Launch Angels Seeks $2M to Back LGBT Founders

Launch Angels Seeks $2M for Fund to Back LGBT Founders

Launch Angels, a startup that raises and manages tiny venture capital funds, is raising what could be a first-of-its-kind investment vehicle—one that would specifically provide seed funding for companies that have lesbian, gay, bisexual and transgender founders and managers. Under new rules that permit venture funds to advertise for qualified investors, the Boston firm looks to raise $2 million for its VentureOut Fund, which will make very early investments in 10 to 15 of these startups. Launch Angels, which is also raising a micro VC fund aimed at businesses led by women, believes there is strong demand for its VentureOut Fund. “This fund has come to us with a lot of momentum behind it,” Shereen Shermak, chief executive of Launch Angels, told VentureWire. While some venture investors have investment programs with a socially conscious theme, this appears to be the first venture capital fund aimed specifically at companies run by members of the lesbian, gay, bisexual and transgender, or LGBT, community.