San Luis Obispo-based Mindbody has raised $50 million in new capital, its largest amount to date, that will used to fund global expansion and mobile product development. The raise brings its total venture capital raised thus far to more than $110 million and likely marks the largest-ever raise in San Luis Obispo County.
One of the most prominent oil field redevelopments in Santa Barbara County is set to be acquired by a Chinese jewelry firm. Houston-based ERG Resources confirmed to the Business Times that it is set to be acquired by Beijing-based Goldleaf Jewelry Co., a jewelry firm that also has gold mining investments.
Shareholders of San Luis Obispo-based Mission Community Bancorp have voted overwhelmingly in favor of a proposed merger with Heritage Oaks Bancorp out of Paso Robles. The $56 million deal was announced in October 2013 and would leave Heritage Oaks as the survivor and the largest bank based in the Tri-Counties.
A hotel development frenzy in Paso Robles could double the number of rooms in town over the next 10 years, a figure that already has seen twofold growth since 2000 as wineries flourish.
Customers of the State Water Project will not receive any water deliveries this year if current dry conditions persist, a cutback that could be troublesome for certain tri-county cities.
San Luis Obispo can expect to see a slight increase in solar-power industry jobs with a recent deal that split up REC Solar and sold off its residential installation business to a San Francisco firm.
