BGP announces a new $6 million investment to fund about 250 startups within the next year, 200 of which will be in the LA area.
From Built In Los Angeles:
“To date, Be Great Partners has funded about 15 companies with $25,000 to $50,000 each since it opened in February. But now the incubator’s “investment strategy is more on the aggressive side with six startups per month and 80 percent of that in the LA area,” Lin Miao, Be Great Partners founder and CEO, said.
The fund, which Miao said was raised mostly from friends and family, will help Be Great Partners achieve its goal of companies starting (and staying) in LA. Miao said an LA location not only allows startups to use their limited funding more efficiently – when comparing to the high overhead costs of hiring and office space in, say, San Francisco – but also gives companies access to both traditional and celebrity investors.
“Here in LA we are seeing more and more celebrities and more high-worth individuals writing checks and investing in startups,” Miao said. “We believe that trend will accelerate over time as infrastructure gets built and we want to help startups be next to that…”