LOS ANGELES, April 24, 2013 /PRNewswire/ -- The city's digital technology minds launched 220 startups in 2012. 100 companies secured funding of at least $1 million, with digital media and marketing being the fastest growing sectors. 43 companies were acquired, more than any previous year. [SEE INFOGRAPHIC].
"2012 was another record-setting year for digital technology companies in Los Angeles," said Tony Pritzker, Partner, The Pritzker Group and Board Member, Built In L.A. (www.builtinla.com). "The spotlight on the Los Angeles digital technology economy is shining bright, as government, media, large corporations, major universities and investors from around the country are taking notice -- and now we have the data to prove it."
Startups get strong support
Built In L.A.'s 2012 Digital Startup Report confirms what local leaders have been thinking: L.A.'s tech startup scene is erupting with growth, and it's not just Santa Monica. "This is a direct result of an incredibly strong ecosystem dedicated to supporting emerging technology companies," said Gil Elbaz, CEO, Factual and Board Member, Built In L.A.
The activity in Los Angeles attracted more than 170 investors to fund the city's digital companies in 2012. "Los Angeles has developed into a city that every investor must watch," said Mark Suster, General Partner at GRP Partners. "Our startup economy is thriving and the companies we are producing are among the nation's leaders in video, digital media, fashion, marketing, FinTech and gaming."
2012 success story
The fashion industry attracted the largest funding, with 22% of the investment going to fashion-focused digital technology companies. JustFab was the top fundraiser, raising $76 million to further develop its fashion site.
"2012 was a key year for JustFab as it cemented the brand as the leader of this exciting industry of online subscription fashion. The funds we raised last year gave us the ability to scale our business on a global level, which is now thriving in four countries and will continue to expand this year," said Adam Goldenberg, Co-CEO of JustFab.
Built In L.A. is an online community for digital entrepreneurs and innovators that launched in January 2013. The startup has positioned Los Angeles as a leading center for digital technology innovation. Built In L.A. curates and promotes relevant news on L.A.'s startup community, hosts the most inclusive job board for digital technology companies, publishes data on the digital tech sector and organizes events.
Contact: Maria Christopoulos Katris ([email protected]) 773-562-1320
SOURCE Built In L.A.