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Recent and archived news stories on: banks, credit unions, mortgage lenders, SBA lenders, stocks/bonds, venture capital, wealth management, investment banks, factors, money managers, economic news and financial sector news
Black Business Owners Hope Promises Will Be Kept
Black-owned businesses seek out funding
As the outpouring of support for Black-owned businesses continues weeks after the death of George Floyd, local entrepreneurs say it’s still too early to see tangible results.
LAEDC Fills Key Leadership Roles
Nissen, Medina, Cheung are elevated
The Los Angeles County Economic Development Corp. announced last week that recently retired NBCUniversal exec Steve Nissen has been elected as the organization’s new board chairman.
Elementary Robotics Raises $13 Million
Startup also rolls out device for inspection, traceability
Elementary Robotics Inc., a downtown-based robotics startup, has raised $12.7 million in Series A funding.
LA Hits Reset on Cannabis Licensing Program
City Council prioritizes social equity, launches lottery
The city of Los Angeles has passed sweeping changes to its cannabis regulatory regime, with big implications for the industry in the one of the world’s largest legal markets.
Tech Tools Boost Efficiency for Financial Advisors
Tools like Zoom break down barriers
Jason Blumberg relied on face-to-face meetings — the firmness of the handshake, maintaining eye contact, a confident voice — to build trust with clients.
Ares Raises $3.5 Billion for Distressed Investing
Private equity fund will pursue opportunities during Covid-19 downturn
Century City-based asset manager Ares Management Corp. has closed a $3.5 billion private equity fund.
Pipe Technologies Raises $60 Million
Company will use funds for SaaS platform
Hollywood-based Pipe Technologies Inc. has raised $60 million in an extension of its February seed round.
Cause for Concern
Economic uncertainty raises the prospect of an increase in going concern filings
Covid-19 has brought one of the greatest periods of market uncertainty in decades. The answers to major questions like when lockdown restrictions will be fully lifted, when customer demand will rebound and the extent to which the virus will ultimately affect the economy are simply unknowable.
Private Equity Sector Is Showing Signs of Life
While some firms are posting gains, category still faces a long road back
Covid-19 caused private equity fund managers to slam on the brakes but now they're facing some of the most complex deals of their careers.
Cashless Transactions Gaining Favor
Pandemic boosts usage in food, beauty sectors
At many Los Angeles businesses, cash has become a casualty of Covid-19.
Furniture Startup Raises $4 Million
Outer attracts investment from Mucker, Wavemaker
Santa Monica-based outdoor furniture startup Outer Inc. has raised $4.3 million in seed funding. The investment round was led by Santa Monica-headquartered Mucker Capital, with participation from a range of other venture investors including Santa Monica-based Wavemaker Partners.
Open Raven Raises $15 Million Series A
Kleiner Perkins, Upfront back data security startup
Data security startup Open Raven Inc. has raised $15 million in Series A funding. The round was led by storied Menlo Park venture firm Kleiner Perkins with participation from existing backer Santa Monica-based Upfront Ventures.
Special Report: Banking & Finance Quarterly — Q1 2020 Data
Read interviews with L.A.'s top finance professionals and access the latest data in the Los Angeles Business Journal's Banking & Finance Quarterly Special Report.
Architect Equity Buys Faultless
PE firm acquires cleaning products company
Architect Equity, a private equity firm based in El Segundo, has acquired consumer products company Faultless Brands.
Buy Bye Bye
Consumer spending patterns in LA reveal impact of pandemic
Consumer spending is the backbone of the American economy, making up roughly 68% of U.S. gross domestic product. That sector has been upended by the Covid-19 pandemic.
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