On Sunday, it rained in Los Angeles.
The thunderstorm was an exhale, after weeks of raging fires and feverish news coverage. The fires are all but out now, and thousands of Angelenos are just starting to deal with the depths of the crisis as the outside world moves on.
“There are lots of people who go through something like this, natural disasters,” Josh Porter, the managing partner and cofounder at FirstLook Partners, told me as we had coffee in Venice Beach. “I keep thinking about Hurricane Katrina or the Camp Fire. That’s now so real to me, when people lose everything.”
Porter lost his home in Pacific Palisades, less than two months after hosting Thanksgiving with his family there for the first time. He’s been excruciatingly aware of the world slowly turning away.
“It’s been fascinating to watch this story fade from the front pages, watching it fall to the eighth or ninth story,” said Porter. “This is the top story for our household, every morning. And best case, it will be for months. Maybe in a year or two, it’ll start to fade.”
With so much devastation throughout the sprawling city, and so many people affected, Porter has turned his attention to a question that’s crossed his inbox and his text messages thousands of times in recent weeks: How can I help?
Porter is among a group of L.A. VCs that wanted to find an answer to that question. And if there’s one thing VCs know how to do, it’s raise a fund. In L.A., the venture community has banded together, springing into action by launching The LA Tech Community Cares Fund. The emergency relief fund—which, as of this writing, has raised more than $580,000—is geared directly towards helping Angelenos affected by the fires, prioritizing those most in need.
“The fires are fading from the news,” said Dustin Rosen, managing partner and founder at Wonder Ventures. “That’s why we feel that it’s the right time for giving. People are going to be rebuilding for so long.”
The relief fund is powered by L.A.-based charitable giving platform Pledge, whose CEO James Citron grew up in Pacific Palisades. (“This felt like the most important thing that I could do,” Citron told Fortune.) Pledge enables giving with cash, stock, crypto, and donor-advised funds. GoFundMe is also a partner, running the vetting process.
Marlon Nichols, founding managing partner at MaC Venture Capital, said the fund will serve Angelenos on a “need-based” level. He’s thinking about the possible generational effects of the fires and wants the fund to especially help people who owned homes that had been passed down through generations. In short: This relief fund is from tech, but it’s not for tech.
“That’s not to say that if you have means or work in tech you won’t see a dime from this fund,” Nichols told Fortune. “It’s more to say that the vast majority of these funds should go to families that are in need, for whom it’s going to be especially difficult to rebuild.”
This relief fund came out of a group chat that sprung into existence on Jan. 11, still in the early days of the fires. That evening, Mark Mullen, cofounder at Bonfire Ventures, started the group chat, feeling that people sought to connect amid the tragedy—figure out who needed help, trade information, and have productive conversations without distractions.
“We wanted to put something together as a community, and I put together this WhatsApp channel with the contacts just in my phone,” said Mullen. “To give credit to Dustin, Marlon, and others [including Halogen Ventures’ Jesse Draper], they immediately started saying: What should we do? Is there something we can do as a group, as a commitment to our community? It was only possible for this to come together this quickly because of a long history of collaboration among L.A. VCs.” (There’s lots of passing credit around in this group, but Rosen is credited as the key organizer and Mullen is considered Father Of The Group Chat.)
In a sense, the emergency relief fund is also a testament to the VC scene that has sprouted in L.A. over the last 20 years.
VC in L.A. started out small and fragmented. There were some early proof points and investors—like Bill Gross’ Idealab—but mostly there was conviction that Silicon Valley wasn’t the only place for smart entrepreneurs. Greycroft’s Dana Settle came to L.A. in 2006, and though the tech scene was “extremely sparse,” the city’s entertainment roots were compelling.
“I really believe in entrepreneurship everywhere, and it occurred to me that L.A.’s actually a super entrepreneurial environment,” Settle told Fortune. “Being a producer is like being an entrepreneur, being an actor is like being an entrepreneur, being a writer is like being an entrepreneur.”
From the very beginning, L.A. VCs had to be collaborative, because they had primarily each other to rely on. Since those early days, the infrastructure and footprint of L.A. has expanded massively, including in the last ten years alone. In 2014, total capital invested in the L.A. metro area was about $4.15 billion, and deal count was 752, according to PitchBook. In 2024, total capital invested is about $11 billion, with deal count at 910.
But that collaborative spirit from those early years has become part of L.A. VC’s DNA, said Mullen, who characterizes the community today as competitive but fundamentally close.
“Traditionally, we’ve been extremely helpful and collaborative with each other,” echoes Rosen. “As things got bigger and L.A. tech grew, it was like ‘Okay, we both can’t fit in this round.’ But it never got contentious, and I hope we never get there.”
“It’s like professional athletes,” Nichols added. “You’ve spent so much of your life with these people, either playing on amateur teams, in different tournaments, and through college. Now you’re in the NBA, and you may be on different teams. But you still have a lot of respect and admiration for each other and real relationships with one another.”
There’s another acknowledgement here, about how deeply tech scenes are inextricably linked to their larger communities. L.A. tech relies on a thriving L.A. And the city is undoubtedly moving forward. (For example, Upfront Summit—run by Upfront Ventures, also notably involved in The LA Tech Community Cares Fund—is on for late February.)
“L.A. is 100% open for business, never closed,” said Porter. “There was maybe a fire drill, but everyone’s back and ready to write checks, and has been for much of this time. It’s business as usual for our day jobs. L.A. was strong before, and it will be even stronger now.”
Because now the rains have come and the fires have almost gone out, a different kind of work really begins—together.
See you tomorrow,
Allie Garfinkle
X: @agarfinks
Email: alexandra.garfinkle@fortune.com
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VENTURE DEALS
- TravelPerk, a Barcelona-based business travel management platform, raised $200 million in Series E funding. EQT and Atomico led the round and were joined by Noteus Partners, Sequoia Capital, existing investors Kinnevik, General Catalyst, Softbank Vision Fund, and Blackstone.
- VEIR, a Woburn, Mass.-based superconducting solutions provider, raised $75 million in Series B funding. Munich Re Ventures led the round and was joined by Microsoft’s Climate Innovation Fund, National Grid Partners, Piva Capital, Tyche Partners, and existing investors.
- Onebrief, a Honolulu-based military planning and operations platform, raised $50 million in Series C funding. General Catalyst and Insight Partners led the round and were joined by Caffeinated Capital, 9Yards Capital, and Human Capital.
- SafelyYou, a San Francisco-based AI-powered senior living care provider, raised $43 million in Series C funding. Touring Capital led the round and was joined by Foundation Capital, Omega Healthcare Investors, Founders Fund, and others.
- VideaHealth, a Boston-based dental AI platform developer, raised $40 million in Series B funding. Threshold Ventures led the round and was joined by Avenir Ventures, BAM Ventures, and existing investors Spark Capital, Zetta Venture Partners, and Pillar VC.
- Amplitude Vascular Systems, a Boston-based medical device developer for calcified arterial disease treatments, raised $36 million in funding from BioStar Capital, Cue Growth Partners, and others.
- Conifers.ai, a Tel Aviv-based AI-powered security platform for security operations centers, raised $25 million in funding. Tom Findling, Alon Yotvat, and Mark Kurman led the round and were joined by SYN Ventures and others.
- Qsic, a Dallas-based AI-powered in-store audio platform, raised $25 million in Series B funding from Hedosophia.
- Nue, a San Francisco-based revenue lifecycle management platform, raised $20 million in Series A funding. Inovia Capital led the round and was joined by Information Venture Partners, Bluefish Capital, NextWorld Capital, and others.
- OneVest, a Toronto-based wealth management platform, raised $20 million in Series B funding. Salesforce Ventures led the round and was joined by Allianz Life Ventures, TIAA Ventures, existing investors OMERS Ventures, Deloitte Ventures, Fin Capital, and others.
- Token Security, a Tel Aviv-based machine identity security solutions provider, raised $20 million in Series A funding. Notable Capital led the round and was joined by existing investor TLV Partners and others.
- Delfina, a San Francisco and Minneapolis-based maternal healthcare platform, raised $17 million in funding. U.S. Venture Partners led the round and was joined by ARTIS Ventures, Mayo Clinic, Tokio Marine Future Fund, existing investors Story Ventures, SemperVirens VC, Bread and Butter Ventures, and others.
- Bluwhale, a San Francisco-based user data-focused AI protocol, raised $15 million in funding from Cointelegraph, SwissBorg, Awaken Finance, existing investors SBI, GSR Ventures, Cardano, and others.
- Bonsai Robotics, a San Jose, Calif.-based AI and automation solutions provider for the agriculture industry, raised $15 million in Series A funding. Bison Ventures led the round and was joined by Cibus Capital and existing investors Acre Venture Partners, Congruent Ventures, Fall Line Capital, and others.
- Palona AI, a Menlo Park, Calif.-based customer engagement AI agents developer, raised $10 million in seed funding from Defy.vc, UpHonest Capital, Fusion Fund, angel investors, and others.
- Tradeverifyd, a Bozeman, Mont.-based AI-powered supply chain risk management provider, raised $8 million in Series A funding. Silicon Road VC and Bread & Butter Ventures led the round and were joined by Acronym, Techstars, and a100x.
- WiseLayer, a New York City-based AI-powered finance and accounting digital workers developer, raised $7.2 million in funding. Canaan Partners led the round and was joined by K5 Global, The Fintech Fund, Unpopular Ventures, and others.
- Gallabox, a Chennai, India-based conversational platform for marketing and sales on Whatsapp, raised $3.5 million in seed funding. FUSE led the round and was joined by existing investors Prime Venture Partners and Neon Fund.
- Delve, a San Francisco-based AI compliance agents developer, raised $3.3 million in seed funding from Y Combinator, General Catalyst, FundersClub, Soma Capital, and angel investors.
- Systole Health, a Boston-based women's heart health care provider, raised $2 million in pre-seed funding. Benchstrength led the round and was joined by January Ventures, J Ventures, and Tom X. Lee.
PRIVATE EQUITY
- Blue Pool Capital acquired a 12% minority stake in Golden Goose, a Venice, Italy-based luxury sneaker brand. Financial terms were not disclosed.
- Bridgefield Capital agreed to acquire the Philips emergency care business from Royal Philips, an Amsterdam-based health technology company. Financial terms were not disclosed.
- HGGC and Wealth Partners Capital Group acquired a minority stake in The Wealth Alliance, a New York City-based RIA. Financial terms were not disclosed.
- New Mountain Capital acquired a majority stake in Amerit Fleet Solutions, a Walnut Creek, Calif.-based commercial fleet maintenance and repair services provider. Financial terms were not disclosed.
- Onit, backed by K1 Investment Management, acquired Legal Files Software, a Springfield, Ill.-based case management solutions provider. Financial terms were not disclosed.
- Pete and Gerry’s Organics, backed by Butterfly Equity, acquired Farmers Hen House, a Kalona, Iowa-based egg company. Financial terms were not disclosed.
- Ruppert Landscape, backed by Knox Lane, acquired Ocean Woods Landscaping, a Hilton Head, S.C.-based landscaping services provider. Financial terms were not disclosed.
EXITS
- Wynnchurch Capital acquired Astro Shapes, a Struthers, Ohio-based aluminum extrusions manufacturer, from Monomoy Capital Partners. Financial terms were not disclosed.
OTHER
- The Aquarion Water Authority agreed to acquire Aquarion Water Company, a Bridgeport, Conn.-based water utility, from Eversource Energy at an enterprise value of approximately $2.4 billion, including cash and debt.
- NinjaOne agreed to acquire Dropsuite, a Melbourne-based cloud data backup solutions provider, for approximately $252 million.
- JumpCloud acquired Stack Identity, a Menlo Park, Calif.-based identity security platform. Financial terms were not disclosed.
- Knighthead Capital Management acquired a minority stake in LEGACY MOTOR CLUB, a Statesville, N.C.-based auto racing organization. Financial terms were not disclosed.
- TravelPerk acquired Yokoy, a Zurich-based spend management platform for medium and large enterprises. Financial terms were not disclosed.
IPOS
- Titan America, the Brussels-based U.S. division of cement producer Titan Cement, plans to raise $432 million in an offering of 24 million shares (63% secondary) priced between $15 and $18 on the NYSE. The company posted $1.6 billion in revenue for the year ending Sept. 30, 2024.
- Beta Bionics, an Irvine, Calif.-based automated insulin delivery device developer, plans to raise $170 million in an offering of 10 million shares priced between $16 and $17 on the Nasdaq. The company posted $53 million in sales for the year ending Sept. 30, 2024. Sands Capital, Farallon Capital Management, Eventide Asset Management, RTW Investments, Soleus Capital, Omega Fund, and Wellington Management back the company.
FUNDS + FUNDS OF FUNDS
- Blue Sage Capital, an Austin-based private equity firm, raised $618 million for its fourth fund focused on lower-middle market environmental solutions, niche manufacturing, and specialty services companies.
PEOPLE
- Carrick Capital Partners, a San Francisco and Newport Beach, Calif.-based private equity firm, promoted Rob Delaney to managing director and partner.
- Dimension, a New York City-based venture capital firm, promoted Simon Barnett to partner and head of research.
- Great Hill Partners, a Boston-based private equity firm, promoted Joe Germanese to managing director and Greg Stewart, Bob Anderson, John Stanley, and Veda Eswarappa to principal.
- Investcorp, a London-based investment manager, added Daniel Lopez-Cruz as global head of private equity. Previously, he was at Mulhacen Limited.
- SE Ventures, a Menlo Park, Calif.-based venture capital firm, added Carlos (CK) Kokron as a general partner. Previously, he was at Qualcomm Ventures.
- Swander Pace Capital, a San Francisco-based private equity firm, promoted Alex Litt to managing director and Mike Merriman to senior vice president.