In Los Angeles — where the tech scene is booming thanks to companies like Snapchat and exits like Oculus VR to Facebook — investment in tech has nearly tripled, according to a new report from CB Insights. Venture capital funding, specifically, is up 163 percent and the number of deals is up 180 percent since 2009.
Though Silicon Valley continues to be the center for venture capital, Silicon Beach (actually, wait, do not call it that) is getting its own set of heavy-hitting investors that are throwing money into e-commerce, Internet media and sassy mobile apps, with Upfront Ventures and Mucker Capital leading. Altogether, these firms have invested $4.71 billion into tech across 1081 deals over the past five years.
This article originally appeared on Recode.net.