A Cincinnati-based venture capital fund for underrepresented founders is expanding its presence in the Midwest.
Lightship Capital, which invests in early-stage startups led by women, BIPOC and more, will open an office in the 16 Tech Innovation District in downtown Indianapolis in 2021, it announced this week. The move is part of an overall strategy to establish a “physical presence in cities throughout the Midwest,” Lightship said in a release, “creating more opportunities for underrepresented entrepreneurs in regions typically overlooked” by VC investors.
General Partner Brian Brackeen said the Indianapolis innovation district has all the ingredients for success - top-notch facilities, a lower cost of living and "high wages in our industry." It will be Lightship’s second office. In Cincinnati, the firm operates out of the 1819 Innovation Hub.
“Indiana is one of the best states to do business in, and now, with 16 Tech, we have world-class facilities to rival any tech campus in the nation,” Brian Brackeen said in a release. “We couldn’t be more excited about becoming a larger force in an already amazing ecosystem.”
General Partner Candice Brackeen told me Lightship will add one junior associate in the expansion. The venture fund's leadership team will also have structured office hours at 16 Tech throughout the month.
Located in the heart of downtown’s Riverside neighborhood, 16 Tech is a 50-acre live, work and innovate community focused on bringing together entrepreneurs, academics, startups, corporations and creatives. 16 Tech Community Corporation, a non-profit organization, is responsible for the development of the 16 Tech Innovation District.
Lightship Capital will operate out of HqO, a 100,000 square-foot innovation hub, considered the heart of 16 Tech, which is also set to open in 2021. Lightship’s office will be part of the flexible/private office space managed by 1776, a national incubation network and innovation management provider. HqO will also include a makerspace, as well as an artisan marketplace.
Lightship has been on a roll in 2020. The firm has closed over half of its fund so far – $26 million to date – and plans to make initial investments in 35 companies in all, with dollars reserved for additional follow-on. Lightship, which raised a historic $50 million fund this summer, invests in early-stage startups led by women, BIPOC, LBGTQ+ and people with disabilities in areas like consumer packaged goods, e-commerce, sustainability, artificial intelligence and health tech.
Bob Coy, president and CEO of 16 Tech Community Corporation, said the fund is a welcome addition.
“Lightship’s approach to portfolio building – finding and funding underrepresented entrepreneurs – is key to building a diverse and inclusive innovation community,” he said.
