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Los Angeles VCs Turn to Tel Aviv

Los Angeles VCs Turn to Tel Aviv

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Israel's population is considerably smaller than L.A.'s, but the country boasts the largest number of startups per capita in the world. In 2019, Israel saw a record $21.7 billion in exit value. Los Angeles VCs — led by Fusion LA — have taken notice. Reporter Rachel Uranga looks into whether a 'gold standard' guarantee is enough for Santa Monica's SureSale to take on Carfax and other online used car dealers. Meanwhile, Century City's FitOn gets funding and an analyst looks at what the novel coronavirus could mean for the gaming industry.

Today's stories

Venture-backed startup SureSale is attempting to challenge the dominance of Carfax, a longtime industry standard in the used car market, with a more comprehensive certification akin to a manufacturer's guarantee that a vehicle is in good shape. The Santa Monica startup, which certifies pre-owned vehicles with a background and 150-point inspection check, announced it secured $7 million in Series A funding this week. >>

Fusion LA, a Santa Monica early-stage accelerator that provides nascent software startups from Israel's booming tech scene a way into the U.S. market, is upping its initial investment. "We're betting on Silicon Beach to be the next big hub for Israeli entrepreneurs," Yair Vardi, founding partner of Fusion LA, told us. >>

Peloton may not have killed spin classes, but there's a wave of tech-powered fitness companies trying to lure Americans away from the gym. One of the latest, Century City-based FitOn, is betting that by making sought-after celebrity trainers accessible through an at-home fitness program, it can convince coach potatoes to sweat. >>

Nintendo has already reported production delays from the outbreak of coronavirus in China, and a Wall Street firm thinks the upcoming Xbox Series X and PlayStation 5 could be next. The next-generation consoles are set to launch this holiday season, but their debuts could be delayed if the virus continues to force manufacturers to shut down operations. >>