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James Cutchin

Stories by James

Fitness App Maker Zwift Secures $450 Million in Funding

Zwift Inc., the Long Beach-based maker of a popular at-home cycling and running app, has raised $450 million in Series C funding.

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SPAC Attack: Investment Vehicles See Surge in Popularity

Special purpose acquisition companies, or SPACs, are in the midst of their biggest moment yet.

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Incentify Raises $4.25 Million for Tax Credit Tech

El Segundo-based tax credit and incentives platform Incentify has received $4.25 million in equity investment from Ryan LLC.

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Flying Eagle Sets Deal for Mobile Gaming Company Skillz

Flying Eagle Acquisition Corp., a Century City-based special purpose acquisition company, or SPAC, plans to merge with mobile gaming platform Skillz Inc.

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Inglewood Bitcoin Firm to Expand In-Person Centers

After months of webinars and Zoom meetings, Crypto Blockchain Plug Inc. is coming back to the physical world.

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Broadway Financial Merger Makes History

Hancock Park-based Broadway Financial Corp. is set to become the largest Black-led bank in American history.

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Mesa West Capital Is Poised to Thrive Amid Pandemic

Having survived one major recession and seen long-term growth in its wake, Mesa West Capital believes the aftermath of Covid-19 could create similar opportunities in their space.

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Bonfire Ventures Raises New $100 Million Fund

Santa Monica-based Bonfire Ventures, which focuses on investments in business-to-business software companies, has raised $100 million for its second venture fund.

Upfront Backs Glendale Cloud Security Firm

Cybersecurity company Britive Inc. has raised $5.4 million in late seed stage funding.

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Musk Leads 2020 LA Billionaires Thanks to Massive Gain

Despite a global pandemic and one of the most tumultuous economic environments in modern history, U.S. billionaires have done surprisingly well in the past year.

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Colony Capital Issues $113 Million Repurchase Offer

Downtown-based real estate investment company Colony Capital has offered to repurchase any or all of its outstanding 3.875% convertible senior notes due in 2021.

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Entertainment Payroll Startup Wrapbook Raises $4 Million

Entertainment payroll and insurance platform TakeOne Network Corp., doing business as Wrapbook, has raised $3.6 million in seed funding.

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Digital Security Firm Signal Sciences Sells for $775 Million

Culver City-based online security company Signal Sciences Corp. has agreed to be acquired by Fastly Inc. in a $775 million deal.

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Local VC Firms Drive Diversity Pledge Effort

A group of 10 venture capital firms, including Santa Monica-based Act One Ventures and Marina del Rey-based Fifth Wall Ventures, have pledged to include diversity riders in their term sheets.

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LA County Banking Jobs Show Strength

Amid this grim picture, banks appear to be something of a bright spot. The sector was one of the few to add jobs during the pandemic, according to state data.

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Film Tax Credit Programs Face Uncertain Future

Lending against California’s film tax credits has emerged as a niche industry in recent years. Some industry insiders say this practice will thrive, but others predict the film tax credit space may be in for rough times ahead.

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Broadway Financial Forms Country’s Largest Black-Led Bank

Hancock Park-based Broadway Financial Corp. and CFBanc Corp. have announced plans to merge into a $1 billion institution.

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Canoo to Go Public in $600 Million SPAC Deal

Deal will give EV maker a valuation of $2.4 Billion

Torrance-based electric vehicle developer Canoo Inc. has announced plans to go public through a reverse merger in a deal designed to provide $600 million in total capital.

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New Union Bank President Seibly Rises to the Challenges

Greg Seibly stepped into his current role as president of MUFG Union Bank at one of the most difficult economic moments in modern history.

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PeerStreet Adds Pandemic-Friendly Fund

Investing platform PeerStreet has launched a diversified real estate debt fund dubbed Peer Street Credit Opportunity.

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Canoo to Go Public via $600 Million SPAC Deal

Electric vehicle developer Canoo Inc. has announced plans to go public via a reverse merger.

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Share Ventures Targets Lifestyle Market

The Los Angeles venture capital ecosystem just received its newest addition with the launch of Playa Vista-based venture studio Share Ventures.

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Carl Icahn Sells $716 Million in Herbalife Stock

Activist investor Carl Icahn has sold a major stake in downtown-based nutritional supplement company Herbalife Nutrition Ltd.

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Gores Group Closes $525 Million SPAC Offering

Gores Group has raised its largest special purpose acquisition company, or SPAC, offering to date. The Beverly Hills-based private equity firm closed Gores Holdings V at $525 million, up $50 million from its initial target.

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Omaze Raises $30 Million for Fundraising Platform

Culver City-based charity fundraising platform Omaze Inc. has raised $30 million in Series B funding.

FBI Arrests La Cañada Flintridge Money Manager

Brendan Ross, founder of Direct Lending Investments, has been arrested by the FBI on fraud charges.

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VC Activity in LA Suffers Steep Second-Quarter Drop

After starting 2020 with one of the strongest periods on record, Los Angeles venture capital deal-making took a big hit in the second quarter.

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Colony Capital Reports $2 Billion Loss

Colony Capital reported a net loss of $2 billion on revenue of $372 million in the second quarter.

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Alive Ventures Launches to Assist the Elderly

Alive Ventures, a venture studio dedicated to helping older Americans, has spun out of Long Beach-based Scan Foundation.

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Wi-Fi Provider Global Eagle Files for Bankruptcy

Westchester-based media and satellite Wi-Fi company Global Eagle Entertainment Inc. has filed for Chapter 11 bankruptcy protection.

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Wealth Manager LSIA Names Pasadena-Based CEO

Wealth management firm LS Investment Advisors, doing business as LSIA, has named Pasadena-based Karen McClintock as its president and chief executive. McClintock is the first woman to hold either role in the firm’s 12-year history.

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Houlihan Lokey Posts Mixed Earnings Results

Century City-based investment bank Houlihan Lokey Inc. reported mixed results in its 2021 fiscal first-quarter earnings.

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ADC Acquires Clear Capital

Sawtelle-based merchant bank American Discovery Capital has acquired Century City-based investment bank Clear Capital Advisors.

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Money Manager Miracle Mile Merges With Aequitas

Sawtelle-based money manager Miracle Mile Advisors will merge with Playa Vista-based Aequitas Wealth Management, creating a company with assets under management of nearly $2 billion.

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Cleantech Companies Ride the Sustainable Investing Wave in LA

Investment in clean technology, or cleantech, is on the rise, and Los Angeles companies are riding the wave.

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22 Fund Backs Manufacturers Led by Women, Minorities

People of color are underrepresented in many parts of the business community, but when it comes to getting investor dollars to expand a business, those inequities can be even more stark.

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Levine Leichtman Sets New Leadership

Beverly Hills-based Levine Leichtman Capital Partners has kicked off a succession plan for the private equity firm’s top leadership.

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Fisker Goes Public in Reverse Merger

Torrance-based electric vehicle manufacturer Fisker Inc. is going public through a reverse merger with a special purpose acquisition company backed by private equity giant Apollo Global Management Inc.

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Herbalife Launches $750 Million Share Buyback Program

Downtown-based nutritional supplement company Herbalife Nutrition Ltd. has launched a modified Dutch auction self-tender to purchase up to $750 million of its stock.

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Fisker Raises $50 Million for Engineering Efforts

Electric vehicle manufacturer Fisker Inc. has raised $50 million in a Series C funding round.

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City National Names New President

Former US Bancorp exec Raffetto is tapped; Warmuth retires after 18 years

Richard Raffetto will replace Christopher Warmuth as City National Bank's president.

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LA Hits Reset on Cannabis Licensing Program

City Council prioritizes social equity, launches lottery

The city of Los Angeles has passed sweeping changes to its cannabis regulatory regime, with big implications for the industry in the one of the world’s largest legal markets.

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Elementary Robotics Raises $13 Million

Startup also rolls out device for inspection, traceability

Elementary Robotics Inc., a downtown-based robotics startup, has raised $12.7 million in Series A funding.

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Platinum Equity Buys Deluxe’s Distribution Business

Platinum Equity has purchased Deluxe Entertainment Services' distribution business.

J2 Denounces Short-Seller Report

Internet services firm J2 Global Inc. has hit back at a short seller report that drove its stock down 9%.

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Ares Raises $3.5 Billion for Distressed Investing

Private equity fund will pursue opportunities during Covid-19 downturn

Century City-based asset manager Ares Management Corp. has closed a $3.5 billion private equity fund.

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Pipe Technologies Raises $60 Million

Company will use funds for SaaS platform

Hollywood-based Pipe Technologies Inc. has raised $60 million in an extension of its February seed round.

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Clearlake Capital Acquires $6 Billion Asset Manager

Clearlake Capital Group has acquired a majority stake in WhiteStar Asset Management.

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Cause for Concern

Economic uncertainty raises the prospect of an increase in going concern filings

Covid-19 has brought one of the greatest periods of market uncertainty in decades. The answers to major questions like when lockdown restrictions will be fully lifted, when customer demand will rebound and the extent to which the virus will ultimately affect the economy are simply unknowable.

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Cashless Transactions Gaining Favor

Pandemic boosts usage in food, beauty sectors

At many Los Angeles businesses, cash has become a casualty of Covid-19.

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