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- Bird crashes, ServiceTitan soars, active raises, and more
Bird crashes, ServiceTitan soars, active raises, and more
dot.LA Weekly Update
Wil Chockley
December 22, 2023
Happy holidays from dot.LA! We’re collecting 2024 predictions for Los Angeles, tech, and startups. Reply to this email to get your prediction featured in our next weekly update.
🔦 Spotlight
It’s the best of time and worst of times for two of the most prominent Los Angeles tech companies.
Formerly high-flying Santa Monica startup Bird (now based in Miami) filed for chapter 11 bankruptcy protection, capping a slow fall from grace since it peaked at a $2.5B valuation in 2019. Once a crown jewel of the LA tech scene, the scooter sharing company went public via SPAC in 2021 before seeing its share price tumble and regulatory burden increase in the municipalities in which it operated. Eventually Bird’s market cap shrank below $15M, and it was delisted from the NYSE in September 2023. With its bankruptcy filing, Bird will proceed with a sale of its assets to the highest bidder, an ignominious end for what was once the hottest startup in America.
Yet where one LA startup falls, another rises. This week, it was reported by Reuters that Glendale-based ServiceTitan has revived plans for an IPO in 2024. ServiceTitan provides software to help technicians and contractors (electricians, HVAC professionals, plumbers, etc.) run their businesses better. The company was founded in 2007 and has raised over $1.4B from investors like LA-based Mucker Capital, Bessemer Venture Partners, Coatue, and Battery Ventures.
🤝 Venture Deals
Actively Raising
CZero, a hard-tech startup that is developing a technology for decarbonizing natural gas, is raising a $1.5M Seed Round. - learn more
Couri, a technology startup addressing last-mile delivery issues, is raising a $450K Pre-Seed Round at a $2.2M post money valuation. - learn more
Sweetie, a marketplace to help people plan date nights, is raising a $250K Angel Round. - learn more
StartupStarter, an investment platform that provides real-time data and analytics on startups, is raising an $850K Angel Round. - learn more
If you’re a founder raising money in Los Angeles, give us a shout, and we’d love to include you in the newsletter!
Just Announced
rabbit inc., a three-year-old LA startup creating a personalized operating system through a natural language interface, raised a $10M Series A from Khosla Ventures - learn more
Liminal Space, a four-year-old LA startup trying to create headset-less virtual reality, raised $2.5M. Investors included Avex, Hibino Corp., and Luminus. - learn more
LA Exits
Alteryx, an Irvine-based public analytics and data-science company announced that it would be acquired by private equity firms Clearlake Capital Group and Insight Partners in a deal worth $4.4 billion. - learn more
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