A weekly roundup of must-read L.A. tech investments and acquisitions.
FreedomPop
$30 million
Type: Equity
Location: Los Angeles
Investors: Led by Partech Ventures with DCM Capital and Mangrove Capital participating.
Description: FreedomPop’s $30 million round will be used to expand its free cellular service to continental Europe and possibly Asia-Pacific. Using a proprietary SIM card, FreedomPop offers free voice and data cell phone service up to a point, then charges for additional usage or services such as a second phone number or anonymous Web browsing. The company also generates revenue by selling cell phone devices.
Related: FreedomPop Chooses Funding Over Exit
ServiceTitan
$18 million
Type: Equity
Location: Los Angeles
Investors: Led by Bessemer Venture Partners with previous seed round investors I2BF Digital, Mucker Capital and Amenalav Group also investing.
Description: ServiceTitan makes a backend scheduling, customer relationship management and marketing Web platform tailored for handling HVAC, plumbing, electrical and other home-service provider operations. The company said its 2014 revenue was 10 times greater than the year earlier. ServiceTitan has 49 employees and plans to use the funding to grow its staff to 120 by the end of the year.
Related: ServiceTitan Raises Round to Expand Market
Iris.TV
$5.3 million
Type: Equity
Location: Downtown Los Angeles
Investors: Sierra Wasatch, BDMI, Progress Ventures, Allen DeBevoise of Machinima, James Barge of Lions Gate.
Description: Iris.TV’s backend technology creates a personalized stream of video to keep online watchers engaged longer, similar to the passive TV viewing experience. By keeping videos rolling Iris.TV believes its clients will be able to sell more advertisements. The company raised a $1.7 million seed round in 2013.
Rayton Solar
$1 million
Type: Equity
Location: Santa Monica
Investors: Undisclosed, currently crowdfunding an additional $1.2 million.
Description: Manufacturing startup Rayton Solar said it has a laser technology, developed at UCLA, that can put silicon on solar panels more cheaply and efficiently. The company claims its techniques use 50 times to 100 times less silicon, while increasing solar panel efficiency 25 percent.
Evolve Media
Undisclosed
Type: Acquisition
Location: Los Angeles
Acquired Company: Martini Media
Description: Though Martini has been functioning as a creative agency and advertising seller for a network of luxury sites, Evolve plans to use Martini’s knowledge to transform it into a luxury publishing company in the next 12 months. Martini’s 33 employees will all stay on, boosting Evolve’s employee count to 415. The purchase of Martini is the latest in a series of buys Evolve has made in the last 12 months as it has brought its portfolio of lifestyle sites to 30.
Related: Evolve Buys Martini in Push for Luxury Content
Technology reporter Garrett Reim can be reached at [email protected]. Follow him on Twitter @garrettreim for the latest in L.A. tech news.
