Pride Month Analysis: Where LGBTQ+ Founders Are Building

CHART OF THE WEEK 📈

By Teddy Lyons | Read

In honor of Pride Month, this week’s Kingscrowd chart explores where LGBTQ+ founders are building and fundraising in the online private markets. From restaurants and consumer products to wellness and media, we’ve tracked 99 campaigns led by LGBTQ+ entrepreneurs since 2021. Explore which industries and platforms are leading the way—and how you can find and support these founders as an investor.

Have a suggestion for a data story you’d like us to look into? Submit by replying to this email

INSIDE STARTUP INVESTING

By Sam Fiske / Watch | Apple | Spotify

No Kingscrowd Podcast this week. Instead we’ve got the latest episode of Inside Startup Investing, where Chris Lustrino sits down with Ariane Valle and Turner Hoff, cofounders of Vegetable + Butcher. Ariane and Turner unpack how they built a handcrafted, locally delivered meal company that’s redefining how food gets to your table. Founders and investors will love this deep dive into customer retention, logistics, new product formats, and how they're using technology to scale a premium experience — without sacrificing quality.

UPCOMING EVENTS

Next week - Join Kingscrowd CEO Chris Lustrino for a live, interactive session with Energea co-founder Mike Silvestrini and Director of Investor Relations Tyler Hurlburt to demystify how solar power-purchase agreements convert sunlight into reliable cash flow, explain the risk-mitigation tools and geographic diversification behind Energea’s U.S., Brazil, and African portfolios, and answer your questions about adding renewable infrastructure to your investment strategy—reserve your spot for this investor-focused webinar on Wednesday, June 25th at 2pm ET.

PITCH REVIEW 💸

By Léa Bouhelier-Gautreau \ Deal Report

Brief: Neighbor Pet Food produces fresh, sustainable dog food made with whole, human-grade ingredients in a USDA-certified kitchen in Portland, Oregon. Available in over 70 pet stores across Oregon and Washington, the company caters to health-conscious pet owners seeking high-quality alternatives to traditional pet food.

Léa’s Take: Just like humans, pets thrive on good food—and in a crowded pet food market, Neighbor Pet Food is quietly standing out. The Portland-based company nearly doubled its revenue from 2023 to 2024, climbing past $300,000. Even more impressive, it’s doing so with a razor-sharp customer acquisition strategy: spending just $150 to acquire customers who bring in an average of $3,000 over their lifetime. That kind of CAC:LTV ratio isn’t just healthy—it’s exceptional.

The secret? Community. Neighbor isn’t blasting ads or flooding Amazon. Instead, it’s handing out samples at farmers markets and sports events across Portland and Seattle. Dogs get a taste, tails wag, and owners want more. That initial connection—fresh food, made locally—goes a long way. Pet parents care where their food comes from, and they want to support local businesses. That trust has helped Neighbor land spots in 70 independent pet stores, a strong signal of grassroots traction.

But success brings new questions. The company is just beginning to test digital marketing, an essential move if it wants to scale. And scaling raises a tough challenge: can a brand built on being hyperlocal grow beyond Oregon without losing its edge? If local love is the fuel, how far can it go?

STAFF PICKS 🌶️

HMDmd

By Teddy Lyons

HMDmd develops wearable 2D/3D visualization monitors to assist surgeons in the OR. However, the company licenses its IP from another company, with the licensing agreement requiring quarterly minimums and additional share warrants. Does this add too much risk to this opportunity?

HAH Parking

By Léa Bouhelier-Gautreau

HAH is a parking platform that has shown modest growth recently. But interestingly, the company achieved profitability in 2024. This is rare for a marketplace and makes it worth taking a look at this deal.

Proud Mary Coffee

By Teddy Lyons

Despite operating in one of the most competitive markets in the world, Proud Mary Coffee has recorded over $100M in lifetime revenue and has a strong mix of D2C and wholesale customers. Is this one of the few investable CPG opportunities?

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