Dave Inc. made its Nasdaq debut this week as the West Hollywood banking app went public via a reverse merger.
The company completed its combination with VPC Impact Acquisition Holdings III Inc. (NYSE: VPCC), a special purpose acquisition company (SPAC) sponsored by Victory Park Capital, and is now trading on the Nasdaq under the tickers “DAVE” and “DAVEW.”
Shares opened on Thursday at $8.27, giving Dave a market cap of about $3 billion, and closed on Friday down nearly 30% at $5.82 with a market cap of about $2 billion.
Launched in 2017, Dave aims to help its 11 million-plus customers budget their money, avoid overdraft fees, find work and build credit.
Here’s what else Los Angeles-area tech companies got up to this week:
- Relativity Space, VideoAmp and Recharge are just three of the Los Angeles-area startups that collectively raised billions of dollars last year. Check out LA TechWatch’s “The 23 Largest L.A. Tech Startup Funding Rounds of 2021.”
- Fifth Wall, the Marina Del Rey-based venture capital firm focused on real estate tech, said it raised more than $1.1 billion across its funds last year, investing in more than 25 new portfolio companies and seeing five portfolio companies go public.
- Santa Monica-based venture capital firm Upfront Ventures has raised $176.5 million for a new Upfront Continuation Fund.
- Santa Monica’s Liquid Death has secured another $75 million in a Series C led by Science for its canned water.
- Los Angeles-based Launch House is raising $10 million for its one-month digital and physical residency program for entrepreneurs.
- Labrador Systems, an early-stage technology company in Calabasas that’s developing a new generation of assistive robots, has secured an additional $3.1 million in seed funding co-led by Amazon's Alexa Fund and iRobot Ventures.
- Glendale-based ServiceTitan, which provides software for the trades, said it will acquire FieldRoutes (formerly PestRoutes and Lobster Marketing), which provides cloud-based and mobile SaaS for the pest control and lawn care industry.
