Fundraising in La La Land

As a Bay Area-to-New York-to-LA transplant, I often get asked how these places compare. Obviously, the weather is better in LA if you'd rather not have seasons and it’s easier to maintain a plant-based diet, but you might as well be a smoker in LA with all that smog. New York has enough industries not to make any one of them feel like the main vibe-creator (finance, startups, fashion, theater, art, editorial–it’s got it all). However, there’s no preparation for the lack of personal space in the city that never sleeps. The Bay Area is easily one of the most innovative hubs in the country, with Silicon Valley and San Francisco home to the vast majority of household name companies.

Apparently, some of that garage-style entrepreneurship has made its way to Tinseltown -- not only in Hollywood’s recent fascination with startup founders and culture, but also with venture-backed startups. LA is officially the third largest startup ecosystem in the U.S., beating out buzzy startup cities like Miami, Florida and Austin, Texas. The City of Angels holds nearly 4,000 startup companies compared to SV’s 13,000 and New York’s 7,500.

TRIPP is building the “mindful metaverse,” using virtual reality to create mind-expanding experiences in 10-, 20-, or 30-minute increments. The company just earned an $11MM Series A expansion round to bring in additional content creators and reach more users.

Poparazzi created a photo-sharing application designed to “spread empathy and connect people in an authentic way.” The app does so by putting an individual’s social media profile in the hands of friends, rather than the person himself. The FAQs on the homepage seem to be entirely related to blocking people, so we're not sure how well the company is doing.

LA saw a 188% increase in blockchain-related funding in 2021. There's definitely a Hollywood/crypto connection–remember that Larry David FTX Superbowl ad and the newly-named Crypto.com Center? Pluto Capital enjoys beachside offices in Marina del Ray and provides bots for crypto trading. Pluto just raised $4MM.

For more LA-based blockbuster startups, search fundings for Los Angeles.