LA Tech Community Cares: VCs Unite to Aid Fire Recovery
The recent devastating fires across Los Angeles have left an indelible impact on the community. While the initial blaze of news coverage may have subsided, the real work of rebuilding is just beginning. Los Angeles-based venture capitalists are stepping up to support this effort, launching the LA Tech Community Cares Fund to aid those most affected.
The fires, now largely contained, have left thousands of Angelenos facing immense challenges. Josh Porter, managing partner and co-founder at FirstLook Partners, whose own home was tragically lost in the fires, understands the long road to recovery firsthand. He observed the news cycle shifting, emphasizing the importance of continued support for those whose lives have been upended. "This is the top story for our household, every morning," Porter shared, highlighting the stark contrast between personal experience and the fading public narrative.
This realization sparked a collective desire among L.A. VCs to take action. The question on everyone's mind: How can we help? The answer came in the form of the LA Tech Community Cares Fund. This emergency relief fund, which has already raised over $580,000, is dedicated to assisting Angelenos impacted by the fires, prioritizing those with the greatest need.
"The fires are fading from the news," explained Dustin Rosen, managing partner and founder at Wonder Ventures. "That’s why we feel that it’s the right time for giving. People are going to be rebuilding for so long."
The fund is powered by Pledge, an L.A.-based charitable giving platform, and GoFundMe, which is handling the vetting process. James Citron, CEO of Pledge, emphasized the personal significance of this initiative, having grown up in Pacific Palisades. Marlon Nichols, founding managing partner at MaC Venture Capital, stressed the fund's focus on need-based assistance, particularly for families who have lost homes passed down through generations. This is a fund from tech, but it's for the entire community.
The genesis of the fund can be traced back to a WhatsApp group chat initiated by Mark Mullen, co-founder at Bonfire Ventures, in the early days of the fires. This platform allowed for quick communication and collaboration among L.A. VCs. "We wanted to put something together as a community," said Mullen, acknowledging the rapid mobilization of Dustin Rosen, Marlon Nichols, Jesse Draper of Halogen Ventures, and others. Rosen is credited as the key organizer, while Mullen is considered the "Father Of The Group Chat."
This swift response speaks volumes about the collaborative spirit of the L.A. VC scene. Dana Settle of Greycroft, who arrived in L.A. in 2006, recalls a smaller, more fragmented tech community. However, the collaborative nature of L.A. VCs has been essential to its growth. This collaborative spirit, as described by Mullen and Rosen, has become ingrained in the DNA of the L.A. VC community.
Nichols likened the camaraderie to that of professional athletes, highlighting the respect and relationships forged over years of shared experience. This sense of community extends beyond the VC world, recognizing the interconnectedness of the L.A. tech scene and the city itself.
Despite the challenges, L.A. remains resilient. "L.A. is 100% open for business, never closed," affirmed Porter. "There was maybe a fire drill, but everyone’s back and ready to write checks… It’s business as usual for our day jobs. L.A. was strong before, and it will be even stronger now."
With the rains having arrived and the fires subsiding, the focus shifts to the long-term recovery process. The LA Tech Community Cares Fund stands as a testament to the power of community and collaboration, offering hope and support as Los Angeles rebuilds, together.