Daily Business Report: Monday, March 28, 2022
CARI Health awarded $300,000+
at San Diego Angel Conference
HERA Biotech and ReJoule Inc. each get $100,000+
San Diego Angel Conference (SDAC), a University of San Diego Knauss School of Business program that activates accredited angel investors and engages promising early-stage companies, has awarded three startups in healthtech, diagnostics, and cleantech industries with angel funding for their potentially disruptive solutions.
CARI Health took the top prize with $300,000+ in funding for its wearable remote monitor to keep patients on life saving medications. HERA Biotech and ReJoule Inc. were runnersup — each receiving $100,000+.
“This funding will enable us to advance our mission to make an impact on the opioid crisis,” said winning company CARI Health founder Patrik Schmidle. “It has been a journey that has included invaluable lessons on effectively communicating with angel investors, completing the due diligence process, and building a valuable network of mentors, investors, and peers.”
SDAC received 90 applications from early-stage companies nationwide for the 2021/2022 season. About 75 individual angel investors, with each contributing anywhere from $6,000 to $100,000, formed a collective fund and evaluated the 90 startups over three months to determine those most likely to succeed and make it to the final pitch for funding.
TOP PHOTO: Award winner CARI Health’s wearable remote monitor. (Courtesy of CARI Health)
SDG&E customers to get reduced
bills in April, August and September
San Diego Gas & Electric’s (SDG&E) residential customers will receive a break on their utility bills in the coming months – up to $171.40 in bill credits, thanks to the California Climate Credit program. Administered by the California Public Utilities Commission, the program is part of the state’s efforts to fight climate change.
In April, natural gas customers will see their bill reduced by $43.06 – more than double last year’s credit. In both August and September, SDG&E electricity customers will see their bills offset by $64.17 in climate credits (or a total of $128.34), almost double last year’s amount. The electric Climate Credits are applied to bills during the typically hottest months in the year, when energy use tends to be higher due to air conditioning.
Jury awards Stone Brewing $56 million in trademark
infringement battle with Molson Coors
by Times of San Diego
A San Diego federal jury awarded Stone Brewing $56 million Friday in its trademark infringement trial against beer giant Molson Coors.
The lawsuit alleged that Molson Coors’ Keystone Light rebrand in 2017 confused customers by prominently displaying the word “Stone” on its packaging. The alleged infringement, attorneys argued, cost Stone, one of the stalwarts of the local craft beer scene, millions of dollars.
Attorneys for Molson Coors argued that the “Stone” nickname long has been a part of Keystone marketing. Customers, they said, were unlikely to mistake Stone’s craft products for a “budget beer” such as Keystone.
In an online statement, Stone co-founder Greg Koch celebrated the legal victory, calling it an “historic day for Stone Brewing, and for the craft beer industry.” He also offered “cheers to our fans, friends and supporters who believe in the good that craft beer brings. This is your win, too.”
Lawmakers to move on legislation
to extend eviction protections
Californians facing eviction as soon as next week would get a temporary reprieve under a bill endorsed Thursday by the state Legislature’s Democratic leaders — and apparently by Gov. Gavin Newsom.
Senate President Pro Tem Toni Atkins of San Diego and Assembly Speaker Anthony Rendon of Lakewood announced their support for a proposal that would extend eviction protections through June 30 for Californians applying for funds from the state’s COVID rent relief program. Atkins and Rendon said the bill will get its first hearing today.
Under current law, statewide eviction protections are set to expire on April 1 — just one day after the March 31 deadline for residents to apply for state rent relief.
Although the new proposal keeps the March 31 application deadline in place, it protects Californians from eviction while they wait for the state to process their paperwork. Last week, the state had distributed funds to about 214,000 households — fewer than half of the nearly 490,000 that had applied for relief — prompting advocates to warn of an impending “eviction tsumami.”
Mel Katz seated as vice chair
of San Diego County Water Authority
Representing the City of Del Mar, Katz has been on the Water Authority board since March 2018. He has been serving as the chair of the Legislation and Public Outreach Committee, along with appointments to the Administrative and Finance Committee, the Labor Negotiations Work Group, the Project Labor Agreement Work Group, and as the Water Authority’s representative to the San Diego Association of Governments.
Katz brings a wealth of civic and business experience to the post as an executive board member of The San Diego Foundation, a board member of the San Diego Rotary Foundation and a former chair of the San Diego Regional Chamber of Commerce, among several other posts. He also is executive officer of Manpower San Diego, a leading workforce solutions provider and one of the region’s largest for-profit employers.
Casa de Pico honored as ‘Best Restaurant in 2021’
by Frank Sabatini | sdnews.com
What started out in 1971 as a humble Mexican restaurant with less than 20 tables has blossomed into one of San Diego County’s most colorful and spacious dining destinations.
Casa de Pico recently earned the title of “Best Restaurant in 2021” by the East County Chamber of Commerce. Located originally in Old Town’s Bazaar del Mundo in San Diego, the spirited Mexican restaurant moved to Grossmont Center in 2005 after owner Diane Powers lost her lease at the bazaar.
That same year, she moved her other Old Town restaurant, Casa de Bandini, to Carlsbad while keeping in place nearby Casa Guadalajara.
Casa de Pico boasts one of the largest outdoor patios in La Mesa for eating and drinking. It seats 115 guests. Inside, fiesta-style décor flows attractively throughout various dining areas, including a bright, windowed section resembling a solarium. The property in total has a 500-seat capacity.
The restaurant received its honor at Sycuan Casino Resort during the East County Chamber’s annual awards gala. The event also celebrated the organization’s 110th anniversary and the swearing in of five new board members.
Capstone Advisors completes $2 million
renovation of El Camino Square in Encinitas
Capstone Advisors celebrates the completed renovation of El Camino Square after an eight-month project to modernize the outdated building and better complement the style of neighboring Encinitas properties.
Capstone purchased the 27,499-square-foot shopping center in 2019 for $12.2 million and began renovations in August 2021. Updates to the property include a renovated exterior façade with architectural treatments and contemporary finishes, landscape enhancements including all street frontages, new signage and upgraded energy-efficient LED parking lot and exterior building lighting. Electric vehicle (EV) charging stations will be added by the end of 2022.
The property, located in the heart of Encinitas’ retail corridor, underwent an eight-month renovation that took place during much of the COVID-19 pandemic and created more than 60 jobs for people in the area. Local area partners on the project include Architects Orange, White Construction Inc., Hale Engineering, Vivo Landscape, M W Pelts + Associates and San Diego Electric Sign.
Qualcomm invests $100 milllion in the metaverse
Qualcomm will launch a $100 million fund to invest in virtual reality (VR) technologies to help jumpstart the metaverse. The company plans to deply the Snapdragon Metaverse Fund by investing in VR companies through Qualcomm Ventures, which will also establish a grant program for software developers creating VR content for gaming, health and wellness, media, entertainment, and education.
UC San Diego Park & Market to open next month
UC San Diego Park & Market, the university’s new Downtown mixed-use academic, community and business space, will open next month — connecting its UTC-Torrey Pines campus to the entire region along the Blue Line Trolley. The new space will help San Diego reach its regional inclusive growth goals by providing a collaborative space that increases equity through access to education and capital.
MAAC building affordable housing project in National City
MAAC is building a 22-story affordable housing project in National City with 400 apartments for low-income families. The $200 million project is one of four affordable housing projects in MAAC’s pipeline, increasing access to housing in San Diego’s competitive market.
Tech Coast Angels-San Diego rebrands as NuFund
Tech Coast Angels–San Diego is changing its name to NuFund Venture Group. The rebranding is meant to better represent the group’s “national reach and fund-first model,” said Ashok Kamal, NuFund’s executive director and co-fund manager.
“NuFund has invested in not only San Diego-based companies, but also other high-performing portfolio companies including Casana, a New York-based connected device for measuring heart health that just closed a $30 million Series B round after NuFund’s investment in the seed round,” Kamal added, explaining that the COVID pandemic also accelerated a strategy to implement a more “virtual, expansive model” for the investor group.
