A weekly roundup of must-read L.A. tech investments and acquisitions.
Patch of Land
Type: “Forward flow arrangement”
Description: Real estate crowdfunding website Patch of Land has signed an agreement with an undisclosed lender, who will purchase up to $250 million in loans. The undisclosed creditor will purchase real estate loans issued on the Patch of Land platform in a “forward flow arrangement.” Patch of Land will still raise 95 percent of the real estate loans it issues from accredited individual investors, said Chief Executive Jason Fritton, in a statement. Patch of Land issues commercial and residential real estate loans raised from crowds of accredited investors on its website. The company vets properties on behalf of its lenders and takes a small commission on each transaction.
Viant (MySpace parent)
Location: Beverly Hills
Acquirer: Time Inc.
Description: MySpace parent company Viant has sold a majority stake to New York’s Time Inc. for an undisclosed amount. Using Viant’s technology, Time Inc. wants to better target ad delivery to specific audiences, track digital devices and measure the return on investment its marketing clients receive from their advertisements. Viant of Irvine purchased MySpace of Beverly Hills with singer Justin Timberlake in 2011 for $35 million. However, Time Inc.’s purchase of Viant had less to do with MySpace and more do with its parent company’s digital advertising software. The fate of MySpace.com was not announced.
Location: El Segundo
Investors: BAM Ventures, Chaotic Investments, John Bendheim Enterprises, Suntoy Enterprises, Courtney and Carter Reum, Jeff Stibel and Matt Toledo (disclosure: Matt Toledo is publisher and chief executive of the Business Journal)
Description: El Segundo startup Toast Labs this week launched its first app, Dysh, which will combine user-generated content and restaurant menus to encourage “conversation around food.” Dysh is making its debut in the wake of a successful seed funding round, though financial details were not disclosed.
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