A weekly roundup of must-read L.A. tech investments and acquisitions.
$19.3 Million
Type: Convertible Notes
Location: Santa Monica
Investors: Credit Suisse, Good Energies, Nimes Capital, Pacific Corporate Group, Sustainable Development Investments, US Renewables
Description: Solar power-plant company SolarReserve sold convertible notes to invest in possible solar power plants and related insurance bonds in South Africa. The company is also eyeing projects in Saudi Arabia, Egypt, China, Australia and Mexico, said Chief Executive Kevin Smith. To finance its international ambitions, the company is looking for more strategic investors. “The pipeline (of projects) could require $4 billion in equity opportunities,” said Smith.
$18 million
Type: Venture Fund
Location: Century City
Investor: Undisclosed
Description: Seed investment firm TenOneTen Ventures closed its first fund. The firm is focused on seed investments in data-centric tech startups. The venture firm has been investing in tech companies since 2013, but only recently closed its formal fundraising process. Managing Partner David Waxman said the firm is focused on advertising, health care, commercial real estate and sports companies. It aims to invest in 20 to 30 such companies over the next two years, typically in seed rounds between $250,000 and $750,000.
$1.3
Type: Equity
Location: Carson
Investors: S Apparel Inc. and Katmandu Inc.
Description: Jemae is an online fashion startup, which will sell dresses, scarves, purses and jackets, among other things. The company plans to donate a portion of its revenue to humanitarian projects. Jemae has yet to launch publicly.
Undisclosed
Type: Equity
Location: Venice
Investors: Andreessen Horowitz, YouTube co-founder Steve Chen, Raine Ventures, William Morris Endeavor Entertainment, Live Nation, Vice Media Inc., Marker Financial Advisors, Tribeca Enterprises, Annapurna Pictures, Legendary Pictures and Freelands Ventures
Description: The company announced this week that it closed a seed round in April. Vrse produces virtual-reality content and distributes it on apps for iOS, Android and Samsung Gear VR. The company has produced a number of virtual-reality videos, including a documentary about Syrian refugees commissioned by the United Nations, and a tour of New York commissioned by New York Times Magazine.
Undisclosed
Type: Acquisition
Location: Culver City
Buyer: Verndale
Description: Digital-advertising agency Dustland has been acquired for an undisclosed sum by Boston’s Verndale. Dustland builds websites, apps and digital-marketing campaigns on behalf of consumer brands such as HBO, Volkswagen, Visa and Taco Bell. Verndale offers similar services and expects the acquisition to strengthen its West Coast presence and double revenue in 2015 as compared to 2014.
Technology reporter Garrett Reim can be reached at [email protected]. Follow him on Twitter @garrettreim for the latest in L.A. tech news.
