What Chasing Rainbows does

Chasing Rainbows VC is a San Francisco-based venture capital firm founded by Ben Stokes in Fall 2019 as an angel fund and converted into an institutional vehicle with a $10 million Fund I closed in 2023. The firm invests in Pre-Seed to Series A companies with LGBTQ+ founders, deploying initial checks of $50K-$250K with follow-on capacity and co-investment through syndicates. The portfolio is approximately 80% US-based and 20% international, sector-agnostic with thematic emphasis on Healthcare, Sustainability, Education, and Financial Equity & Inclusion. Co-General Partners Ben Stokes and Patrick Driscoll are supported by Venture Partner Kadi Findling.

The firm operates two capital channels. The primary is a traditional VC fund structure generating returns through management fees and carried interest on equity investments across Pre-Seed to Series A rounds. The secondary is the Vibrant Collective, a 501(c)(3) philanthropic vehicle built in partnership with LOHAS.ORG that enables tax-deductible donations (minimum $250 individual, $5,000 DAF/Foundation) and grants (recoverable and non-recoverable) routed to portfolio companies meeting UN Sustainable Development Goals. Go-to-market relies on community-driven deal flow sourced through the LGBTQ+ VC network, StartOut partnership, and direct founder applications, complemented by ecosystem perks from Google Cloud, AWS, Stripe, Brex, and Notion.

Customer segments include LGBTQ+ founders (primary), impact-oriented accredited LPs, and philanthropic donors. The firm has made approximately ten disclosed investments spanning urban climate tech, healthcare, fertility, media authentication, mental health, kids' internet safety, esports training, biomaterials, AI data annotation, legal AI, and AI translation. There is no proprietary technology underlying the fund itself, and revenue is derived entirely from fund management economics rather than software or product sales.

Name

Chasing Rainbows

Legal name

Chasing Rainbows VC

Website

https://chasingrainbows.vc

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

Chasing Rainbows VC is a San Francisco-based venture capital firm investing Pre-Seed to Series A in LGBTQ+ founded startups, operating a $10M Fund I and a philanthropic 501(c)(3) vehicle, the Vibrant Collective, in partnership with LOHAS.ORG.

Ownership category

akta.pro rank

Product category

Venture Capital Fund Management

NAICS

Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro primary industry

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

akta.pro secondary industries

Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG), SDG / Thematic Sustainable Investment Funds (FSANAJAN), Micro-VC & Angel Funds (FSANAAAI), Financial Inclusion & Consumer Empowerment (Banking Access, Credit Building) (BPAGALAJ)

Keywords

• Venture capital funding
• Early-stage investments
• LGBTQ+ founder investing
• Pre-seed funding
• Impact venture capital

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Venture Capital Fund Management: Traditional VC fund structure with management fees and carried interest. Generates returns through equity investments in LGBTQ+ founded startups from Pre-Seed to Series A stages, with the potential for markups, acquisitions, and up-rounds across sectors.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels6 records

Core offering

Chasing Rainbows VC is a traditional venture capital firm that invests $50,000–$250,000 in LGBTQ+ founded companies from Pre-Seed to Series A stages, with 80% US-based and 20% international allocations and sector focus on Healthcare, Sustainability, Education, and Financial Equity & Inclusion. The firm raised a $10 million Fund I in 2023 and supplements its primary fund with the Vibrant Collective, a philanthropic capital vehicle through LOHAS.ORG that enables tax-deductible donations, donor-advised fund contributions, and grants to support LGBTQ+ entrepreneurs whose companies meet UN Sustainable Development Goals.

Product overview

Chasing Rainbows is a traditional venture capital fund that invests in LGBTQ+ founded companies from Pre-Seed to Series A stages. The fund provides initial investments ranging from $50k to $250k with follow-on co-investment opportunities. The fund operates on a sector-agnostic basis with focus on Healthcare, Sustainability, Education, and Financial Equity & Inclusion sectors. The fund is managed by General Partners Ben Stokes and Patrick Driscoll and has raised a $10M Fund I. The fund offers portfolio companies strategic investment, access to an extensive LGBTQ+ VC network, dedicated mentorship and support, and a vibrant founder community. The fund also partners with LOHAS.ORG to offer the "Vibrant Collective" as an additional philanthropic capital vehicle for donors.

Differentiator

Problem solved

Functional benefit

Brands

• Vibrant Collective: A capital vehicle created in partnership with LOHAS.ORG for philanthropic investments, allowing donors to utilize various philanthropic asset classes (DAF, donation, grant) to support LGBTQ+ entrepreneurs.

Products and services

• Fund I (Chasing Rainbows VC Fund I) Institutional venture capital fund that invests $50,000–$250,000 in LGBTQ+ founded startups from Pre-Seed to Series A stages, with 80% US-based and 20% international allocations. Targets healthcare, sustainability, education, and financial equity & inclusion sectors and offers follow-on and co-investment opportunities through syndicates. Aimed at accredited LPs and institutions seeking values-aligned venture exposure.
• Vibrant Collective (Philanthropic Capital Vehicle) Philanthropic capital vehicle created in partnership with LOHAS.ORG that allows donors to deploy capital via donor-advised funds, direct donations, and recoverable or non-recoverable grants to support LGBTQ+ entrepreneurs whose companies meet UN Sustainable Development Goals. Operated under the fund's 501(c)(3) status making contributions tax-deductible, with a $250 individual minimum and a $5,000 DAF/Foundation minimum. Aimed at individual donors, donor-advised fund sponsors, and foundations seeking verified impact and tax-efficient LGBTQ+ entrepreneurship support.
• Co-Investment Opportunities through Syndicates Program that allows outside investors to co-participate in specific portfolio company deals alongside Fund I. Aimed at accredited investors who want single-deal exposure to LGBTQ+ led startups in addition to or instead of committing to Fund I at the portfolio level.

Quantifiable outcome

• LGBTQ+ founders outperform: 114% more patents, 36% more jobs, 44% more exits
• +2 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Ten partnerships are on record, tiered core and minor.

• VC IncludecoreStrategic or Co-development Partner · 1 January 2023Chasing Rainbows was accepted into the VC Include Fellowship for Impact Fund I Managers, providing resources and support for emerging impact fund managers.
• StartOutcoreStrategic or Co-development PartnerStartOut is the leading LGBTQ+ global founder network. Chasing Rainbows holds board positions with StartOut and collaborates on events including demo days and the StartOut Equity Summit. Partnership provides deal flow access and visibility among LGBTQ+ founders.
• LOHAS.ORGcoreStrategic or Co-development PartnerPartnership to create the 'Vibrant Collective' capital vehicle enabling various philanthropic asset classes (DAF, donation, grant - recoverable and non-recoverable) to support LGBTQ+ entrepreneurs. The fund and portfolio companies meet UN SDGs enabling philanthropic capital usage.
• BrexminorGTM or Marketing PartnerEcosystem partner providing preferential pricing for portfolio companies. Brex offers corporate credit cards and banking solutions tailored for startups.
• Google CloudminorGTM or Marketing PartnerEcosystem partner offering portfolio companies preferential pricing on cloud infrastructure and services.
• AWS (Amazon Web Services)minorGTM or Marketing PartnerEcosystem partner providing portfolio companies with preferential pricing on cloud computing services.
• NotionminorGTM or Marketing PartnerEcosystem partner offering portfolio companies preferential pricing on productivity and collaboration tools.
• StripeminorGTM or Marketing PartnerEcosystem partner providing portfolio companies with preferential pricing on payment processing infrastructure.
• The Pinnacle FoundationcoreStrategic or Co-development PartnerChasing Rainbows GP Ben Stokes holds board position with The Pinnacle Foundation, which awards university scholarships to LGBTQ+ students. Partnership supports educational advancement of LGBTQ+ individuals.
• Nasdaq Entrepreneurial CenterminorStrategic or Co-development PartnerGP Ben Stokes spoke on panel with Nasdaq Entrepreneurial Center and StartOut about angel investing, sharing advice for underrepresented founders on benefits and drawbacks of angel round fundraising.

Scale indicators5 records

Recent moves7 records

Expansion highlights6 records

Others

• StartOut: StartOut is the leading LGBTQ+ founder network and accelerator. It is not a direct fund peer but is a core ecosystem partner to Chasing Rainbows (board seat, demo days), and its venture initiatives increasingly overlap with early-stage LGBTQ+ investing.
• ImpactAssets: ImpactAssets operates the IA 50 database of impact fund managers and is a key allocator in the impact-investing ecosystem. It is relevant to Chasing Rainbows as a recognition vehicle and as a potential LP channel for LGBTQ+ focused capital.

Direct peers

• Backstage Capital: Backstage Capital is a venture fund dedicated to investing in underestimated founders, including people of color, women, and LGBTQ+ founders. Like Chasing Rainbows, it focuses on pre-seed/seed startups from underrepresented groups and operates from a mission-driven impact lens.
• Gaingels: Gaingels is one of the largest LGBTQ+-allied angel and venture investor networks, with a similar thesis of investing in companies with LGBTQ+ founders and allies. It is the most direct comparable to Chasing Rainbows because both target LGBTQ+ founders at early stages and syndicate deals across a national network.
• Kapor Capital: Kapor Capital invests in early-stage tech startups led by underrepresented founders, including LGBTQ+ founders, with a focus on closing gaps of access. It is comparable to Chasing Rainbows in its mission-driven, pre-seed to Series A approach to underrepresented founders.
• Pride Fund 1: Pride Fund is a venture capital fund explicitly backing LGBTQ+ founders at the seed stage. It overlaps directly with Chasing Rainbows on the LGBTQ+ founder thesis, although it historically focused more heavily on consumer and tech categories.

Emerging players

• SoGal Ventures: SoGal Ventures invests in diverse founders, with a strong focus on women and LGBTQ+ founders, at the pre-seed to Series A stage. Comparable to Chasing Rainbows in its diverse-founder thesis and check size range, though it runs a global brand.
• Capita3: Capita3 is an early-stage venture fund focused on women and underrepresented founders. It overlaps with Chasing Rainbows' diversity thesis but is broader than the LGBTQ+-specific niche, making it a partial/adjacent peer.

Broad incumbents

• Anthos Capital: Anthos Capital is a multi-stage venture fund that has publicly committed to investing in companies with diverse founding teams, including LGBTQ+ founders. It competes for similar early-stage deals but at a larger fund size and broader mandate.
• Y Combinator: Y Combinator is the largest pre-seed accelerator globally and invests in thousands of startups including many led by LGBTQ+ founders. It is not a thematic LGBTQ+ fund but is a major competitor for the same pre-seed deal flow that Chasing Rainbows targets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/rainbows_vc
• Facebookfacebook.com/chasingrainbows.vc
• LinkedInlinkedin.com/company/chasing-rainbows-vc

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds

Investors

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

M&A

Investments7 records

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

Frequently asked questions about Chasing Rainbows