What Lightbank does

Lightbank is a Chicago-based early-stage venture capital firm founded in 2010 by Eric Lefkofsky and Bradley Keywell. The firm invests at the pre-Series A stage in disruptive technology companies led by strong founders, with a thematic focus spanning AI, SaaS, marketplaces, healthcare, fintech, and consumer. Its stated geographic mandate emphasizes the Midwest and Chicago region while remaining open to overlooked geographies globally, and the firm has deployed more than $150 million across 70+ Midwest investments since inception.

Since founding, Lightbank has invested in more than 150 companies, deploying roughly $300 million of capital that has produced 8 unicorns, 35+ exits (including the Tempus IPO in June 2024), and over $15 billion in aggregate portfolio market capitalization as of March 31, 2024. The firm closed its third fund (LB III) at $290 million in May 2024, bringing total capital raised since inception to approximately $700 million. The current team of approximately 20 investment professionals is supported by a portfolio job board (Getro-powered, 455+ open positions) and a broad syndicate of co-investors including Y Combinator, Battery Ventures, Avenir, Goodwater Capital, Northwestern Mutual Future Ventures, and Hearst Ventures.

The business model follows standard venture capital economics: recurring management fees (typically 2% of committed capital under management) combined with performance-based carried interest on realized gains above the fund's hurdle rate. Lightbank does not sell a product or service in the traditional sense; rather, it allocates LP capital to portfolio companies and returns proceeds (plus carry) at exit. Notable portfolio companies include Tempus (TEM, public), Sprout Social, Tastytrade, Snapsheet, Attain, Paytient, and Blueprint.

Name

Lightbank

Legal name

Lightbank Asset Management LLC

Website

https://lightbank.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

Lightbank is a Chicago-based early-stage venture capital firm founded in 2010 by Eric Lefkofsky, investing pre-Series A in AI, SaaS, healthcare, fintech, and consumer startups, with roughly $700 million raised across three funds and 150+ portfolio investments.

Ownership category

akta.pro rank

Product category

Venture Capital / Early-Stage Investment

NAICS

Portfolio Management and Investment Advice (52394), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Venture Capital Fund-of-Funds (FSANAGAC)

Keywords

• Venture capital investing
• Early-stage funding
• Pre-seed investment
• Startup funding
• Venture capital management

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Management Fees: VC firms typically charge management fees on committed capital under management, typically 2% annually.
2. Carry (Carry Interest): Performance-based carried interest typically 20% of profits above the hurdle rate, aligning investor and fund manager incentives.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Lightbank is a venture capital firm that invests early-stage capital in disruptive technology companies, almost always before a Series A round. The firm deploys capital through dedicated funds, with Fund III (LB III) representing a $290 million early-stage vehicle, primarily focused on the Midwest and Chicago but open to overlooked geographies globally. In addition to capital, Lightbank provides portfolio companies with strategic guidance and access to its network of partners, portfolio companies, and industry connections.

Product overview

Lightbank is a Chicago-based venture capital firm that deploys capital through early-stage funds, primarily LB III ($290M), targeting disruptive technology companies. The firm offers a portfolio companies job board as a talent engagement platform for its investment network. Lightbank does not operate a traditional product-as-a-service business; its core offering is venture capital investment and associated portfolio support services.

Differentiator

Problem solved

Functional benefit

Products and services

• Lightbank Fund III (LB III) A $290 million early-stage venture capital fund targeting disruptive technology companies led by strong founders in dynamic markets. Lightbank invests almost always before Series A, with a primary focus on the Midwest/Chicago and selective investments in overlooked geographies globally. The fund deploys equity capital and provides portfolio companies with strategic guidance and access to the Lightbank network.
• Portfolio Companies Job Board An online job board connecting talent with Lightbank's portfolio companies, listing 455+ open positions across the firm's investment ecosystem. Operates as a value-add platform to strengthen portfolio company hiring and Lightbank's network effects.

Quantifiable outcome

• 8 unicorns from 150+ investments with $15B+ market cap created

Named customers6 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Hyde Park Venture Partners: Chicago-based early-stage venture capital firm investing in B2B software and tech-enabled services across the Midwest. Closest geographic and stage peer to Lightbank.
• Chicago Ventures: Chicago-based early-stage VC backing tech startups primarily in the Midwest. Directly comparable on geography, stage focus, and check size.
• Drive Capital: Midwest-anchored venture firm (Columbus, OH) investing across stages with strong regional brand. Comparable on Midwest-first thesis and founder-led approach.
• High Alpha: Indianapolis-based early-stage VC and venture studio that has co-invested alongside Lightbank. Comparable on Midwest focus and pre-Series A/seed investing.
• Founder Collective: Early-stage seed venture fund founded by experienced entrepreneurs. Comparable on pre-seed/seed focus, founder-friendly terms, and operator-led brand.
• Revolution Ventures: Early-to-growth stage venture firm investing in technology-driven businesses. Overlapping stage focus with Lightbank on Series A opportunities.
• Costanoa Ventures: Early-stage venture firm focused on B2B software and enterprise tech. Comparable on pre-seed/seed check sizes and early-stage thesis.
• Matter Venture Partners: Chicago-based early-stage VC investing in industrial and enterprise tech. Previously co-invested with Lightbank in Kargo; comparable on Midwest/Chicago thesis and early-stage focus.

Broad incumbents

• Techstars: Large global accelerator and early-stage investor. Overlaps with Lightbank at the very earliest stages but operates a broader, accelerator-driven model across many geographies.
• Bain Capital Ventures: Multi-stage venture arm of Bain Capital. Frequently co-invests with Lightbank at Series B (e.g., Letter AI) and competes at later stages while operating a much larger fund.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/lightbank
• LinkedInlinkedin.com/company/lightbank

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments227 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lightbank