[NEWS] Fika Ventures raises $76M to fund the growing LA tech ecosystem – Loganspace

The Los Angeles ecosystem is $76 million stronger as of late asFika Ventures, a seed-stage mission capital agency, announces its sophomore investment fund.

Fika invests roughly half of of its capital exclusively in startups headquartered in LA, with a particular fondness for B2B, mission and fintech corporations. The agency used to be launched in 2017 by regular companionsEva Hoand TX Zhuo, formerly of Susa Ventures and Karlin Ventures, respectively. The pair raised$41 millionfor the debut effort, opting to merely about double that number the second time spherical as a mode to participate in additional narrate-on fundings.

News of Fika’s second effort comes as investment in LA tech continues to reach document highs. In total, more than $60 billion used to be invested in LA startups in 2018. To this level this three hundred and sixty five days, corporations headquartered within the dwelling occupy attracted roughly $25 billion in equity funding, according to data restful by PitchBook.

“It’s restful if truth be told underserved from a capital standpoint,” Zhuo said of the LA trouble. “We if reality be told feel over the next couple of years, we’ll start to see repeat entrepreneurs come out of those LA corporations. The timing is ripe for a fund cherish ours to capitalize on the opportunity.”

Ho, a ancient regular companion and co-founder of San Francisco seed fundSusa Ventures,told TechCrunch LA is making the loads of the exodus of founders and investors from Silicon Valley: “Alot of the contributors from up north occupy moved down right here for higher quality of existence,” she explained.

“Silicon Valley has gotten a contaminated rap over the closing couple of years so contributors scurry down right here, engineers come down right here, founders come down,” Ho added. “I’ve watched the ecosystem develop over the closing two a long time.”

Fika Venturesmakes a speciality of the increased B2B ecosystem but has additionally supported corporations solving social issues within housing, training and healthcare. Ho cited an investment inWeeCare, a startup that helps contributors initiate curriculum-basically based dwelling daycares within their have properties, as an illustration.

Extra Fika portfolio corporations encompass Asian food shipping commercialChowbus,Fundamental Robotics, a developer of robotic assistants, andChatdesk, a buyer make stronger messaging platform.