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Friday, Feb 3, 2023

Venture Funding in L.A. County Jumps

Los Angeles companies hauled in $253.9 million in venture capital funding in the second quarter, a 14.2 percent increase from a year ago, and the largest amount raised in two years, according to a new survey.

San Diego start-ups still raked in the biggest portion of funding in Southern California with $394.7 million invested in 36 companies, a 24.8 percent jump from the year-ago period. Orange County companies received $240.1 million, a four-fold increase, according to the MoneyTree Survey by PricewaterhouseCoopers, Thomson Venture Economics and the National Venture Capital Association.

Overall, venture capitalists spent $5.8 billion in the second quarter invested in 750 start-ups nationwide, a slight dip from a year ago, when $6.1 billion was invested.

In Los Angeles, the most active funds in the second quarter included Clearstone Venture Partners with seven deals, followed by Anthem Venture Partners with six and Palomar Ventures with five deals.

Legend Pictures LLC, a film and production company in Beverly Hills, raised the most money among Los Angeles start-ups with $63.2 million in financing.

Beverly Hills-based RazorGator Inc., a provider of tickets for sports and entertainment events, drew $26 million, followed by Vantage Oncology Inc. of El Segundo with $22 million and Fulcrum Microsystems of Calabasas Hills with $20.4 million.

Vantage operates radiation treatment centers for cancer patients and Fulcrum is involved with the manufacture of semiconductors.

Rounding out the top five was Energy Innovations Inc., a Pasadena-based solar power company, with $16.5 million in financing.


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