The Los Angeles area is known for its Hollywood stars and movie sets so it’s no surprise that startups in the entertainment space tend to put down roots in Tinseltown. Last week, the local entertainment tech sector boomed with news of a gaming acquisition, funding rounds and more. Catch up on the latest tech news. This is the Built In LA Weekly Refresh.
Mythical Games acquired DMarket. Mythical Games offers free-to-play and play-to-earn games on its blockchain platform that allows users to trade digital assets. The company acquired esports platform DMarket for an undisclosed amount. Mythical said it is now the world’s second-largest processor of digital assets on a distributed ledger. [Built In LA]
Spatial Labs raised $10M. Using a proprietary blockchain-backed tech stack, Spatial Labs helps consumer goods brands connect with younger demographics. The $10 million seed round was led by Blockchain Capital with Jay-Z’s Marcy Venture Partners participating. The fresh funding will help Spatial Labs hire and grow into new industries, including media and entertainment. The startup was founded in 2020 by 25-year-old Iddris Sandu. [PR Newswire]
LA Tech Quote of the Week
“We are building a new model that will drive the development of incredible new stories and allow our community of creatives and fans to contribute meaningfully to its expansion.” — Justin and J.P. Alanís, StoryCo co-founders
StoryCo landed $6M. Recently launched StoryCo has developed a collaborative storytelling solution that allows fans and creators to build never-ending stories together across various mediums. The LA-based startup launched with a $6 million seed round led by Collab + Currency and Patron. StoryCo’s first interactive story called The Disco Ball is expected to launch early this year. [Built In LA]
Edify added to its executive team. The Santa Monica-based consumer experience software company hired Trish Stone as its new VP of sales strategy and operations. Stone previously served as the VP of sales enablement and strategy at artificial intelligence software company Kore.ai and director of sales at communications business Twilio. In addition to hiring Stone, Edify is looking for fill seven roles on its engineering, marketing, product and design teams. [Edify]
