BELLE Capital

What BELLE Capital does

BELLE Capital is an early-stage angel investment fund family focused on building companies led by women in underserved capital markets across the USA. The fund family comprises three vehicles: BELLE Capital USA, LP (the flagship national fund), BELLE Capital USA Opportunity Fund, LLC (an opt-in sidecar vehicle for follow-on investment), and the legacy BELLE Capital, LP (originally targeting Michigan and the Midwest). Founded in 2011 by Lauren Flanagan and Carolyn Cassin, the fund was structured with a $25 million target close and deploys $100,000 to $1.5 million in tranches tied to milestone achievement, preferring to lead or co-lead Series A preferred rounds and typically taking a board seat.

The fund concentrates on capital-efficient companies applying breakthrough technologies to four sector silos: digital/mobile/internet (IT), digital health/life sciences/medical devices/health IT, technology-enabled products and services, and CleanTech. BELLE Capital requires investee companies to have at least one female founder or C-level executive, or to commit to recruiting top female talent into C-suite and board roles. Returns are generated via preferred-stock equity investments realized through eventual IPO or M&A exits (the fund's overall investment methodology, not a proprietary technology product). Operationally, the fund operates a formal investment process — application, GP review, Investment Committee presentation, due diligence, and final decision — and supplements capital with advisory support across Business, Technology, Marketing, and Exit councils.

The fund's distribution model is community-led: deal sourcing flows through a network of successful women entrepreneurs serving as charter LPs, advisory council members, and through partnerships with Springboard Enterprises (a venture catalyst that has helped 500+ women-led companies raise nearly $6 billion since 2000), Dell (Dell Center for Entrepreneurs, DWEN, Innovators Credit Fund), Angel Capital Association, and Startup America Partnership. Across its lifetime the fund and its Side Fund made only 4 disclosed investments (Current Motor, Michelle's Miracle, Meihui China Software, Third Solutions in the legacy vehicle; plus NopSec, Finomial, Cardialen, Crater, Joylux, Vital Vio, and Digsite in the USA vehicle), with at least one exit — Third Solutions' acquisition by SPINS — and additional capital deployment supporting Cardialen's $1.5 million follow-on in March 2015. BELLE Capital USA, LP is closed for new investment as of 2018, with the entity continuing in operating status only to manage the existing portfolio.

Name

BELLE Capital

Legal name

BELLE Capital USA, LP

Website

https://bellevc.com

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

101–250 employees

Short description

BELLE Capital is an early-stage angel fund family that invests $100K-$1.5M in capital-efficient, women-led companies across IT/Digital Health/CleanTech/tech-enabled services, targeting Series A preferred rounds nationwide and providing advisory support across Business, Technology, Marketing, and Exit councils.

Ownership category

akta.pro rank

Product category

Angel Investing / Venture Capital

NAICS

Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

Micro-VC & Angel Funds (FSANAAAI)

akta.pro secondary industry

Gender Lens / Diversity, Equity & Inclusion (DEI) Funds (FSANAJAM)

Keywords

• Angel fund investing
• Early stage capital
• Women-led startups
• Series A investments
• Venture capital funding

Headquarters

HQ city

Douglas

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Investment Returns / Carried Interest: BELLE Capital generates returns through equity investments in portfolio companies. As an early stage angel fund, returns are realized through exits via IPOs or M&A transactions. The fund typically takes preferred stock and a board seat as conditions of investment.
2. Portfolio Company Exits: The fund realizes returns through successful exits of portfolio companies. Examples include Tanox's acquisition by Genentech (valued at ~$1 billion), Third Solutions acquired by SPINS, and Xenogen Corp's public offering.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

BELLE Capital USA, LP is an early stage angel fund that invests $100K to $1.5M in tranches (preferred stock with board seat) into women-led, capital-efficient companies building technology-enabled products in IT/mobile, Digital Health/life sciences/medical devices, and CleanTech. The fund pairs its capital with human capital delivered through five advisory councils (Investment Committee, Business Advisory, Technology, Marketing, Exit) and prefers to lead or co-lead Series A rounds with up to 25% reserved for follow-on.

Product overview

BELLE Capital is a family of angel investment funds focused on investing in capital efficient businesses applying breakthrough technologies to large or rapidly growing markets. The fund family consists of three distinct fund vehicles: BELLE Capital USA, LP (early stage angel fund focused on underserved capital markets across the USA), BELLE Capital USA Opportunity Fund, LLC (opt-in side fund for additional investment capacity), and BELLE Capital, LP (early stage fund targeting Michigan and the Midwest). The funds target women-led companies (or companies committed to adding top female talent to C-suites and boards) in four sectors: IT/Mobile/Internet, Digital Health/Life Sciences/Medical Devices/Health IT, Technology-enabled products and services, and CleanTech. BELLE Capital USA prefers to lead or co-lead Series A preferred rounds, generally investing $100k to $1.5 million in tranches against achievement of milestones.

Differentiator

Problem solved

Functional benefit

Products and services

• BELLE Capital USA, LP Early stage angel fund investing $100K to $1.5M in tranches (preferred stock with board seat) into women-led, capital-efficient companies in IT/mobile/internet, Digital Health/life sciences/medical devices, technology-enabled products and services, and CleanTech across underserved U.S. capital markets. Pairs financial capital with human-capital advisory councils (Investment Committee, Business Advisory, Technology, Marketing, Exit).
• BELLE Capital USA Opportunity Fund, LLC Opt-in side fund allowing limited partners, affiliates, and other parties designated by the General Partner to invest in fund portfolio companies alongside the main fund when portfolio companies need more investment capital than the main fund can provide.
• BELLE Capital, LP Original early stage angel fund focused on building great companies in Michigan and the Midwest, founded by Lauren Flanagan and Carolyn Cassin. Targets capital-efficient businesses with breakthrough technologies and is now closed for investment after making 4 investments through BELLE Capital and its Side Fund.

Quantifiable outcome

• Women-led companies typically produce higher revenues and launch on a third less capital than male counterparts
• +2 more outcomes

Named customers11 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered minor and core.

• QualysminorStrategic or Co-development Partner · 26 May 2015Portfolio company NopSec partnered with Qualys to offer enhanced security and compliance analytics solutions.
• Angel Capital Association (ACA)coreGTM or Marketing PartnerACA provides professional development for angel groups, family offices and private investors, delivers services and benefits to support the success of ACA member portfolio companies, and serves as the promotional and public policy voice for the U.S. community. BELLE Capital participates in ACA events and summits.
• DellcoreGTM or Marketing PartnerPartnership includes Dell Center for Entrepreneurs, Dell Women Entrepreneurs Network (DWEN), and Dell Innovators Credit Fund. Lauren Flanagan serves on Dell's EIR advisory board. Multiple BELLE team members participate in Dell events globally.
• Springboard EnterprisescoreGTM or Marketing PartnerVenture-catalyst that sources, coaches, showcases and supports women-led growth companies seeking equity capital. Since 2000, Springboard has helped more than 500 women-led companies raise nearly $6 billion in capital. BELLE Capital advisors including Amy Millman (President) and Kay Koplovitz (founder) are closely connected to Springboard.
• Startup America PartnershipminorGTM or Marketing PartnerStartup America supports a national network of communities dedicated to advancing the success of American startups. BELLE Capital is a partner supporting women entrepreneurship initiatives through this network.

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Phenomenelle Angels Fund: Women-focused angel fund co-founded by Lauren Flanagan (BELLE's Managing Director). Closely overlapping leadership and LP base, offering the most direct comparison to BELLE on strategy and operations.
• Female Founders Fund: Early-stage venture fund investing exclusively in female-founded companies in consumer, enterprise, and health. Comparable gender-lens thesis to BELLE, though FFF operates at larger fund/check sizes.
• Golden Seeds: One of the largest angel networks in the U.S. actively investing in women-led companies. Highly comparable to BELLE: same gender-lens thesis, similar early-stage check sizes, and similar emphasis on angel/early-stage rounds.
• Pipeline Angels: Nationwide angel network for women and non-binary investors backing women and non-binary founders at the pre-seed/seed stage. Direct peer to BELLE on thesis (gender-lens) and stage (angel/early).
• Astia: Global venture catalyst/angel network that sources and supports women-led growth companies seeking equity capital. Directly comparable to BELLE's sourcing model via Springboard-style curation.

Broad incumbents

• Springboard Enterprises: Non-profit venture catalyst that sources, coaches, and showcases women-led companies seeking equity capital. Closely allied with BELLE via shared advisors and deal flow; broader in mission though not directly capital-deploying.

Emerging players

• Portfolia: Investing community/fund platform with women-focused and sector-specific (Femtech, AgeTech) funds enabling accredited investors to back women-led companies. Emerging alternative to BELLE's LP structure.
• SoGal Ventures: Intersectional venture fund backing diverse, female and underrepresented founders globally. Comparable thesis to BELLE, with stronger global footprint and digital-native sourcing.
• BBG Ventures: Early-stage venture fund investing in women-led startups building consumer, enterprise, and emerging-tech products. Comparable gender-lens and stage to BELLE but with bigger institutional profile.

Others

• Angel Capital Association: Industry/trade association for U.S. angel investors and angel groups — partner of BELLE and ecosystem infrastructure rather than a direct investing peer.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/belle-capital-lp

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

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

M&A

Investments10 records

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

Frequently asked questions about BELLE Capital