New Launch Angels fund will invest $2M in LGBT-led businesses

Launch Angels raising money for new VentureOut fund focused on LGBT entrepreneurs

Launch Angels, a Boston-based equity crowdfunding firm, will raise $2 million for a new fund that seeks to invest in early-stage ventures with lesbian, gay, bisexual and transgender founders and management team members. The fund, called the VentureOut Fund, has a goal of creating “the next generation of LGBT entrepreneurs,” according to a press release. The fund will also support LGBT entrepreneurs by connecting them to resources and mentors who can provide senior-level counsel and advice, the release stated. With a $2 million goal, the VentureOut Fund will pool capital from 15-20 investors and will invest in about 10 to 15 “promising, scalable” seed-stage companies, according to a release. A portion of the fund proceeds will also be donated to a non-profit supporting LGBT businesspeople.