MTech Capital secures $75M for its insurance technology fund
MTech Capital, an LA and London-based venture capital firm focused on the insurance tech industry, this week announced that it has raised a new $75 million venture capital fund. Two of the lead investors include CNA Financial Corp. and NN Group. “Insurance executives understand their industry is being transformed by technology and want to be in front of developments,” said Kevin McLoughlin, co-founder of MTech Capital in a statement announcing the deal. MTech Capital aims to find investment opportunities that will innovate the insurance industry. [Press release]
Spotify is setting up shop in a new LA office
Soon, Spotify will have a shiny, new, and local home. The music streaming service plans to open a regional headquarters in LA, having signed a lease with the recently opened At Mateo office and retail complex. The company will be working with 110,000 square feet of office space at this location and will be a part of the redeveloped LA Arts District. [Curbed Los Angeles]
BlackLine names a new SVP for its Asia-Pacific region
BlackLine, a provider of cloud-based solutions for finance and accounting tasks, made a major leadership appointment, according to reports from SoCal Tech. The company named Terry Smagh its senior vice president to oversee the company’s Asia-Pacific region. Smagh brings more than 20 years of experience to the role, working at companies like Hyperion and IBM. [SoCal Tech]
The Blocks awards Lucidity Blockchain startup of 2018
Digital advertising blockchain protocol Lucidity was awarded “The Blockchain Startup of 2018” by The Blocks. The Blocks honor “outstanding strategy, application, and effectiveness of blockchain technologies,” according to a release announcing the news. Lucidity helps businesses eliminate billing discrepancies and publisher domain spoofing. [Press release]
Fundings of the week
Pegasus Solar, $10 million
Pegasus Solar, a manufacturer of rooftop mounting systems for solar installations, has raised $10 million in a Series A round of equity funding. Ecosystem Integrity Fund led the round along with Okapi Capital, Howard Wenger, Mike Miskovsky, and other solar industry executives. [Press release]
MeWe, $5.2 million
MeWe, a social media site that bills itself the “anti-Facebook,” has raised $5.2 million in a Series A funding round. Author Marci Shimoff, fashion designer Rachel Roy and Lynda Weinman, founder of Lynda.com, led the round. Jack Canfield, the creator of the “Chicken Soup for the Soul” book series, also participated in the round, according to reports from the Los Angeles Business Journal. [LA Business Journal]
CapLinked, $2.5 million
LA-based CapLinked, a company that creates software for corporate finance deals, has raised $2.5 million in seed funding. Alphabit Fund, Translunar One, Kenetic Capital, NextProtocol Ventures and BKCM led the round, according to reports from SoCal Tech. [SoCal Tech]
