New UC venture fund to pump $250M into spinoffs
There certainly is no shortage of money available for startup companies — total venture investments in 2014 were more than $57 billion, according to Dow Jones VentureSource, and there are signs 2015 could top that by billions. There hasn’t been this much cash flowing, particularly in the tech sector, since the late 1990s dot-com boom. Read More →
AppFolio, MindBody must become profitable
AppFolio and MindBody went through growing pains in 2015, spending more money than they earned. Now, 2016 needs to be the year of profitability. On one hand, AppFolio and MindBody successfully transitioned from promising young startups into growing young companies in 2015. As we head into 2016, though, both companies have yet to answer how Read More →
Community West Bank expanding into San Luis Obispo
Goleta-based Community West Bank plans to open a new branch in San Luis Obispo. Community West, which is owned by Community West Bancshares, looks to debut a full-service branch at 4464 Broad Street — its first in San Luis Obispo County. Its sixth tri-county location, pending approval from federal regulators, would open in the third Read More →
San Luis Obispo’s Digital West Networks acquires AdSmart
San Luis Obispo-based Digital West Networks has acquired AdSmart, a mobile advertising software platform. Digital West provides commercial-grade Internet connectivity, colocation and cloud services to businesses. “This strategic acquisition provides a much needed connection between infrastructure delivery and the direct business solutions we can provide on our network,” said Tim Williams, CEO of Digital West. Read More →
Calavo Growers’ fourth quarter earnings fall short
Santa Paula-based Calavo Growers missed analyst projections on its fourth-quarter earnings. Calavo Growers, which is known for its avocado production, reported on Dec. 29 a profit of 28 cents per share, missing Wall Street’s projection of 46 cents per share. Calavo Growers stock ended the day at $49.51 per share, down $1.14. The company posted Read More →
Santa Barbara’s Saks building sells for $15 million
The Saks OFF 5TH building in downtown Santa Barbara was sold to a private out-of-the-area investor for more than $15 million, Lee & Associates recently announced. The nearly 47,000-square-foot property at the corner of State and Carrillo streets represents a continuing trend of discount retailers snatching up valuable downtown space. Saks Fifth Avenue had been Read More →
State investigating conflict of interest allegation against Ventura planning commissioner
The state’s Fair Political Practices Commission has begun an investigation into city of Ventura Planning Commissioner Jane Farkas concerning conflict of interest allegations. Farkas recently voted on a proposal from Los Angeles-based developer Regent Properties to build 55 high-end, single-family homes along the Ventura hillside. She is also a project manager with Ventura-based Sespe, Read More →
