Queer social app Lex gets $5.6M funding and new CEO

Lex, the app reminiscent of traditional lesbian personals, recently procured an impressive $5.6M in seed funding.

A few changes unfolded in tandem with this financial boost:

• Leadership Changes: Co-founder Jennifer Lewis transitioned from COO to CEO as former CEO Kel Rakowski assumed the role of Creative Director. Michelle Parsons, formerly of Hinge, stepped in as Chief Product Officer.

• Achievement and Growth: Jennifer Lewis heralded the funding as a significant achievement for women and queer-led startups. The Lex app, now in its third year, may not rival Reddit, Tinder, or Twitter in scale, however, it is gradually extending its influence as more people embrace their LGBTQIA+ identities.

• Fun Fact: It currently ranks 350 among iPhone social networking apps in the U.S.

• Functions and Capabilities: For LGBTQIA+ individuals in major cities such as New York, Chicago, and Los Angeles, Lex is more than just an app – it's a vital resource. It serves a wide range of functions, from finding roommates and selling concert tickets to venting feelings and posting personal ads.

• Dating to Community: Following a major makeover earlier this year, Lex has shifted its focus towards community, despite some users missing its previous dating-centric approach.

• Backers: The primary investor in the recent funding round is Peter Boyce from Stellation Capital, with numerous firms and angel investors also contributing.

• Funding Utilization: The new funding will be used for expansion, with a particular focus on nuanced growth and monetization strategies tailored to the LGBTQIA+ community.

Unlike Meta (Facebook) or TikTok, Lex's approach to generating revenue will take a different route, currently testing features such as charging users who wish to post more frequently than the app's standard limitation.