It turns out Snapchat, Tinder and Oculus Rift are not the only hot tech companies in Southern California.
There’s so much startup action in the Los Angeles and Santa Monica that the region has become a new favorite for venture capitalists and angel investors. Investments in the greater Los Angeles area tech have more than tripled in the last five years, for a total of $4.71 billion in 1,081 deals since 2009, according to a new report from CB Insights, a research firm that tracks venture and angel investments.
That marks a 163 percent increase in funding and 180 percent increase in deals since 2009. And 2013 was the biggest year yet, by far — 302 deals for a total of $1.55 billion invested. Much of the money came from Silicon Valley VCs, signaling the growing interest Bay Area firms have in L.A. as a thriving startup community that could offer big returns. Of the ten most active VC firms in L.A., half are based in Silicon Valley.