Magento acquired by Adobe for $1.68B
Magento, a Culver City-based e-commerce software startup, added its name to the growing list of LA startups to go through $1 billion acquisitions when it was purchased by Bay Area software giant Adobe for $1.68 billion. As a part of the deal, Magento's Commerce Cloud will be integrated into Adobe's Experience Cloud platform. Magento's CEO will continue to lead the team. [Magento]
Smart office startup Openpath emerges from stealth with $7M from big-time backers
Two of the minds behind EdgeCast Networks, the LA-based startup acquired by Verizon in 2013 for $350 million, are back in the SoCal startup scene. This week, Alex Kazerani and James Segil's latest venture, smart office startup Openpath, emerged from stealth with support from some of the most prominent VCs operating today: Pritzker Group Venture Capital, Upfront Ventures, Fika Ventures, Bonfire Ventures and Sorenson Ventures. [Built In LA]
Startup partners with KAYAK to compensate travelers for delayed flights
Service, a startup that automatically secures compensation for travelers should they encounter any problems with their trips (looking at you, Spirit Airlines), announced a partnership with travel aggregator KAYAK this week. As a part of the deal, KAYAK will be notified by Service's proprietary flight monitoring technology when a flight is delayed or canceled, alerting the passengers and offering Service as a way to get compensation. [Service]
On-demand doctor service Heal adds $20 million to fuel expansion
Heal, a Pacific Palisades-based healthtech startup making it easier for patients to see doctors in the comfort of their own homes, announced a $20 million convertible note this week as the company continues its expansion. Founded in 2014, the company has raised $70 million to date. [Built In LA]
CREXi raises $11 million to scale its commercial real estate technology platform
Marina Del Rey-based real estate startup CREXi announced the close of its Series A this week, bringing in $11 million to continue to build out its commercial real estate platform, which boasts more than $450 billion in inventory. Founded in 2015, the company chose Jackson Square Ventures to lead the round, which included participation from Manifest Investment Partners, Lerer Hippeau Ventures, Freestyle Capital and TenOneTen Ventures. [Press Release]
Dwayne Johnson, Dany Garcia join Atom Tickets' advisory board
Santa Monica-based movie ticketing service Atom Tickets added to its already robust board of advisors this week by adding wrestler-turned-actor Dwayne "The Rock" Johnson and actress Dany Garcia. The two join Steven Spielberg, J.J. Abrams and Tyler Perry on the advisory board. [Press Release]
London-based Verve adds $35 million
Verve, a London-based startup, closed a $35 million investment this week to help scale its word-of-mouth sales platform for businesses. Although headquartered across the pond, the startup has a growing presence in LA — as well as Austin and Las Vegas — and actually encourages employees to choose where and when they work. Founded in 2011, the company's more than 150 employees work from coffee shops, coworking spaces and personal residences around the world. [Business Insider]
Liquortech startup shows off automated bartender platform
Somabar, a local hardware-software startup, took to the National Restaurant Association's trade show this week to show off its fancy new mixed drink machine. Controlled by a server via a touchscreen — allowing mixologists and bartenders to take on more complicated cocktails — the machine can be programmed to make up to 300 types of drinks. It can crank out a drink every 10 seconds. [NRN]
