Report: Science Is Raising $30 Million In A New Round Of Funding
Science is an incubator company based in Los Angeles that is raising a $30 million is a new round of funding. Science was founded by former MySpace CEO Mike Jones. Jones runs Science with former BillShrink founder Peter Pham. Some of Science’s portfolio companies include Dollar Shave Club, DogVacay, TripleThread, Ouya, Hangtime, WealthFront, and Madrigold Media.
When Science first launched, they raised $10 million in funding from Tomorrow Ventures, Rustic Canyon, White Star Capital, The Social+Capital Partnership, Jean-Marie Messier, Philippe Camus, Jonathan Miller, and Dennis Phelps. In February 2013, Science raised $30 million in funding from Hearst Media Corporation. Two months later, Science hired former IAC senior exec Jason Rapp as the managing director.
According to TechCrunch, this new fund will go towards Science startups as a guaranteed funding round. This is similar to how Y Combinator and The Start Fund offers $80,000 in funding to each Y Combinator graduate. This funding round will also be used for making investments outside of the Science ecosystem. External investments that Science made in the past includes the companies OUYA, BlackJet, and WealthFront.
This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry