May 23, 2019 By Lisa
The Los Angeles ecosystem is now value $ 76 million, whereas Fika Ventures, a start-up enterprise capital agency, proclaims the creation of its second funding fund.
Fika invests roughly half of its capital completely in startups primarily based in LA, with a predilection for B2B, enterprise and fintech corporations. The agency was created in 2017 by Normal Companions Eva Ho. and TX Zhuo, previously of Susa Ventures and Karlin Ventures, respectively. The pair raised $ 41 million for the primary effort, opting to virtually double that quantity the second time to take part in additional future funding.
The information of Fika's second effort comes as funding in Los Angeles expertise continues to set information. In complete, greater than $ 60 billion has been invested in Los Angeles startups in 2018. To this point this yr, corporations headquartered within the area have attracted about $ 25 billion in fairness, based on the info collected by PitchBook.
"It's nonetheless very underserved from a capital viewpoint," Zhuo mentioned of the Los Angeles space. "We imagine that over the following few years, we’ll see an increasing number of new entrepreneurs popping out of those Los Angeles companies. The time is true for a fund like ours to benefit from the chance. "
Ho, former normal associate and co-founder of San Francisco-based Susa Ventures Seed Fund, TechCrunch LA takes benefit of the exodus of founders and buyers of Silicon Valley: "A Many individuals from the north have moved right here for a greater high quality of life, "she defined.
"Silicon Valley has been badly obtained within the final two years, so individuals are transferring right here, the engineers are coming right here, the founders," added Ho.I’ve noticed the expansion of the ecosystem over the previous twenty years. "
Fika Ventures focuses on the most important B2B ecosystem, however has additionally helped companies clear up social issues associated to housing, schooling and well being care. Ho cited an funding in WeeCare, a start-up serving to folks begin study-based daycares at dwelling, for example.
Different corporations in Fika's portfolio embody Chowbus, a meals retailer in Asia, Elementary Robotics, developer of robotic wizards, and Chatdesk, a messaging platform for buyer help.