By Neal St. Anthony Star Tribune
WWR Article Summary (tl;dr) "Sofia Fund", which typically invests up to $500,000 in its portfolio companies, participated in a recent $13 million equity-capital raise for "Landit" which has been described as a female-focused Linkedin.
Twin Cities-based Sofia Fund, which pools individual-investor capital, and focuses on high-growth, women-led companies, has upped it stake in Landit, a technology platform designed to increase the professional success of women and diverse groups.
Landit has been described as a souped-up version of LinkedIn, targeted at women and minorities, including “a tailored playbook that provides the tools, resources, know-how, and human connections they need to advance and navigate their career.”
Sofia Fund, which typically invests up to $500,000 in its portfolio companies, participated in a recent $13 million equity-capital raise.
Sofia also participated in the first investment round in 2017. “Landit has a diverse team of women leaders with a disruptive, scalable business model that uses technology to solve real problems," said Sofia Fund CEO Cathy Connett. “As companies look to increasingly engage their workforce and attract and retain diverse leaders, and women develop intentional next steps to grow their careers, we believe the market is significant for Landit.” CEO Lisa Skeete Tatum of Landit said: “Sofia Fund’s support is particularly meaningful, as we share a common goal of empowering diverse leaders to grow and be successful.
“The future of work is about unlocking the potential of each individual by investing in their personal success and surrounding them with the resources they need to move forward.”
The Sofia Fund partners, who go back 30 years in the investment business, formed a predecessor firm to Sofia Fund in 1998.
Sofia has made 17 investment in 7 companies from two investment funds over several years, including four that have been sold at a profit for investors.