Mysterious electric car developer emerges in Gardena
Faraday Future burst onto the scene this week, revealing the company's plan to produce electric cars by 2017. Viewing itself as a rival to Tesla motors, the company is considering locations in California, Georgia, Louisiana and Nevada as potential sites for their factory. The 400 person company announced they will invest $1 billion into the pursuit and is reportedly backed by a Chinese billionaire. [Faraday Future Uncloaks Mysterious Electric Car Effort In Gardena: SoCal Tech]
Amazon Prime Now launches restaurant delivery in Los Angeles
The Seattle-based company announced their new restaurant delivery service this week, serving select LA area codes. Free delivery will be available in Santa Monica, West Los Angeles and Venice. Culver City, downtown, and Hollywood will also be available soon. [Amazon Prime Now Launches Restaurant Delivery In LA: SoCal Tech]
Tinder, Match Group set to raise $467M
Match Group, the Tinder and Match.com umbrella company, announced plans to raise $467 million in an IPO that it expects to take place before Thanksgiving. A new SEC filing posted this week shows that the offering will be much larger than the $100 million indicated in the first IPO filing last month. [
Tinder's Match Group IPO set to raise $467M before Thanksgiving: Built In]
Dodgers Accelerator participants throw out last pitch
The inaugural Dodgers Accelerator class presented their companies to industry leaders and investors Tuesday night at Dodger Stadium. The Demo Day featured 10 companies that utilize technology, sports, media and fan engagement. [These 10 startups stepped up to the plate at the Dodgers Demo Day: Built In]
Acquisitions this week
RealD acquired by Rizvi Traverse, $551 million
RealD, the LA-based 3D movie pioneer, was acquired this week by Rizvi Traverse Management, a private equity investor. CEO and chairman Michael V. Lewis will keep his role with the company. [RealD Acquired By Rizvi Traverse For $551M: SoCal Tech]
Marketshare acquired by Neustar, $450 million
Marketshare creates cloud-based software to correlate sales to advertising spending. The company’s clients include MasterCard, Turner Broadcasting System Inc. and Intel Corp. The companies reportedly combined to share and integrate advertising data and services. [MarketShare Sold for $450 Million: LA Business Journal]
Fundings of the Week
TigerText, $50 million
Investors: Norwest Venture Partners with participation from Invus Group, Accolade Partners, Shasta Ventures, OrbiMed and Reed Elsevier.
The Santa Monica-based texting software allows doctors and nurses to share medical information without violating patient privacy laws. TigerText has now raised $81.1 million since their founding in 2010. The funding will be used for advertising efforts and to build out the software. The company also announced that Dr. Robert Mittendorff of Norwest Venture Partners will join the company’s board of directors. [
TigerText Raises $50 Million: LA Business Journal]
Hyperloop Technologies, $26 million
Investors: Not reported
The vacuum powered transportation company raised $26 million of their $80 million Series B round. The investment came in the form of convertible notes. Investors in the notes can convert the note into stock or receive interest from the financial instrument. The company also announced they will have test tubes ready for demonstration by 2020. [
Hyperloop Technologies Raises $26 Million in Convertible Notes: SoCal Tech]
VideoAmp, $15 million
Investors: RTL Group, Anthem Venture Partners, Simon Equity Partners, Third Wave Capital, Wavemaker Partners, and ZenShin Capital.
VideoAmp uses its machine-learning platform and programmatic tools to find precise audiences across all video screens. This is the company's first round of funding since their $2.2 million seed round in December 2014. [
VideoAmp raises $15M to bridge the device divide: Built In]
Panjo, $4.6 million
Investors: Spark Capital, The New York Times Company, Fabrice Grinda, Lerer Ventures, BDMI, BEENOS Partners, Mucker Capital and Mesa
Panjo, the Santa Monica-based marketplace for automotive and sport enthusiasts, announced their Series A this week. The funding will be used to help continue the growth of the company’s marketplace. The new round brings Panjo's funding total to $6.7 million.
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