Songtradr Raised $50M, Donut Got $2M, and More LA Tech News

June 28, 2021
photo: songtradr / Facebook

Tech companies on the West Coast had a busy week raising venture funding and building out their businesses. Read on to find out how these startups are investing. This is the Built In LA weekly refresh.

Donut raised $2MHelping users grow their savings with cryptocurrency and blockchain tech, decentralized finance platform Donut secured fresh funding led by Redalpine to further its work. It will use the money to invest in product development and grow its user base. To date, the company has raised a total of $3.8 million in funding. [Built In LA]

Mapped got $6.5MWorking in the IoT space, the data infrastructure platform closed on its latest round of funding. Five investors participated in the round and the company lists Brentt Baltimore of Greycroft and Jeanne Casey of MetaProp as directors. To date, the startup has pulled in $8 million in total equity funding. [LA TechWatch]

LA Tech Quote of the Week

“Songtradr is rapidly accelerating as we continue to develop our tech-enabled B2B music ecosystem and integrate our new acquisitions. Attracting such a blue-chip investor base into this round further endorses our vision of the future music industry in this rapidly evolving digital world, providing a strong foundation for the future.” —Paul Wiltshire, CEO of Songtradr

Songtradr secured $50MIts platform helps musicians and songwriters monetize and license their creations, all while offering buyers an easy way to purchase it. Now valued at $300 million, the music licensing company has grown its revenue 100 percent year-over-year and is planning to grow even more. Songtradr’s oversubscribed Series D will go toward investing in its M&A strategy. [Built In LA]

Tripp pulled in $11MUsing psychedelic imagery and sounds, this platform works to promote emotional well-being through virtual reality tech. Its platform helps users manage stress and mental fitness, and it’s planning to build out its tech and user base with this Series A funding. Tripp currently has several open roles across marketing, data engineering, 3D visual art and more. Vine Ventures led the round. [Built In LA]

GOAT Group raised $195MThis e-commerce platform has seen significant growth, with a gross merchandise value of $2 billion. After expanding its offerings from shoes to clothing and accessories, the unicorn closed on its Series F round led by Park West Asset Management. The capital will go toward building out its team across several departments. [Built In LA]

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