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Chasing Rainbows is a venture capital organization established in 2021, dedicated to supporting LGBTQ+ founded companies. Based in New York, the firm was founded by Ben Stokes and Patrick Driscoll, making it the first venture capital fund specifically focused on LGBTQ+ founder identity. The organization aims to address the systemic challenges that LGBTQ+ entrepreneurs face in securing investment, recognizing their unique contributions to the economy.
As of now, Chasing Rainbows primarily invests in early-stage startups, focusing on funding rounds from Pre-Seed to Series A. The firm is a member of the National Venture Capital Association (NVCA) and is listed in ImpactAssets 50, a curated list of impact fund managers. This recognition highlights its commitment to diversity and inclusion within the venture capital space.
Chasing Rainbows operates with a global perspective, allocating 80% of its investments to U.S.-based companies while considering international opportunities for the remaining 20%. The organization has made significant strides in creating a supportive environment for LGBTQ+ entrepreneurs, offering not just capital but also valuable resources and mentorship.
Chasing Rainbows focuses on early-stage investments, specifically targeting startups in the Pre-Seed to Series A stages. The firm is sector-agnostic but emphasizes four key pillars: Healthcare, Sustainability, Education, and Financial Equity & Inclusion. This approach allows the organization to support a diverse range of companies while addressing critical societal issues.
Investment criteria require that at least one founder identifies as LGBTQ+. The firm primarily invests in U.S.-based companies (80%) but also considers international ventures (20%). Initial check sizes range from $50,000 to $250,000, with the firm often leading rounds and participating in follow-on investments. Chasing Rainbows aims to leverage the unique strengths of LGBTQ+ founders, who statistically create more jobs and patents than their counterparts, to drive innovation and growth.
Ben Stokes — Founding General Partner. Ben is the founder of Chasing Rainbows and has a background in venture capital and entrepreneurship. He is based in New York and has been instrumental in establishing the firm as a leader in supporting LGBTQ+ founders.
Patrick Driscoll — General Partner. Patrick brings extensive experience in venture capital and has played a key role in shaping the investment strategy of Chasing Rainbows. His expertise lies in identifying high-potential startups and supporting their growth.
To pitch to Chasing Rainbows, founders should visit the firm's website at chasingrainbows.vc or email hello@chasingrainbows.vc. It is recommended to include a comprehensive business plan and details about the founding team in the pitch deck.
Founders should expect a response time of approximately two to four weeks after submission. Warm introductions are preferred but not mandatory. The pitch deck should clearly outline the business model, market opportunity, and the unique strengths of the founding team.
Chasing Rainbows runs the LGBTQ+ Founder Readiness Program, which is designed to prepare LGBTQ+ entrepreneurs for the challenges of starting and scaling a business. This program offers mentorship, strategic support, and resources tailored to the unique needs of LGBTQ+ founders.
Eligibility for the program includes being an LGBTQ+ founder with a startup in the early stages of development. Interested parties can apply by contacting the organization directly via email at hello@chasingrainbows.vc.
In 2021, Chasing Rainbows was established as the first venture capital fund focused on LGBTQ+ founders, gaining recognition in the ImpactAssets 50 list. The firm has been featured in major media outlets such as CNBC and NBC, highlighting its mission to support diversity in entrepreneurship.
Chasing Rainbows continues to expand its influence by running the LGBTQ+ Founder Readiness Program, which prepares founders for the challenges of entrepreneurship. This program is a significant milestone in the firm's efforts to empower LGBTQ+ entrepreneurs.
What are the investment criteria for Chasing Rainbows?
Chasing Rainbows requires that at least one founder identifies as LGBTQ+. The firm invests in early-stage startups, specifically from Pre-Seed to Series A, with check sizes ranging from $50,000 to $250,000.
How can founders apply or pitch to Chasing Rainbows?
Founders can pitch by visiting the firm's website at chasingrainbows.vc or by emailing hello@chasingrainbows.vc. It is advisable to include a detailed business plan and information about the founding team in the pitch.
What makes Chasing Rainbows different from other venture capital firms?
Chasing Rainbows is the first venture capital fund specifically focused on LGBTQ+ founders, addressing systemic funding challenges while recognizing the unique contributions of these entrepreneurs. The firm also offers mentorship and strategic support beyond just capital.
What is the geographic scope of Chasing Rainbows' investments?
The firm primarily invests in U.S.-based companies, allocating 80% of its capital domestically and 20% internationally. This global perspective allows it to tap into diverse markets and opportunities.
What kind of support does Chasing Rainbows provide to portfolio companies?
Beyond capital, Chasing Rainbows offers mentorship, strategic KPI-setting support, and introductions to a network of customers and investors. The firm also runs the LGBTQ+ Founder Readiness Program, designed to prepare founders for the challenges of entrepreneurship.
What is the fund size or total AUM for Chasing Rainbows?
Specific details regarding the fund size or total assets under management (AUM) have not been publicly disclosed. Interested parties can inquire directly for more information.
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