L.A. Venture Capital IncreasesFriday, October 18, 2013
Venture capital into Los Angeles saw a noticeable uptick during the third quarter, according to a report from accounting firm PricewaterhouseCoopers and the National Venture Capital Association.
L.A. County companies raised nearly $349 million during the quarter, up from $277 million during the second quarter.
Technology companies dominated the list of firms that raised money during the period. Leading the way was Edgecast Networks Inc., a Santa Monica content delivery network, which raised $54 million from private Performance Equity Management in Greenwich, Conn., Menlo Ventures in Menlo Park and Burbank investor Steamboat Ventures.
Other tech startups that raised double-digit rounds include multichannel network Maker Studios in Culver City, which raised $26 million, and WhisperText LLC, a Santa Monica app for sharing secrets, which raised $21 million.
Technology investments accounted for more than half of all the venture investments made in the region during the quarter. Other tech-related startups that raised money during the quarter include food-centric multichannel network Tastemade and e-commerce site StyleSaint.
Nationwide, venture capital firms invested $7.8 billion for the quarter, up from $6.7 billion in the second quarter, according to the report released Friday.