ImpactAlpha, June 25 – Loud Capital’s new Pride Fund 1 is seeking out LGBTQ investors to invest in early-stage and growth companies led by LGBTQ entrepreneurs. A number of funds launched in recent months target underrepresented founders, but less than 1% of venture funding goes to LGBTQ founders, according to Backstage Capital, which intentionally invests in LGBTQ founders. “We have an opportunity to make a significant impact and leave an enhanced legacy,” said Pride Fund’s Densil Porteous.
The Columbus, Ohio-based fund has already made five investments, including a tech startup, a fashion designer and a LGBTQ-focused restaurant group, according to PitchBook.
It’s also working with Guerneville, Calif.-based Equality Vines, whose cofounder, Jim Obergefell, was the plaintiff in Obergefell v. Hodges, the 2015 Supreme Court case that led to the legalization of same-sex marriage. The idea was hatched at a local Pride celebration last year.