Billions pour into LA as it gears up to be the next Silicon Valley

When Snapchat parent company Snap went public in a $3.4 billion IPO offering in March, it proved yet again what a growing number of venture capitalists have been betting on for months: Los Angeles, the land of Hollywood movie stars and sunkissed beaches, had become a launching pad for start-ups after decades of being a poor relation to Silicon Valley

People take pictures in front of the Snap headquarters on the strand at Venice Beach in Los Angeles.

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