Snapchat just snapped up $80 million of venture capital funding on a $800 million dollar valuation. Snapchat is a 10 employee firm located in a 2,600 square foot bungalow house at 523 Ocean Front Walk, Venice. This house was previously rented to for retail stores looking to tap into the Venice boardwalk trendy retail scene. This office location is right out central casting for a Los Angeles startup. It is what the world would want to believe where every startup in Los Angeles works. However, as most commercial real estate people knows–this is an oddity. However, it may attract some startups to Los Angeles instead of other competitive locations, when a startup can move not only to a beach house in Venice but also achieve some level of success.
Why Snapchat’s rumored funding raises the high stakes for LA’s startup ecosystem | PandoDaily.