Boston, MA, July 16, 2014 — Today Launch Angels announces a new affinity venture fund, VentureOut. The Fund backs early stage ventures with lesbian, gay, bisexual and transgender (LGBT) founders and management team members, and it will help create the next generation of LGBT entrepreneurs.
The Fund: Invest with Impact
The Fund will leverage the power of the LGBT community to source opportunities and provide high-quality LGBT-led deal flow. Additionally, the fund will support LGBT entrepreneurs by connecting them to resources and mentors who can provide senior-level counsel and advice.
Targeting a close of $2 million, the VentureOut Fund will pool capital from 15-20 investors in order to have a large impact. It will invest in about 10 to 15 promising, scalable seed-stage companies and utilize the proven management capabilities of Launch Angels to provide investor relations, back office and investment support. A portion of the fund proceeds will be donated to a non-profit supporting LGBT businesspeople.
The Team: Rich Experience, Proven Expertise
Greg Wiles, Managing Director of the VentureOut Fund, will head the team of experienced investors and entrepreneurs who will source deals for the Fund. As a small business consultant based in Los Angeles and former investment professional at US Renewables Group, Wiles offers rich experience in strategic decision-making, fundraising and M&A. Wiles noted, “We’re hoping this will be a win for entrepreneurs, the LGBT community and fund members alike. LBGT entrepreneurs are becoming increasingly common, and every year we see many promising new scalable businesses started by LGBT founders. With this growing opportunity, I envision an abundance of promising deals for investors at the seed round and early stage.”
Fund management, administration and monitoring will be handled by Launch Angels, who will also organize investment decisioning. Launch Angels is a specialist in creating personalized Affinity Venture funds, and has the experience of helping groups set up, administer and track custom funds. “We’re applying a disruptive model to the venture funding field. We start with groups, we identify their passions and interests, and then we craft the backbone management engine to fuel their vision,” said Shereen Shermak, Launch Angels CEO. “Creating an LGBT Affinity Fund is a natural evolution of this model, and we’re excited to help empower the next generation of LGBT entrepreneurs.”
In addition to Wiles, the Investment Committee will include Shermak, who brings a deep background in financial services and entrepreneurship, Heidi E. Lehmann, New York-based digital media entrepreneur and investor, co-founder at SWSIMedia, Principal at MQM Ventures, and mentor in StartOut’s Lesbian Entrepreneur Mentoring Program, as well as other prominent LGBT investors and entrepreneurs.
Upcoming Events
The fund will be promoted through a series of networking events on both coasts. The first event will take place in NYC on July 29. For more information, please contact info@launch-angels.com.
Investment Risks
Investors should consult with their financial and tax advisors before considering an investment. Early stage companies are risky investments, not suitable for all investors—even accredited ones.
About Launch Angels
Launch Angels custom tailors Affinity Venture Funds to your group’s unique structure, investment goals, desired engagement level, and investment process. We work with you to define fund size, budget for each investment, and deal criteria, then handle all management, reporting, filing, and tracking.
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