Larta Institute Fund Will Target Academia, Government

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Larta Institute, which provides tech transfer services for governments, businesses and universities, recently launched a venture capital fund called T2 Venture Capital.


Headed by Victor Hwang and Greg Horowitt, Larta’s inaugural fund will invest primarily in startups born out of academia and government agencies. The firm did not disclose the size of the fund.


Hwang, former president of Larta, said the fund is already working on technology startups in Kansas, Florida, New York and internationally in New Zealand and Mexico.


“It’s a wonderful opportunity to connect the great sciences all over the world with capital and talent in Los Angeles,” Hwang said.


The nonprofit began in 1993 during a widespread decline in the defense industry to help rejuvenate the tech sector.


For more information on T2 Venture Capital, go to http://t2vc.com.



Two-Cent Stamp Giveaway

Stamps.com Inc. let first-time customers keep their two cents when the postage rate increased to 41 cents last week.


It was the perfect marketing opportunity for the Internet-based postage service provider. With stamp costs dominating the news cycle, the company announced that it would give away 2-cent sheets of stamps and ship them for free to 12,000 first-time customers.


And the LA-based company needs all the help it can get.


Last month, shares in the online retailer plummeted more than 15 percent after the company reported paltry earnings and dropped its 2007 forecast. During the first quarter, sales fell 3 percent to $20 million, dragged down by an 18-percent drop in its signature, personalized stamp product called PhotoStamps.



THQ Surges

Videogame developer THQ Inc. saw a 27 percent surge in net sales to $1 billion for fiscal year 2007, while its operational cash flow expanded by 50 percent.


The Agoura Hills-based company credited its successful launch of “Saints Row,” an internally developed action-adventure video game, which has already sold 1 million units. Sales of its “Cars” and “WWE: SmackDown vs. Raw” video games were also exceptionally strong.


THQ appears cautious about future sales, however. It reduced its first quarter projections to sales of $110 million, well below Wall Street’s expectations of $147 million. The company also pulled back its first quarter projections to a loss of 26 cents per share, while analysts had expected a 10-cent loss.



Babystyle Booming

Babystyle.com, a popular e-commerce site for maternity and baby products, just got stronger.


Originally a Web site that grew into 20 stores in eight states, LA-based Babystyle announced last week that it acquired upscale maternity brand Cadeau Maternity, with stores in Manhattan and West Hollywood.


Emilia Fabricant, founder and chief executive of Cadeau Maternity, was named president and chief merchandizing officer.


In addition, the company has raised $11 million in funding from Global Retail Partners and Oak Investment Partners.



United Online Loses CFO

Charles Hillard resigned as chief financial officer of publicly held United Online to join Demand Media Inc. as its president and chief financial officer on June 1.


Hillard, previously NetZero’s chief financial officer, brings nearly a decade of experience operating both privately and publicly held technology companies to Demand Media. The Santa Monica-based online media company was launched last year by former MySpace chairman Richard Rosenblatt. It’s a rapidly expanding company with already 260 employees and venture-backed with $220 million.


Neil Edwards, United Online’s chief accounting officer, has been appointed as the company’s interim chief financial officer. Edwards has been with the company since 2001.


“Parting with the United Online family after eight years is a very challenging decision,” Hilliard continued. “I am grateful for the experience and relationships built over the years and believe that I depart at a time when United Online’s business is sound.”



Staff reporter Booyeon Lee can be reached at (323) 549-5225, ext. 230, or at

[email protected]

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