BGP’s chief executive Lin Miao told VentureBeat that these investments “reflect our own long-term mission to innovate and grow the economy in L.A. with new tech industry jobs. We’re very excited to support these startups with the resources of our unique incubator-accelerator model.”
This announcement comes two months after BGP established a $6 million fund, which enables the incubator to invest anywhere from $25 thousand to $50 thousand in companies with promise.
Of all the new startups BGP is announcing, Miao said that Enplug, a network of intelligent and social-media enabled billboards, stands out as the one with the most traction and potential.
Enplug’s target markets are “high-foot-traffic areas,” like restaurants and bars where they can set up digital billboard displays and engage individuals through their mobile devices. Miao said that Enplug has signed up over 10,000 locations and needs funding, so it can provide the digital billboards to their clients.
BGP is financing Enplug’s copyright process, including the contracting of an intellectual property attorney.
The other new additions to BGP’s portfolio operate in a wide range of sectors. Dealflicks is an online deal site, which helps connect customers with the best offers for the most popular Internet services. Close.com is a social network aggregator that claims it can deliver a richer and more comprehensive social media experience. And Taste of Blue, an offshoot of luxury concierge and travel service Bluefish, offers customers preplanned itineraries minus the concierge fee, which often costs around $5,000, according to Miao.
Miao said that his firm is different from the seven major startup incubators and accelerators in the L.A. area because BGP boasts an in-house team of 25 developers. “Startups have great challenges building a product if they don’t have developers,” he added.
BGP has eight portfolio companies and three startups they are developing in-house. Miao said he aims to make four-to-five new startup investments every month. The incubator employs 51 people and is located in L.A.’s Miracle Mile district.
Lin Miao photo courtesy Be Great Partners.