18 million Series A round for the startup was led by Inovia Capital and will help Nacelle to invest in building its product functionality as well as increasing its headcount.
#3 (tied). $20 million, January 28
AppOnboard offers users game development tools like sound and graphics templates to help them build games for mobile and Steam platforms without code. It announced the close of its $20 million Series B funding round led by Raine Ventures last month. With the fresh capital, AppOnboard is planning to expand its headcount in its engineering, marketing and product departments.
#3 (tied). $20 million, January 21
This company builds NAS storage devices with enough capacity to store hours of Hollywood movie b-roll. As it continues to prioritize serving the entertainment industry, OpenDrives is looking to use its new funding to expand into other areas, like the healthtech industry, that could benefit from its solutions. The $20 million Series B round will enable the Culver City-based company to onboard new staff.
#2. $100 million, January 26
Albert’s fintech platform helps users manage their finances by tracking their spending habits, bill payments and income. It recently closed on a $100 million Series C round led by General Atlantic. The new capital will fund product research and development. It will also allow the company to grow its team within its engineering, finance and marketing departments.
#1. $125 million, January 26
With $125 million in Series C funding led by Drive Capital, this El Segundo-based company is planning to accelerate its mission upon reaching unicorn valuation. Sidecar offers an alternative to traditional health insurance plans by providing its members with a debit card that can be used to purchase health services. It’s working to “make healthcare more affordable and accessible for all Americans.”
