Los Angeles — Elevator Labs, a newly formed startup digital business and invention company, secured $20 million in initial funding from KGC Capital.
Zack Zalon and chief technology officer Brendon Cassidy, who worked together at Richard Branson’s digital entertainment platform group Virgin Digital as president and chief technology officer respectively, started the business to help finance and provide strategic and technical support to Los Angeles-based start-ups that will create sustainable infrastructures for the companies.
“We believe strongly in the power of ideas. The core belief of Elevator Labs is that the right idea executed at the right time – and in the right way — is the only proven key to building value,” said Zalon, Elevator Labs Managing Partner and co-founder. “Our mission is to apply our vision to value methodology, working intimately with our portfolio companies to create meaningful businesses that stand for innovation; that drive revenue; and most importantly that have a positive impact on people’s lives.”
Currently their portfolio includes Microsoft .NET platform optimizers Fat Cloud, interactive product agency Wilshire Media Group, and Hello Music — a provider of members-only pricing on equipment, recording studio time and other things essential to independent musicians.
The L.A.-based team will use the funds to push further expansion of invention and operation of new media companies.
http://tinyurl.com/3kvksy6 (Elevator Labs Press Release)
Image courtesy of Elevator Labs