Several venture funding rounds washed up on the West Coast last week, and these companies have big plans with the fresh cash. Read more to learn what’s underway on the LA tech scene. This is the Built In LA weekly refresh.
Bespoke Financial got $8M. This startup just announced the close of its Series A round. Bespoke aims to help cannabis companies grow by offering them short-term loans so they can build credit. Its latest raise was led by Snoop Dogg’s Casa Verde Capital and Sweat Equity Ventures, and it will allow the company to launch additional finance products and extend its financing options across various distribution channels. [Built In LA]
Universal Hydrogen raised $20.5M. The company is working to achieve net-zero carbon emissions in the future of air travel by implementing its electricity-producing hydrogen fuel cells. With its Series A funding led by Playground Global, Universal Hydrogen anticipates fully testing its liquid and gaseous hydrogen capsules. It’s also currently hiring for engineering roles. [Built In LA]
LA Tech Quote of the Week
Welcome Tech secured $35M. It uses its data to provide immigrants and undocumented people with various resources, like a bank account and low-cost medical care, that they might have difficulty accessing elsewhere. Its Series B round will enable the platform to expand its partnerships with media, government and community-led organizations, as well as onboard new talent to its team. [Built In LA]
Seed Health got $40M. As it’s working to develop probiotic applications and live biotherapeutics, this biotech company closed on a Series A round led by The Craftory, ARTIS Ventures and GISEV to further its growth. Seed Health is investing the round in new category launches, clinical research, digital health initiatives, technology and international expansion. [PR Newswire]
Intuit to open talent hubs in LA and NYC. The fintech company is looking to recruit new additions to its engineering team as it’s working to diversify its workforce. It noted that these two cities collectively open access to 27 percent of the underrepresented minority engineering talent on the continent. The Credit Karma creator also stated it will take a hybrid approach to reopening its offices going forward. [Built In LA]
Pragma got $12M. Based out of Culver City, video game software developer Pragma announced the close of its Series A round led by Greylock Partners. Its platform offers developers tools for functions including player account management and matchmaking in multiplayer games. The fresh cash will help Pragma further advance its product. [LA Business Journal]
Moving Analytics pulled in $6.9M. With $12.3 million in equity funding to date following its latest fundraise, Moving Analytics is well equipped to better its tech. The company provides a digital rehabilitation program for heart disease. Its previous investors include names like MassChallenge, MedTech Innovator and OCA Ventures. [LA TechWatch]
System1 moves to Marina del Rey. Having just signed a sublease for a fully furnished office space with an open floor plan, the omnichannel customer acquisition company is ready to adopt its new HQ on the West Coast. The sublease is for 28,688 square feet at 4235 Redwood Ave., a perfect fit for the company after outgrowing its former headquarters in Venice. [LA Business Journal]
Fintor raised $2.5M. This LA company allows individuals to buy shares of up and coming homes that it lists on its platform. Now with fresh seed capital to help do so, Fintor is looking to build out its fractional real estate investment tech. Its list of investors includes 500 Startups, Hustle Fund and Graphene Ventures to name a few. [TechCrunch]
