Being in L.A. for a long time and doing a lot of investing in L.A., I’m seeing higher-quality businesses and concepts coming out of L.A. than I’ve seen in the past.
“In the past couple weeks, two startups from Science (the Betaworks of Los Angeles!) have tried to break into the New York City market, so it seemed like high time we gave Mike Jones, the CEO of Science and former CEO of MySpace, a call.
The Betaworks comparison refers to the fact that Science, which raised $10 million last November, uses its capital to “take deeper equity relationships” in startups than a typical VC firm, Mr. Jones said over the phone, noting similarities to Obvious Corp. and Idealab as well.
Science both launches its own companies and is intimately involved with the operations of the businesses it invests in. Like Betaworks, Science also eschews the i-word—i.e. “incubator”—opting for the more Hollywood-appropriate “studio.”
The [startup] studio has added a number of companies to its portfolio already, including monthly subscription services Dollar Shave Club (razors), Whittlebee (kid’s clothes), and MeUndies (self-explanatory), as well as peer-to-peer marketplaces Dog Vacay (an Airbnb for dogs) and Eventup (an Airbnb for spaces) and Uncovet, which TechCrunch likened to a fancier Fab…”