Tetra Tech Inc. wins $356 million contract to modernize FAA; Andelman and Mullin, VC vets, announce new venture; and Jessica Alba's Honest Co. slashes its valuation below $1 billion.
Tetra Tech Inc. of Pasadena announced on Thursday that it had been awarded a $356 million contract to provide engineering and technical support services to the Federal Aviation Administration, the Los Angeles Business Journal reports. Tetra Tech will support the FAA in the planning, research, development, implementation, maintenance and decommissioning of the FAA’s navigation, landing and lighting systems under the five-year contract.
Two veteran L.A. venture capitalists have formed Bonfire Ventures, a Brentwood VC firm focused on software for businesses, the Business Journal reports. Jim Andelman, founder of Rincon Venture Partners, and Mark Mullen, founder of Double M Partners and Mull Capital, formed Bonfire Ventures earlier this year, though it was only recently made public.
Honest Co., the all-natural home goods company co-founded by Jessica Alba, is raising $75 million in new venture capital funding at a much lower valuation than the last time around, according to a document filed last week with Delaware regulators, Axios reports. Honest’s Series E round values shares 57 percent lower than those sold during its Series D, sold in the summer of 2015. As a result the company’s valuation has fallen to below $1 billion from around $1.7 billion.
Technology reporter Garrett Reim can be reached at firstname.lastname@example.org. Follow him on Twitter @garrettreim for the latest in L.A. tech news.