FINTECH
Ant Money, a fintech platform from Newport Beach, closed last month a $20 million Series A funding round and the acquisition of an investing app it already counted close ties to, Blast.
The funding round was led by Franklin Venture Partners, Walter Cruttenden and SteelBridge Labs, among others.
Ant Money was co-founded by Cruttenden, the co-founder of Irvine micro-investment fintech app Acorns, and Consumer Brands founder Michael Gleason in March 2020 to help young investors generate micro-income by opening their first investment accounts with embedded finance functionality, officials said.
“Building an investment account early in life can help people on the road to financial success, but many people don’t start because they lack the knowledge or funds,” Cruttenden said in a statement. “My hope is that Ant Money, which helps people generate small amounts of money to seed accounts, can foster new growing accounts and provide increased financial security for millions.”
Ant Money also announced a “stock-for-stock” merger with Newport Beach’s app maker Blast, whose Learn & Earn feature will help Ant users make money and learn about the market, officials said.
“Ant Money and Blast had similar visions for helping people enter the financial investment world, as well as overlapping management,” Ant Money CEO Gleason said. “It seemed like the logical next step was to merge the companies and build a larger one together.”
Cruttenden previously served as the CEO of Blast, which shares the same building as Ant Money.
FUNDING
Los Angeles-based hospitality platform AvantStay announced last month closing a $160 million Series B round co-led by Newport Beach’s family office Tarsadia and global growth equity firm 3L Capital.
AvantStay, founded by real estate entrepreneurs Sean Breuner and Reuben Doetsch in 2016, calls itself the “next-generation” tech platform to help customers find short-term vacation rentals. It reported having over 1,000 properties in over 100 cities to date, totaling over $2 billion in assets under management.
In 2019, AvantStay became one of the initial 12 partners of Homes & Villas by Marriott International, and currently offers distribution on over 60 online travel agencies.
“It’s become clear that consumer preferences are changing and that the hospitality industry is going through a paradigm shift,” Tarsadia managing director Rishi Reddy said in a statement. “We are incredibly excited to partner with Sean and the team as they continue to scale a vertically integrated hospitality brand of the future centered around best-in-class talent, technology and operations.”
Tarsadia, in addition to its investment business, has a long history of owning and operating hotels.
San Francisco-based advertising company Frameplay closed an $8 million Series A round last month. The investment was led by Hiro Capital with participation from Irvine’s Razer zVentures and South Korea’s Kona Venture Partners.
Razer, one of the world’s largest gaming products makers, with its stock traded on Hong Kong’s exchange, said its zVentures fund has previously invested in gaming brands Animoca Brands, eSports Mogul and Super Bit Machine.
“Frameplay was founded with a mission of creating gamer-first experiences by seamlessly inserting advertisements without disrupting gameplay,” Frameplay co-founder and CEO Jonathon Troughton said. “We are thrilled to have found like-minded investors.”
Founded in 2018, Frameplay provides in-game advertising solutions—the “new standard” for video game and future “metaverse environments,” per company officials. Its client portfolio features Microsoft, PepsiCo, Disney and Pizza Hut.
“Together, these companies are committed to a gamer-first experience, and this funding round will enable us to create a new environment that enhances in-game immersion,” Troughton said.
The funding will enable Frameplay to create a “new environment that enhances in-game immersion.”
APPS
Newport Beach’s fitness experience company FightCamp said it will release over 100 free boxing, kickboxing, bodyweight and shadow boxing workouts on its iOS app for users to keep their New Year’s resolutions.
The 7-year-old firm is a Peloton-like fitness firm for boxing enthusiasts. It offers over 1,000 boxing workouts led by world-class trainers via its at-home app and take-home gear. Twelve new workouts will be added to the app weekly under the “Tracker Optional” icon, the company said.
Notable FightCamp trainers include Tommy Duquette, former U.S. National Boxing Team Member; Shanie “Smash” Rusth, a professional MMA competitor; and Aaron Swenson, former member of the USA National Kickboxing team.
Earlier this year, FightCamp raised $90 million in a round backed in part by fighters and celebrities including Mike Tyson, Floyd Mayweather, Usher and others.
“FightCamp’s goal has always been to bring the authenticity of martial arts to the masses, and there is no better time to do that than right now, as so many choose their New Year’s resolutions,” FightCamp founder and CEO Khalil Zahar said in a statement. “Boxing and Kickboxing help tremendously with mental and physical health, while also teaching a skill, and we’re ecstatic to help users from all over the world experience the benefits first hand.”
Insurance shopping technology platform SmartFinancial of Costa Mesa has “aggressive hiring plans” locally and statewide for 2022.
Software engineers, data scientists and other tech-related professionals will be prioritized as the company expands the platform’s technical abilities, SmartFinancial CEO Lev Barinskiy told the Business Journal.
Established in 2012, SmartFinancial is a website that generates free rates comparisons for personal insurance lines. According to Barinskiy, the company has three focus areas: compartmentalizing insurance rates; personalizing the shopping experience; and moving towards a one-click, “Amazon-like process” for managing all insurance products.
The firm currently works with over 30 insurance carriers and 6,000 retail insurance agencies.
“Historically, customers had to visit multiple websites and meet many carriers,” Barinskiy said. “We believe deploying technology and AI across the entire value chain is helping them make the most educated decision, while smoothing out the friction points.”
The company has seen “double-digit growth” in the last three years, with a compounded annual growth rate of over 100%; it counts 250 employees across 26 states to date, Barinskiy said.
SmartFinancial ranked No. 29 on the Business Journal’s Best Places to Work Midsize Cos. list in 2021.
“Employees being happy and satisfied with our work is something we take pride in,” he added.
DEVICE MAKERS
LensGen Inc., an Irvine-based ophthalmic device maker established in 2011, said the Food and Drug Administration has granted Investigational Device Exemption (IDE) approval to initiate a pivotal study of its Juvene intraocular lens (IOL).
LensGen’s Juvene is an implantable IOL designed to permanently restore clear vision at all distances for patients with cataracts; its modular design and fluid optic component allows it to adjust to a broad range of lighting conditions, mimicking the natural human lens. Â
“This is a momentous achievement because it represents a truly disruptive technology platform that offers the potential to provide a superior option for patients,” LensGen COO Michael Landreville told the Business Journal in an email.
The news comes as the company currently raises a Series B round, which is slated to close in the first half of 2022, Landreville added.
