Mayor Garcetti chooses 2 LA entrepreneurs for EIR Program
Launched in 2014, Mayor Garcetti's Entrepreneurs in Residence (EIR) program to connect two of the city's best entrepreneurs with LA's future business leaders and job creators. This year's picks were Eva Ho (
, MuckerLabs) and Jason Nazar ( , ). [Mayor Garcetti Announces 2016 Entrepreneurs in Residence: LA Mayor's Office]
The automated advertising buying and selling platform turned their first annual profit of $400,000 this past year. The company's GAAP revenue rose 98 percent year-over-year to $249 million and they're projecting $315-$355 million in revenue for 2016. As of Wednesday, the company's stock had risen 18%. [Rubicon Beats Expectations, Turns First Annual Profit: LA Business Journal]
The ever-so popular geotag images on Snapchat will now be more readily available to those willing to pay and create their own. What was once reserved for major cities or events, geotags will now be available at $5 a piece. [Snapchat Launches Paid Geofilters: LA Business Journal]
Fundings of the week
, $18.5 million
Investors: Evolution Media Partners, Marc Rowan, RTS Ventures, Paul Wachter, Main Street Advisors, Seacrest Global Group, Cash Warren and Ross Levinsohn
The Hollywood online news site closed their second round this week, bringing their funding total north of $22 million. ATTN: specializes in content related to economic mobility, civil rights, education, criminal justice, and the environment. [Attn: Gets $18.5M For News Site: SoCal Tech]
, $9.7 million
Investors: Index Ventures
The Venice-based startup officially announced their Series A this week, however the funds were reportedly raised in 2015. Signal Sciences has developed a web application firewall and is reportedly being used by Under Armour, Etsy, Yelp/Eat 24, Shutterstock, Prezi, and others. [Signal Sciences Raises $9.7M, Launches DevOps Security Tools: SoCal Tech]
Overnight, $2.5 million
Investors: Accomplice and CrossCut Ventures, and included Paul Bricault (Greycroft/Amplify) and Elliott Bisnow (Summit Action Fund).
Overnight is a new booking app to connect last-second travelers with local hosts to find a place to spend the night. The millennial-targeted app also expanded to Austin this week in accordance with the funding.
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