Long known for movies rather than technology, and overshadowed as a startup hub by nearby Silicon Valley, Los Angeles has shifted in recent years to become not just one of North America’s top startup ecosystems, but a global hotspot. What sets the growing startup ecosystem apart from many established tech hubs is its inclusivity. Los Angeles ranked sixth in Smart Asset’s Best Places for Black Entrepreneurs 2022 study, which compared 57 U.S. metro areas. The number of Black-owned businesses increased by more than 41% over the past two years.

New venture capitalist firms and funds are furthering powering the ecosystem. Upfront Ventures has raised $176.5 million for a new fund. Wonder Ventures has raised a new $31 million early-stage fund focused exclusively on L.A. startups. Jumpstart Nova, which invests exclusively in Black-founded and Black-led health companies and has roots in L.A., has raised $55 million. Haven Ventures, a new Fintech fund focused on seed and pre-seed startups, is cutting checks of up to $1 million. New all-female, minority-led VC firm Emmeline Ventures is in the process of securing its initial fund, and Emmeline has already announced its first deal: $30,000 toward a seed round for Blockchain startup Clutch Wallet.

The annual Upfront Summit hosts more than 1,000 investors, entrepreneurs, and ecosystem leaders. The latest edition took place in Los Angeles in March 2022. TECHSPO Los Angeles 2022 is scheduled for July. The Montgomery Summit, one of the premier technology conferences in the U.S., will take place in Santa Monica in May.