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Tuesday, Jun 6, 2023

Silicon Beach Report July 18: AdQuick Raises $2.1 Million

AdQuick raises $2.1 million; meal delivery service Chef’d abruptly shutters; SpaceX gears up for new launch

AdQuick Raises $2.1 Million

AdQuick Inc., an outdoor advertising firm based in Santa Monica, raised $2.1 million in its latest funding round. Initialized Capital invested the funds, helping the company achieve a total funding amount of $3.2 million to date. Socaltech reports AdQuick was founded by Matt O’Connor, former executive at online grocery delivery portal Instacart Inc. in 2017 and has received other funding from VTF Capital and Alexis Ohanian, co-founder of Reddit Inc.

Chef’d Halts Operations

Meal kit delivery service Chef’d, in business since 2015, has shut down its El Segundo headquarters alongside all operations, the Business Journal reports. Roughly 350 employees are laid off as a result, in addition to workers at its warehouse in Pico Rivera. This comes as a bit of a surprise, as Chef’d has not yet filed a Worker Adjustment and Retraining Notification with the state and was valued at an estimated $160 million after its most recent funding round last August.

SpaceX Launch Date Set

On July 22, Hawthorne-based Space Exploration Technologies Inc. will use a Falcon 9 rocket to launch its Telstar 19 VANTAGE payload from the Kennedy Space Center in Florida. Static fire testing was completed during July 18, which will mark a seven-day turnaround between the first test and launch, SpaceX’s quickest since September 2016. NASASpaceflight.com and Socaltech report the next steps are to review the test, drain the fuel tanks, and prepare for the payload.

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

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