Elevator Labs Lands $20M

Los Angeles-based Elevator Labs, a new startup headed by ex-Virgin Digital execs Brendon Cassidy and Zack Zalon, said Thursday that it has raised $20M in an initial funding round. The round came from KGC Capital. According to the firm, it is looking to incubate new companies in the Los Angeles area. The firm's current portfolio of companies includes Hello Music, Wilshire Media Group, and Fat Cloud. Elevator Labs said it wants to build a "community of innovation with existing Los Angeles technology, media and government organizations." A number of the firm's companies were originally developed at Virgin as part of its digital initiatives.