Silicon Beach Report June 26: Two Local Car Startups Raise $2M Each

Carblip raises $2 million; L.A. ranked best metro tech sector; Faraday and Future bailed out

Report Ranks L.A. Top Metro Area tor Tech

Los Angeles raised more than $100 million, beating Boston in total mega financing rounds, according to a recent report from CB Information Services Inc. The analysis, which includes the top 25 areas for technology and startup development from 2012-2018, lists the city of Los Angeles and Silicon Valley as top areas for innovation. The Business Journal reports one of the study’s key findings was growth within Venice Beach’s Snap Inc., which had one of the highest tech company exits with a $24.8 billion IPO.

Electric Car Manufacturer Saved from Bankruptcy

Faraday and Future Inc., which until recently was on the verge of bankruptcy, has received a $2 billion bailout from Hong Kong Evergrande Health Industry Group Ltd., Socal Tech reports. Approved by the Committee on Foreign Investment in the United States, the bailout will allow Faraday Future to deliver its first vehicle, the FF 91. Yueting Jia, founder of Faraday and Future, will become the company’s global chief executive as part of the funding round.

Carblip Raises $2 Million

Mobile car buying application Carblip Inc. has raised $2 million in its newest financing round, TechCrunch reports. The investment was backed by Nordic Eye Venture Capital and Science Inc., a seed investment firm that was one of the main investors in Dollar Shave Club Inc. Carblip, based in Santa Monica, provides an app that allows customers to search available cars in their geographic location, submit bids and view counter-offers, and then directs them to a dealership to make the final purchase.

Tech reporter Samson Amore can be reached at samore@labusinessjournal.com or (323) 556-8335. Follow him on Twitter @samsonamore.

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