“Lex app raises $5.6M, sees leadership shuffle. LGBTQIA+ platform shifts from dating focus to broader queer community engagement. ”
In the bustling world of online dating, Lex, a novel dating platform inspired by vintage lesbian personals, has managed to secure a notable $5.6 million in seed funding. Jennifer Lewis, who once held the title of COO, steps up to the helm as the new CEO, while founding CEO Kel Rakowski transitions into the role of chief creative officer. Also joining the leadership team is Michelle Parsons, the former Hinge product chief, now appointed as Lex's chief product officer.
Lewis didn't shy away from commenting on the challenges faced during the fundraising process. For startups led by women and members of the queer community, securing funding is rarely straightforward. Nonetheless, the accomplishment feels even sweeter given the impressive strides made by their tight-knit 11-person team.
As it stands, three years post its inception, Lex's popularity is soaring, especially within the LGBTQIA+ spectrum. Its current ranking stands proudly at 350th on Apple's U.S social networking charts. With its user base particularly dense in metropolitan hubs like New York, Chicago, and Los Angeles, the platform isn't just for dating. In cities like LA, it's a lifeline for diverse needs – from finding roommates and selling concert tickets to venting, sharing LGBTQIA+ news, posting poetic content, or even reconnecting via Craigslist missed connections.
Earlier in February, Lex underwent a significant redesign, broadening its scope beyond just dating, to emphasize its community-driven nature. While the shift garnered mixed reactions, Lewis assures that the feedback was invaluable, spotlighting crucial areas of refinement. The platform's revamped vision? A holistic "social app for all things queer."
This latest seed funding round, spearheaded by Stellation Capital’s Peter Boyce, saw contributions from notable investors like Slauson & Co., Hope Lab Ventures, among others, with previous investors also chipping in. The injection of funds is earmarked primarily for expansion.
However, as with any tech product, growth brings its challenges. Lex's mission remains intact: not just bolstering online interactions but fostering genuine real-life meet-ups. Rejecting traditional ad-based monetization models, akin to Facebook or TikTok, the platform is currently exploring tailored paid features, considering charges for those posting frequently.
Rakowski, the former CEO, is now even more poised to realize her dream: championing and uplifting the queer community in innovative ways. With such dedication and commitment, Lex's future in the online dating and social networking landscape looks promising.
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