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Does 'Silicon Beach' Need a New Name?
Does 'Silicon Beach' Need a New Name?
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TechLAvia, the Wired Coast, Gnarnia. We've received a few suggestions of alternatives to Silicon Beach since running senior reporter Ben Bergman's story on Silicon Beach this morning. Does the nickname annoy you? Meanwhile, analysts ponder whether TrueCar is steering toward an acquisition, FabFitFun lays off its video team, El Segundo's RepairSmith buys CarDash and a digital marketplace for truckers gets a $10 million boost.
"I do feel really strongly that using that term is really not doing a service to L.A. and is misleading and we should aspire to do better." — Kara Nortman, partner at Upfront Ventures. "
From the moment the Silicon Beach moniker first appeared, it has been disliked and even despised by those in the place it's supposed to describe as too derivative, too playful, and too limiting for a tech scene that now stretches well beyond the sand and rarely involves silicon. Before it was attached to L.A., the moniker was a buzzy nickname for other coastal tech hubs, from Florida to the Central Coast.
Despite dislike for the name, it has endured because if not Silicon Beach, what should L.A.'s tech scene be called? Read Ben's story here. Have a suggestion for another nickname? Let us know on Twitter.
Santa Monica-based TrueCar, which operates the nation's fourth largest online automotive marketplace, is ripe for an acquisition as soon as the end of next month, according to a new research note from the global financial services firm BTIG.
Their analysts point out that TrueCar has several attributes of an appealing takeover target, including an empty CEO seat, a small group of big shareholders who own a considerable number of shares, and an attractive set of data on shoppers that would be useful to bigger companies. Read more >>
The subscription box service FabFitFun has laid off around 20% of its employees as the company looks to sharpen its "focus on areas that drive the most value" and build itself as a launchpad for brands.
The 137 cuts to its staff of 600 employees will largely come from the FabFitFunTV production team, which creates on-demand wellness videos and daily lifestyle content for subscribers that pay $50 for a curated box of products. Read More >>
Wall Street suffered another brutal day, with the Dow had its biggest one-day drop in history amid fears the coronavirus is spreading. There were a number of corporate casualties, with investment banks warning stocks could fall further into correction territory, countries reporting new victims, and companies canceling conferences. Here in L.A., this means bad news for startups and tech companies that rely on West Coast ports to ship inventory. Read More >>
RepairSmith, a mobile at-home car repair maintenance service backed by auto giant Daimler AG, announced it will acquire Silicon Valley-based CarDash Inc. The El Segundo-based company, which operates in L.A. and San Francisco, did not release financial details.
And Dray Alliance, a digital marketplace that connects shippers and truckers for short-range delivery of containers between ports and logistics centers, announced it has closed a $10.2 million Series A led by Matrix Partners.