Be Great Partners Launches $6 Million Incubator FundTuesday, April 2, 2013
One of the newest editions to the Los Angeles incubator and accelerator scene has met its fundraising goal.
Miracle Mile incubator Be Great Partners, which opened in February, announced Tuesday that it has raised a $6 million fund to invest in startups.
Be Great Partners, which announced its plans for the fun in February, wants to invest between $25,000 and $50,000 per startup. It will also mentor the companies and provide office space and developer talent.
Chief Executive Lin Miao said he wants the incubator to do more than just give cash to entrepreneurs.
“Unlike other incubators that focus on writing checks and helping startups raise larger rounds, we help startups grow and become profitable,” he said in a statement.
The founding team at Be Great Partners has had a controversial past. Miao was previously the head of Boston ad network Tatto Media, which was sued in 2008 by Washington State, which alleged false and deceptive advertising. The lawsuit was later settled for $500,000.
Miao went on to found Scambook, a Los Angeles online platform where consumers can complain about businesses. Be Great Partners, which shares founders and office space with Scambook, claims that the site has seen more than $10 million in complaint resolutions on its site.
A critical website, ScambookExtortion.Blogspot.com, questions whether Scambook is itself a scam. The most recent post, from last year, says that “Scambook is not fair to businesses listed on their website because these businesses must pay…in order to respond to complaints.”
Be Great Partners has taken over the 21st floor of the Variety Building on Wilshire Boulevard. The recently renovated office, which includes both the incubator and Scambook, has a kitchen, screening room and game room in addition to its open work area.