While we don’t totally celebrate a company raising capital, it is a milestone that follows a start-up’s rapid growth, and the growth of San Diego tech and biotech companies is attracting more and more venture capital. As Mike Krenn of Connect recently noted, San Diego just saw $5.2 billion in venture capital through July, which is the same number we saw during the entire year of 2020. This follows global venture capital trends, which is seeing much more capital deployed this year even off record capital deployment in 2020. Here’s to more companies taking the risk of building big and building fast. More capital does mean more jobs.
What is also trending is mergers and acquisitions (M&A), as more companies take the path of liquidity by either a strategic or financial entity. San Diego-based LawnLove is one of these companies that joined forces with a competitor to grow a larger entity. Congrats to Jeremy Yamaguchi and team! Even more empowering is seeing our start-ups acquire other companies as their growth rockets forward, like SOCI acquiring Brandify and Seismic acquiring Lessonly, while recapitalizing at a $3 billion valuation.
Another M&A story is the company MicroAcquire.com, which is the team formerly behind Bizness Apps, a San Diego-based mobile apps company that sold in 2018. The team came back together to build MicroAcquire.com, the marketplace for software to sell themselves to interested buyers, enabling more entrepreneurs to find a healthy successful exit for their company. Local Interlock Capital angel syndicate recently participated in a fundraise for the company.
And the Top Five Tech News Stories of the week to watch:
- Seismic Software acquires Lessonly and raises new capital valuing it at $3B
- SDG&E prepares to lead in the new EV world through infrastructure overhaul
- Scripps Whittier Diabetes Institute Gets $3.1M for Glucose Device Study
- Demand for Lab Space Increased 280% in San Diego during the pandemic
- Harpoon Ventures raises a new $125M fund as it seeks to unlock federal contracts for startups
Cheers,
Follow @FreshBrewedTech on Twitter for daily SD tech news.
