The Strand 🌴 - July 22, 2019

100 Thieves gets a $35 million investment from Artist Capital Management, Fifth Wall Ventures raises new $503M fund focused on proptech, and Bird is seeking more money.

Welcome to the thirty-sixth edition of The Strand, a weekly-ish newsletter covering venture capital, private equity, and general business news from around the Los Angeles area. My name is Brendan Boken, a native of Southern California. Feel free to connect with me on LinkedIn, send deals/news to brendanboken@gmail.com.

Venture Capital Funding

Berbix, a San Francisco, California-based provider of hosted user verifications for online platforms, has raised $2.5 million in seed funding. Investors include Y Combinator, Initialized Capital, Los Angeles-based Fika Ventures, Dream Machine, and Liquid 2 Ventures. PE Hub

DEARhealth, a Los Angeles, California-based AI health tech startup, has raised $6.8 million in funding. Investors include Philips Health Technology Ventures, Vesalius Biocapital III and Health Innovations. PR Newswire

Jane Technologies, Inc., a Santa Cruz, California-based retail software company that created an online cannabis marketplace, has raised $21 million in Series B funding. Investors include Arcadia, Queens Court Venture Partners, and Tran Ventures. Forbes

Mahmee, a Los Angeles, California-based provider of personalized, ongoing postpartum support to new moms, has raised $3 million in seed funding. Investors include Mark Cuban and Serena Williams. Forbes

Ready, Set, Food!, a Los Angeles, California-based developer of a food allergy prevention system, has raised $2.2 million in pre-seed funding. Investors include Los Angeles-based Amplify.LA and Los Angeles-based PLG Ventures. LA Tech Watch

Tökr, a Marina Del Rey, California-based cannabis e-commerce and recommendation platform, has raised $1 million in funding. Merida Capital Partners led the round. PE Hub

100 Thieves, a Los Angeles, California-based lifestyle brand e-sports company, has raised $35 million in Series B funding. Artist Capital Management led the round. PE Hub

Private Equity Funding

Healthcare Financial Resources, which is backed by Housatonic Partners, acquired PARA Healthcare Financial Services, an Anaheim, California-based provider of market-based pricing tools, analytic products, and consulting services for healthcare organizations. Financial terms were not disclosed. Crunchbase

Liquidity / Exits / M&A

Los Angeles, California-based Colony Capital, is considering a sale of warehouse unit Colony Industrial, which could fetch over $5 billion, per Bloomberg. Los Angeles Times

New Funds

Fifth Wall Ventures, a Venice, California-based venture capital firm, has raised a $503 million fund that the firm plans to invest in real estate technology, or “proptech” companies. The fund is more than double the size of the three-year-old venture capital firm’s first fund, which closed at $212 million in 2017. Fortune

IPOs

No Los Angeles-based companies filed for public offerings or went public this past week.

On The Move

No Los Angeles-based companies gained notable new employees this past week.

Featured Jobs

Medely, the largest and fastest growing on demand platform for healthcare professionals, is hiring an Enterprise Sales Representative in the company’s Santa Monica office.

Snap Inc., a camera company reinventing the way people live and communicate, is hiring a Head of US Head of Ads Partnerships in the company’s greater LA office.

News, Resources, & Required Reading

A surge in seed capital - the Q2 2019 Los Angeles Seed Deal Report. Medium - Amplify LA

Beyond the headset: Headspace’s VP of customer experience on building customer devotion and more. Built in LA

Dry powder in the private equity industry has reached all-time highs. I recently wrote a piece on the state of PE and why the middle market buyout space can be an attractive place for limited partners to allocate their capital. Penn Mutual Asset Management

Los Angeles-based e-scooter company Bird is targeting $250 million for its Series D funding, per multiple sources. The Information

Los Angeles has the third largest pool of tech workers on the West Coast, and the average tech worker in LA earns a salary of $104,000. Curbed LA

Netflix tanks after whiffing on global paid subscriber numbers. CNBC

Techstars has launched two new programs in Los Angeles: the third Techstars Los Angeles Accelerator and the inaugural Techstars Starburst Space Accelerator. Los Angeles Business Journal

Weekly refresh: Drake and Serena Williams contribute to the growing LA tech scene. Built in LA

WeWork co-founder Adam Neumann has cashed out at least $700 million via sales and loans ahead of the company’s IPO. Wall Street Journal

Take a Break

Better than a PGA win? Owning Jack Nicklaus’s Gold Rolex. Bloomberg Pursuits

‘Lion King’ delivers for Disney with $191.8 million opening weekend. Bloomberg Pursuits

The most (and least) popular spots for U.S. vacation homes. Bloomberg Pursuits

What I’m Listening To

@OverheardLA Posts of the Week

Unsplash Photos of the Week

@joshuafuller

@mak_jp

@danedeaner

@alicekat