• dot.LA
  • Posts
  • dot.LA Weekly Update

dot.LA Weekly Update

McKinsey Accelerates LA Funding Diversity🚀

Author

dot LA
July 28, 2023

🔦Spotlight

In the US of A, the vibrant start-up world paints a dazzling picture of innovation and potential. However, beneath the surface of glitz and glamour lies a troubling reality—a pervasive societal inequity that takes center stage. The numbers don't lie: in 2022, Black and Latino founders were left with a mere 1% and 1.5% slice of the VC funding pie. Meanwhile, women-founded teams, secured only a slightly larger share at 1.9%. At the time of exit, White male founders average an astonishing $210 million each, leaving our underrepresented counterparts to juggle with a mere 43% of that staggering sum, $91.1 million. It's a sobering tale of missed opportunities and systemic biases, one that deserves our serious attention…McKinsey is here to address this with the InLA Accelerator🚗🤸🏾‍♀️👻

McKinsey’s InLA partners with SoCal’s underrepresented founders to tackle their toughest challenges and fuel sustainable, inclusive growth. On Friday, July 14th the inaugural Demo Day was conducted to narrow down the final 3 ventures to receive 3 months of hands-on consulting to fuel their growth. The winners?

  • ChargerHelp!: ChargerHelp! is a national EV charging infrastructure operations and maintenance service provider that hires and reskills black and brown workers to participate in the green economy. Series A - $20M raised

  • Expect Fitness: Expect connects pre and post natal mothers with OB GYN approved on demand fitness workouts to minimize the risk of complications and promote maternal health. Pre-Seed - $300K raised

  • Ghost: Ghost is a B2B marketplace for leading retailers and wholesalers to buy and sell surplus consumer goods to reduce the $160B+ pool of global excess inventory discarded each year. Series A - $18M raised

Follow their journeys and Learn more about this incredible initiative!

Which of the three finalists are you most excited about?

Login or Subscribe to participate in polls.

🤝Venture Deals

LA-based Startups
LA-based Funds

  • Cymbal, a crypto startup that allows users to view and search the Ethereum blockchain for transactions, addresses, tokens, prices and other activities, raised $18.5M in funding round joined by CAA Connect, and UTA Ventures - learn more

  • Whop, a startup building a marketplace for people to sell access to digital products, raised $17M in a Series A joined by Insight Partners, Zinal Growth, and The Chainsmokers - learn more

  • UpLift, a health insurance provider for virtual psychotherapy and psychiatry services, raised $10.7M in a Series A led by Ballast Point Ventures and joined by B Capital - learn more

  • Gushwork.ai, an operational workflow outsourcing platform, raised $2.1M in pre-seed funding led by Lightspeed and joined by B Capital - learn more

⚒️Open Roles

VP of Sales @ HostGPO

Fresh off a $6M funding round, LA-based HostGPO is hiring a VP of Sales. This role will work closely with the executive team and oversee all of Sales Operations, developing sales strategies and driving revenue growth. This role is remote. HostGPO is the market-leading platform for vacation rental owners to manage their purchases. Reach out if you’re interested, and we’ll connect you to the team, or apply directly here.

Director of Sales @ First Resonance

LA-based First Resonance is hiring a Director of Sales. This role is hands on leading a team of business development reps, while growing the team and creating a sales pipeline. Founded by engineers from companies like SpaceX, NASA, Apple, and Toyota, First Resonance is creating a faster and more dynamic world for manufacturers. Reach out if you’re interested, and we’ll connect you to the team, or apply directly here.

Are you a tech firm, startup, or VC with open roles? Reach out to be featured on next week’s Newsletter!

📅LA Tech Calendar

Friday, July 28th

  • Drunk Theatre LA - Tired of creating content? Watch someone else do it: A comedian takes five shots of whiskey in a row and tries to perform an improvised play with five sober comedians. What could go wrong?

Saturday, July 29th

  • Web3 Innovation Club Meetup @ USC🗽 - If you are curious about cutting-edge technologies and yearn to join a like-minded community, this is the golden ticket you've been looking for!

  • Venice Beach Games 2023🗽 - Join the pickleball craze or any of the 80+ events. Free fitness classes, competitions, games and more!

Sunday, July 30th

Monday, July 31st

  • BGC Los Angeles In-Person Summer Camp - Calling tech parents! Black Girls CODE's two week camp provides hands-on, project-based instruction, where campers ages 12-17 engage in tech instruction!

Tuesday, August 1st

  • Tacos & Tech Happy Hour🗽 - drinks, tacos, music, and conversation with different health innovators across Los Angeles, from venture-backed startups to innovative health organizations!

Wednesday, August 2nd

Thursday, August 3rd

Other events to add to the calendar

🗽 - Free

Have an awesome event coming up? Reach out to be featured on next week’s Newsletter!

🌍Around The Internet

Calling all LA-based healthcare, fintech, climate, and technology founders! In partnership with the Annenberg Foundation, Pledge LA, and the California Healthcare Foundation, join Founders + Funders of Color for this special multi-day event. 📣🤝🧠

The convening will bring together innovative early-stage founders, emerging fund managers, and thought leaders for three days of candid conversations, targeted education, and curated matchmaking.

  • Participants engage with peers, investors, and ecosystem leaders

  • Reverse VC pitch day to highlight different funds

  • Leaders share best practices across both nonprofit and for profit

Register to reserve your spot! Only 30 spots left

📙What We’re Reading

Love our newsletter? Share it through your social channels!

facebook logo  twitter logo  linkedin logo  mail icon
Want to reach 16,000+ Southern California founders, investors, and operators? Reach out to learn more about sponsoring or hosting an event with dot.LA

Last Weeks Poll:

Do you think LA's seed funding will continue to bounce back in Q3, or was Q2 an AI-driven aberration?

🟨⬜️⬜️⬜️⬜️⬜️ 🚀 Up and to the right! (21%)

🟨⬜️⬜️⬜️⬜️⬜️ 🥶 Things are cooling down (13%)

🟩🟩🟩🟩🟩🟩 😐 I think it'll be about the same (66%)