Lex Gets New CEO, Ex-Hinge CPO, and $5 Million Expenditure

Queer social application Lex has introduced a leadership combine-up after efficiently raising $5.6 million in seed funding. Jennifer Lewis has been promoted from COO to CEO, even though ex-Hinge CPO Michelle Parsons has joined to guide the platform’s product crew. 

Kel Rakowski, the founder and former-CEO of the platform, will be shifting to a new purpose as Main Creative Officer, TechCrunch experiences.

The organization shared that Stellation Capital’s Peter Boyce led its seed spherical, with other investors which includes, Slauson & Co., Hope Lab Ventures, Ideal Evenings VC, Terrific Oaks, Graph Ventures, Manuela Rios, and Melanie and Lila Steinbach.

A quantity of organisations that have presently invested also upped their contribution which include: Woman Founders Fund, Alpaca Ventures, Pink Swan and Gaingels.

“We’re happy to have successfully lifted,” Lewis shared. She highlighted that it was an remarkable achievement for Lex’s compact group and that traditionally it is challenging for girls- and queer-led startups to get assistance from the enterprise cash market.

Lex was at first motivated by lesbian personalized ads, supporting text-centered posts that were being generally concentrated on romance & intimacy. GDI claimed in February that the system was going away from its raunchy past, now on the lookout to focus a lot more on group-constructing, as opposed to hookups. 

Even though this was a controversial go at the time, Lewis thinks that the shift achieved its purpose of providing “a social application for all points queer.”

With this new expenditure, Lex is established to grow. Even so, its new leadership highlighted that monetisation would have to be carried out in a way that is representative to the group it serves. Lewis pointed out that advert-based monetisation requires the system to hold end users scrolling on the app, as opposed to conference up in true daily life.

Therefore the system is exploring alternate strategies of earnings technology, which includes setting a article limit for consumers that can be turned off in exchange for a smaller price.

You can discover out additional about Lex on its web-site below.