MiLA Capital (Make in LA)

MiLA Capital Research Company Overview MiLA Capital (Make in LA) is a hardware-focused venture capital firm based in Chatsworth, California, dedicated to advancing next-generation hardware startups. Founded in 2015, MiLA Capital operated as a seed-stage venture fund investing in "tech you can touch" - companies building physical products, manufacturing innovations, and hardware infrastructure. Investment Thesis MiLA Capital believed that emerging hardware founders are often overlooked by traditional venture capital, and the firm sought to unlock value by helping hardware startups get to market efficiently at the pre-Series A stage. The fund operates from first principles: deep expertise in manufacturing, lean operations, contract manufacturing, and product development combined with capital and network access creates an unfair advantage for portfolio companies. The fund recognized that building hardware companies required more than just capital - it required operational expertise in manufacturing, supply chain, testing, and rapid prototyping. MiLA provided hands-on support and access to manufacturing infrastructure through their innovation lab, Toolbox LA. Investment Stage and Check Size MiLA Capital focused exclusively on seed-stage investments: Primary Stage: Seed Typical Check Size: $1.5M - $2.5M (inferred from portfolio data) Historical Deployment: Average of ~2 investments per year during active period (2015-2021) Portfolio and Track Record Portfolio Statistics Total Investments: 22 companies (as of 2021) Follow-on Funding: Portfolio companies raised over $120M in subsequent rounds Diversity Metrics: 47% female-founded companies, 61% with immigrant founders Geographic Distribution: US, UAE, China, India Notable Portfolio Companies Public Information: Klasha - Cross-border commerce and payments platform (Dubai, UAE). Seed round $2.35M (2021). Later rounds: $6.64M total funding (as of 2024). Orbit Fab - In-space refueling services for spacecraft (San Francisco, CA). Seed investment. Later raised $42.7M total (Series B as of 2025). Kona - Employee engagement and onboarding tools (Los Angeles, CA). Seed investment $5.2M (2020). Acquired by 15Five (Jan 2025). PathSpot - Hand-scanning hygiene detection device (NYC). Seed investment. Later raised $10.5M (Series A as of 2020). Feel Therapeutics - Digital precision medicine for mental healthcare (San Francisco, CA). Seed investment $1.88M (2018). Later raised $30M total (Series A as of 2024). Farcast - Agricultural technology. Seed investment $2.84M (2017), follow-on $3.74M (2020). Exit and Acquisition Data Portfolio Acquisitions: Kona acquired by 15Five (January 2025), demonstrating successful exit outcomes Portfolio Performance: Multiple companies achieved Series A/B funding, indicating strong early-stage selection Sector Focus MiLA Capital invested across diverse hardware and tech-enabled sectors: Food Tech & Ag Tech - Food safety, agricultural innovation Healthcare & Biotech - Medical devices, healthcare IT, therapeutics Aerospace & Defense - Space technology, satellite services Advanced Manufacturing - New materials, manufacturing automation CleanTech & Sustainability - Environmental technology Mobility & Transport - Transportation innovation Industry 4.0 - Manufacturing intelligence Consumer Hardware - Products and devices Enterprise Tech - B2B software and tools Team and Leadership MiLA Capital had a 9-person team with deep hardware and manufacturing expertise: Partners: Carmen Palafox - Partner, based in Santa Monica Shaun Arora - Partner, based in NYC (now running coaching business at My Three Rocks) Noramay Cadena - Partner, based in Los Angeles (now building Supply Change Capital) Abe Lim - Partner, based in Anaheim Investment Team: Marta Wojcicka - Principal, based in Los Angeles The leadership team brought expertise from: Hyperscale operations and aerospace Contract manufacturing and product development Finance and venture capital operations Operating Infrastructure: Toolbox LA MiLA Capital uniquely operated Toolbox LA, an innovation lab and makerspace in Southern California providing: PCB manufacturing equipment Injection molding facilities CNC machining capabilities Operations expertise from aerospace and contract manufacturing backgrounds Daily accountability programs for portfolio founders Historical Activity & Fund Status Active Investment Period: 2015-2021 Accelerator Program: Operated 4-month Make in LA program (closed 2023) Fund Status: As of February 2023, MiLA Capital is no longer actively investing from the hardware-focused fund Recent History: Fund concluded active investment cycle around 2021 Made limited follow-on investments through 2020 Last new investment: Klasha (October 2021) Partners transitioned to new ventures: Noramay Cadena: Building Supply Change Capital (supply chain venture fund) Shaun Arora: Startup coaching (My Three Rocks) Carmen Palafox: Building 2045 Ventures Current Role: Partners remain active in supporting MiLA portfolio companies and the hardware ecosystem, though the fund is no longer deploying capital. Co-Investor Network MiLA Capital worked with 58+ co-investors over its history, including: Pre-investment Co-Investors: Techstars, GINCO Investments Simultaneous Co-Investors: Greycroft (most frequent) Follow-on Co-Investors: Kleiner Perkins, American Express, Global Ventures, The Fund This demonstrates strong relationships with established VCs and access to downstream funding for portfolio companies. Geographic Reach While based in Los Angeles, MiLA Capital: Primarily invested in US-based companies Had investments in UAE (Klasha), China, and India Focused on "tech you can touch" regardless of geography Maintained ties to Latin American startup ecosystem Investment Approach and Values Lean Startup Philosophy: Heavy focus on capital efficiency and getting to market quickly Diversity & Inclusion: Actively built a diverse portfolio: 47% female-founded companies 61% with immigrant founders Recognized potential beyond traditional venture capital demographics Hands-On Operating Support: Not just capital providers, but operational partners: Access to manufacturing facilities Expert guidance on contract manufacturing Supply chain optimization Product development methodology Hardware Specialization: Deep expertise in challenges unique to hardware: Prototyping and manufacturing Supply chain and logistics Regulatory requirements Unit economics at scale Decision Process MiLA Capital operated as a partnership with consensus-based decision making. The firm maintained close relationships with founders and conducted thorough due diligence on manufacturing capabilities and market opportunity. Founder Preferences Based on portfolio composition, MiLA Capital sought: Founders with technical depth and hardware experience Teams willing to leverage manufacturing infrastructure and expertise Entrepreneurs solving real problems at the intersection of technology and manufacturing Founders committed to operational excellence and efficiency Diverse founding teams and immigrant entrepreneurs Notable Metrics Fund Duration: 2015-2023 (8+ years) Portfolio Size: 22 investments Success Rate: 1 confirmed exit (Kona → 15Five), multiple companies achieved Series A/B TVPI Indication: $120M+ in follow-on funding from $30M+ deployed (healthy multiple) Diversity: 47% female-founded, 61% immigrant founders (above venture capital average) Industry Position MiLA Capital was Southern California's only hardware-focused accelerator with integrated manufacturing infrastructure. The firm occupied a unique niche: Specialized in hardware when most VCs avoided it Operated manufacturing lab (Toolbox LA) for portfolio support Built relationships across supply chain and manufacturing ecosystem Focused on underserved founders in hardware Current Status (As of February 2026) While MiLA Capital is no longer actively deploying capital, the firm: Remains engaged with portfolio companies through distributions and strategic support Partners continue entrepreneurial endeavors in adjacent markets Maintained the hardware and manufacturing network built over 8 years Portfolio continues to mature and exit The firm's legacy is significant: it demonstrated that hardware was a viable venture category and that specialized infrastructure and expertise could unlock value for founders typically overlooked by mainstream venture capital.