LGBTQ entrepreneurs enjoy accessible VC funding on both East and West coasts of the US. The situation, however, has been dramatically different for the Midwesterners. Luckily, right now, it is about to improve. Lightship Capital and Second Muse have announced launching a $50 million VC fund earlier this month. What makes it different? The funds will be allocated to BIPOC (Black, Indigenous, and People of Color) and LGBTQ people-led businesses. Silicon Valley, New York, and other overfunded locations will be excluded. As for the specific areas to be funded, those include sustainability, e-commerce, healthcare, artificial intelligence, and consumer packaged goods.
"By investing in remarkable underrepresented founders in the Midwest, where the least VC competition exists, and the best exit outcomes are yielded, Lightship Capital has identified the formula for a highly impactful, highly profitable venture fund," as Todd Khozein, co-CEO, put it.
The fund will be led by Candice Matthews Brackeen, Black woman, a historic achievement in VC history in the US. The move is absolutely amazing as it creates a precedent and opens up incredible opportunities for underrepresented entrepreneurs.
On behalf of KeYou, we would like to express our support for the Lightship Capital Fund. We strongly believe in its great future and positive impact on the BIPOC and LGBTQ communities. It is time for the LGBTQ community and allies to stay united and bring a new reality of business opportunities for startups led by underrepresented entrepreneurs.