Former Virgin Digital Execs Raise $20M For Los Angeles-based “Innovation Factory”

Two ex-Virgin Digital executives, namely its former CTO Brendon Cassidy and former president Zack Zalon, have teamed up to start a Los Angeles-based digital business incubator called Elevator Labs.

The venture, which is both labeled an ‘invention company’ and an ‘innovation factory’, this morning announced that it has secured $20 million in initial funding from KGC Capital.

Zalon and Cassidy have worked together for more than a decade, having built and operated a number of digital initiatives at Virgin and creating several standalone businesses since. The idea behind Elevator Labs is to finance and provide technical and strategic guidance to LA-based startups and teams in order to go from idea to a sustainable business.

Here’s the main pitch (from the press release):

A key focus of the Elevator Labs mission is to continue to found, foster and grow new ideas and companies in the Los Angeles region while also building a community of innovation with existing Los Angeles technology, media and government organizations.

Currently, the Elevator Labs portfolio includes Hello Music, an online marketplace for independent artists and bands, interactive product agency Wilshire Media Group and stealth startup Fat Cloud.

Additional Elevator Labs ventures are said to be currently in development and will be announced in the coming months.