Money, Murder Too Sadomasochism: A Hold Off At The L.A. Tech Scene

With the passing of a yr since the SNAP IPO—up a dollar from the IPO toll on the "paper anniversary", in addition to Amazon's buy of fancy doorbell Co. Ring concluding month, I was thinking most Los Angeles venture capital.

Here's CB Insights alongside more:
March 2:
Amazon’s Acquisition Of Ring Is LA Tech’s Third-Biggest VC-Backed Exit
Snap's IPO even thus reigns equally the altitude move out for LA tech startups, equally Ring adds to the listing of $1B+ exits from the LA subway area.

Earlier this week, Amazon announced that it would instruct Santa Monica-based video doorbell company Ring. At $1.8B, this would move the tech giant’s second-largest acquisition, after its $13.7B acquisition of Whole Foods inwards June 2017. 
 
The bargain also marks the third-largest move out for an LA subway area-based tech startup since 2009.

Ring, which was rejected past times judges on concern reality demonstrate Shark Tank inwards 2013, went on to heighten $183.7M inwards equity funding inwards less than half-dozen years. The company’s cohort of investors includes high-profile angel, VC, in addition to corporate venture names similar Richard Branson, Goldman Sachs, Qualcomm Ventures, Upfront Ventures, in addition to Kleiner Perkins Caufield & Byers, among others.

The largest LA move out of all fourth dimension went to Snap: the mobile social media companionship went public for $3.4B inwards March 2017, earning a valuation of nearly $25B. Facebook’s $2B acquisition of VR headset maker Oculus VR in 2014 ranks second. 

Notably, all iii of the biggest LA tech exits — Snap, Oculus VR, in addition to Ring — offering some variety of consumer-focused video product.

Compared to NYC, LA has historically lagged inwards overall exits, though the city has had some notable large winners. The tendency continues alongside Ring, which is the 8th $1B+ move out of a VC-backed tech companionship from the LA subway expanse since 2011. While LA’s biggest exits bridge a arrive at of industries, a bulk of the altitude 10 startups focus either on consumer products or media & amusement solutions.
Using the CB Insights database, we compiled the x largest exits of LA-based VC-backed tech startups since 2009. Check it out:...MORE

And our headline storey from July 2016:

From Epic Magazine:

Silicon Is Just Sand

THE ACCUSED
August 29, 2015, is a hot black on Venice Beach. Normally the superheated inland desert sucks the damp air off the ocean, blanketing the coast alongside a layer of wet all the agency to the 405. But tonight, something has gone wrong. There’s no fog, in addition to the heaven is boiling, fifty-fifty at 2 am.

H5N1 black SUV pulls inwards forepart of the Cadillac Hotel, a two-star lodging amend known for its inexpensive rooms in addition to stained carpets than its views of the ocean. The car’s lights launder over a homeless human being sitting on the sidewalk. The homeless alive all over Venice Beach in addition to stimulate got for equally long equally anyone tin lavatory remember, peculiarly at the northern halt of the boardwalk on the border of Santa Monica. Their tents business the small-scale grassy hills betwixt the sidewalk in addition to sand. Stuffed sleeping bags, shopping carts, signs in addition to bedding made from cardboard. You almost wouldn’t know how much this identify has changed recently.

The SUV’s lights remain on, illuminating the scene equally Sris Sinnathamby, the possessor of the Cadillac Hotel, steps out of the rider side. He’s followed past times the driver, identified past times multiple witnesses equally Francisco Cardenaz Guzman. Guzman is known to the police force equally a fellow member of the Venice 13, a gang alongside ties to the Sureños, who command the local drug trade. He has been arrested many times, for gun possession, robberies, in addition to auto theft.

Sinnathamby in addition to the human being identified equally Guzman stimulate got merely returned from the James’ Beach bar, a five-minute crusade downwardly the street. Sinnathamby walks upwards to the homeless human being in addition to tells him to instruct away from the forepart of the hotel. H5N1 security photographic tv camera at a nearby café records the scene.

Sinnathamby is non similar Guzman. He was born inwards Sri Lanka in addition to came to the the States inwards his twenties. According to the LA Weekly, he happened to move passing through Venice 25 years agone when he ran out of money. He took a chore cleaning hotel rooms at the Cadillac, in addition to then worked his agency upwards to manager. When the possessor retired, Sinnathamby bought the identify from him. It’s non fancy, but it faces the ocean, in addition to pretty or not, it has dramatically risen inwards value inwards the past times decade.

The run-up inwards existent estate prices has been driven inwards constituent past times the explosion of tech companies along the beach on the westward side of Los Angeles. Google, Snapchat, Hulu, BuzzFeed, YouTube, Netflix, in addition to Facebook stimulate got overtaken an archipelago of properties, bringing an influx of programmers, sales executives, in addition to the refined retail that follows such massive migrations of well-paid people. They telephone phone it Silicon Beach.

The homeless don’t necessarily heed the newcomers, but the newcomers heed the homeless. Sinnathamby is non 1 of the newcomers, but they stimulate got been real practiced for his concern interests. In add-on to the Cadillac, Sinnathamby owns the gourmet eating seat Dudley Market, a parking lot on Ocean Front Walk, in addition to other Venice properties. Sinnathamby over again tells the homeless guy to instruct moving. The human being rises in addition to shuffles toward the boardwalk, twenty feet away.

The beach used to belong to the people. Now it’s illegal to move hither from midnight to 5 am. In fact, a 2012 law designated the boardwalk constituent of the beach, making it illegal to slumber on the boardwalk equally well. The justification was world safety. Homeless advocates stimulate got filed lawsuits challenging the ordinance. In the meantime the homeless experience harassed, people ever kicking their feet, telling them to move. Venice is a identify alongside a long history of fine art in addition to activism and, now, a overflowing of wealth. Tempers run high on all sides.

Sinnathamby’s efforts to motion the homeless human being attract the attending of a grouping of nearby boardwalk denizens. “Leave him alone,” says Shakespeare, a 26-year-old rapper in addition to poet who often sleeps on the boardwalk nigh the Cadillac. Sinnathamby walks over to him, passing a human being pushing a cart, who exchanges greetings alongside Sinnathamby. Everyone knows each other.

The homeless stimulate got been drinking. They had a political party before on Hippie Hill, a mound of grass nearby, to celebrate Shakespeare finishing a novel recording. Maybe it’s the booze. Maybe it’s the heat. Or mayhap it’s the money. Rising belongings values stimulate got unpredictable effects on community relations.

Shakespeare argues alongside Sinnathamby, insisting the human being has a correct to remain on the sidewalk. But in addition to then Guzman, who has thus far hung dorsum on the boardwalk past times himself, all of a precipitous pulls out a gun in addition to fires iv shots downwardly the beach. Shakespeare gets fifty-fifty to a greater extent than agitated, gesturing toward Guzman equally if to challenge him. Sinnathamby stands betwixt the 2 men, keeping them apart. Guzman waves his gun inwards a threatening manner.

Two women, friends of Sinnathamby who were waiting inwards the SUV, straightaway instruct out in addition to walk over to him. He turns to the women, in addition to equally he does Shakespeare shifts to his right. Guzman notices Shakespeare making his agency to a greater extent than or less the women, in addition to Shakespeare uses the instant to lunge at Guzman. Guzman shoots him iii times, stepping aside similar a bullfighter equally Shakespeare falls past times him, exiting the frame of the surveillance video. Guzman waits for a moment, in addition to then gestures for the women in addition to Sinnathamby to come upwards alongside him. But they stay. Finally Guzman runs to the SUV in addition to drives away. At to the lowest degree that’s how it all appears on the video.

The bounding main is equally calm equally a sail of paper.

THE JOURNALIST

Nine days later, I brand it inwards Venice. I motion into a small-scale two-bedroom alongside a roommate on Pacific in addition to Breeze, 1 block from the beach, iv blocks from the Cadillac. It’s ferociously hot, in addition to similar most places this unopen to the ocean, this 1 has no air-conditioning. I stimulate got a small-scale carry-on pocketbook alongside me, a couple of jeans, 2 T-shirts, a couple of shorts. No provide ticket.

On the boardwalk nigh my apartment, some people in addition to local community organizations stimulate got erected a memorial for Shakespeare at the base of operations of 1 of the boardwalk’s pagodas—the common candles in addition to flowers, a pinkish bow, a poster signed past times his friends, a framed painting demonstrate of Shakespeare inwards a tan jacket, a stuffed panda bear. H5N1 grouping of homeless men in addition to women lounge inwards the pagoda, 1 of only a handful of slivers of shade.

I’ve been sent hither to figure out why Google has moved into thus many buildings inwards the area, why at that topographic point are thus many accelerators in addition to shiny novel office-sharing facilities. Snapchat chose Venice over Silicon Valley in addition to is straightaway valued at $20 billion, alongside to a greater extent than than 800 employees. What is happening here?

That’s my assignment....MORE

HT: Longform