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Report: Backstage Capital Shifting To Accelerator Model After Fundraising Issues

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West Hollywood-based venture investment firm Backstage Capital is shifting entirely to an accelerator model, according to reports today, after failing to raise a new, $36M venture capital fund. Backstage Capital focuses on focuses on minorities, including women, People of Color, and LGBT founders.

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Orbitera Acquired By Google For More Than $100M

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West Hollywood-based Orbitera , which develops cloud-based software for managing leads, trial subscriptions, and billing, has been acquired by Google , Google said on Monday. Orbitera was backed by only $2M in a seed funding it received a year ago from Resolute Ventures. Financial terms of the acquisition were not disclosed.

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Geni, Yammer Both Raise Funding

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West Hollywood-based Geni, and instant messaging spinout Yammer have both raised $5M in funding from the firms' existing backers, Charles River Ventures and the Founders Fund, according to regulatory filings and reports. Requests for comment to the firm's management were not returned Monday.

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