Queer Spaces, Inc., recently spun out of the world’s leading queer tech company Hornet to build SPACES, the first tech platform for the entire LGBTQ+ community, today announced it is opening up for outside investment from community members and allies. Investment opportunities start for as little as USD $100, giving everyone the opportunity to participate in the upside of this exciting venture.
Using the popular WeFunder community crowdfunding site, SPACES is now accepting outside community investment of an aggregate amount up to USD $1 million, after already securing USD $500,000 of commitments from lead and existing Hornet investors over the last 10 days into the proposed SAFE round. With the overall raise already over 50% achieved in such a short time, SPACES is expecting this campaign to close quickly. Investment will go towards accelerating the app’s rapid growth, building an in-demand Android version, and kicking off a marketing spend after the app’s grassroots launch in March of this year.
“SPACES is a rare opportunity where market, team, and timing all come together. I look for three things in a great investment. SPACES has all of them,” said Tim Howes, a longtime ally of the queer community, a serial entrepreneur and investor since his pioneering role as the CTO of Netscape in the 1990s. He elaborates: “1. Great market at the right time. The LGBTQ+ community is big and growing and needs safe spaces. The timing has never been better. 2. Great team. Christof and his team have a successful track record with Hornet and other amazing companies. They know the space and are proven executors. 3. Great traction. SPACES has remarkable traction and organic growth after a very short time. I can’t wait to see where they go from here.” Howes is investing USD $50,000 on WeFunder.
Other initial investors include Mark Suster, a Partner at Upfront Ventures; Sean Rad, the founder of Tinder; Sam Altman, CEO at OpenAI and former President at YCombinator; Niklas Lindstrom, a serial founder and CTO at Skout, the Meet Group and now UnitQ; as well as Christof Wittig, a serial entrepreneur and investor, and also the founder and CEO of Hornet, which incubated SPACES and remains its largest shareholder.
“Many people know my unwavering belief that technology can be a force for good, if put into the right hands,” says Wittig, also the CEO and co-founder of Queer Spaces, Inc. “Today we’re taking this belief to the next level by giving our LGBTQ+ community the right to own its digital home, and to have an economic stake in its success.”
Investments, starting at USD $100, can be made with just a few clicks at WeFunder . The site includes all required information and disclosures for an investment decision, for both investors small and large. The company is distributing additional perks for community investors including T-shirts, mugs and tote bags, until the campaign is fully subscribed.