Check out which tech innovations are underway after a low-key week on the West Coast. A number of companies are equipped with fresh capital for tools like eco-friendly transportation, digital payment infrastructure and more. This is the Built In LA Weekly Refresh.
Pagos secured $34M. The company’s low-code and API-based products help businesses gain data on their payment infrastructure, helping them lower their payment costs and reduce fraud. Pagos raised a Series A round led by Arbor Ventures to enhance its tech and expand its team with engineering talent. [Built In LA]
Velotric raised $7.4M. A manufacturer of electric bikes, Velotric plans to significantly expand its U.S. presence with its Series A round. The company develops its own motor and battery management system for its vehicles that power riders’ commutes and off-road adventures. Velotric’s latest round brings its total financing to $12 million. [TechCrunch]
LA Tech Quote of the Week
“When you think of mobile dating apps, they’re really not dating apps. They’re actually just matching apps. When you look at the way that they commercialize and [how] they generate money, it’s not by helping people meet. It’s by helping keep their users single and [staying] on the platform longer.” — Daniel Starr, Locale CEO and co-founder
Locale was featured in the Built In Future 5 series. Taking a new approach to online dating, Locale helps singles safely meet up in person to strike up a conversation. Rather than depending on digital matching technology, the platform coordinates public events and helps members keep in touch with one another. To date, more than 500 people have used Locale’s mobile app in LA and Boston. Locale plans to expand into NYC next. [Built In LA]
These five Los Angeles tech companies raised the most funding in February. A variety of local tech companies secured capital last month. The largest venture sums raised went to businesses in industries including manufacturing, payments, drones and more. Learn how these five companies are investing in expansion, hiring and other initiatives. [Built In LA]
The Black Tux acquired Marke. Tuxedo rental company The Black Tux added wedding band maker Marke to its platform. Marke offers home try-on kits for rings. While The Black Tux will continue to run its tuxedo and suit rental services, it will also offer customers Marke’s services through a platform integration. The Black Tux is also hiring across a range of roles. [Forbes]
