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Thursday, Sep 21, 2023

Valley Firms Receive VC Funding

Companies in greater Los Angeles raised $436 million in third-quarter venture capital funding, a 33 percent increase from the same period last year, according to the latest Money Tree Report. The report from PricewaterhouseCoopers and the National Venture Capital Association, which uses quarterly data collected by Thomson Reuters, measures cash-for-equity investments made by venture capitalists in private U.S. companies. The largest investment in the Valley was in Chain Inc. in Glendale, a company that helps transactions involving Bitcoins. It received $9.4 million. In addition, sports content and media company Mandalay Sport Media LLC, with offices in Studio City, received $9 million. Sylmar’s Second Sight Medical Products Inc., which makes a prosthetic eye and recently announced plans to go public, received $5 million; Music Mastermind Inc., a Calabasas company that develops music creation technologies, received $4.5 million. Just Fabulous Inc., a Santa Monica online fashion retailer, received the largest investment among all L.A. companies at $85 million. Baby and home product retailer Honest Co. Inc., also in Santa Monica, received the second-highest sum of $70 million. While Los Angeles saw an increase in investment dollars, the nation saw a drop. Venture capitalists invested a total of $10 billion dollars, a 27 percent decrease when compared to the previous quarter.

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