One of the newest accelerator and incubators to open in the Los Angeles area, io/LA, is planning to invest $500,000 in local startups as part of its efforts to incubate 25 companies in its new space in Hollywood. The accelerator, which was founded by producer and actor Donovan Leitch, MySpace co-founder Aber Whitcomb, and actor Chris Gartin, detailed the plans in an interview with The Hollywood Reporter. Io/LA launched its accelerator last month, saying it will invest $25,000 and offer up office space to firms in Hollywood.