Gaingels Research
Investment Thesis
Gaingels is amongst the world's largest LGBTQIA+/Allies venture investment syndicates, fundamentally believing that equity of access and representation in venture capital delivers positive financial returns while creating meaningful social impact. The core thesis is that diverse and underrepresented leaders of high-growth companies deserve access to capital, and that when these founders succeed, they become influential decision-makers who open doors for others historically excluded from venture.
The fund co-invests with select venture capital leads in companies resolved on building diverse and inclusive teams. Gaingels seeks to drive top returns while simultaneously influencing the venture ecosystem by ensuring diverse investors and leaders are represented in portfolio company cap tables.
Community & Network Structure
Gaingels operates as a community-first syndicate rather than a traditional top-down VC firm:
- 4,800+ total members with 3,700+ accredited investors
- $990M+ deployed since 2019 across 2,600+ investment rounds
- 2,400+ portfolio companies spanning AI, healthcare, fintech, defense, deep tech, and other sectors
- 70+ unicorns in the portfolio
- Community model: No minimum yearly investment commitments, no membership fees
Members are expected to contribute beyond capital—providing introductions, advice, business connections, and expert guidance to portfolio companies. Gaingels facilitates this through virtual events, in-person community gatherings, annual ecosystem trips, and international signature events.
Investment Characteristics
Stage Focus
Gaingels invests across all stages, from pre-seed through pre-IPO, though the community shows particular strength in:
- Pre-Seed & Seed: Large concentration from Y Combinator (126 portfolio companies), Techstars (37)
- Series A & Beyond: Co-investing with top-tier VCs including a16z (71), Sequoia (50), Khosla Ventures (47), General Catalyst (53)
- Fund Status: Actively deploying with recent 2025-2026 investments in RapidFort, Neurophos, Performance Drone Works, Sophia Space, and others
Check Size
Historically:
- Individual member checks: $200K - $500K (per firm API data)
- Syndicate participation: Ranges from early-stage ($250K-$1M) to growth ($5M+)
- Check size minimum: $200,000
- Check size maximum: $500,000
Gaingels co-invests alongside lead VCs, so individual checks tend toward lower range; syndicate impact is multiplied through network participation.
Lead Tendency
Follows primarily, with selective co-leads: Gaingels is fundamentally a follower/co-investor syndicate. The community co-invests with "select venture capital leads" in competitively-sourced rounds. Gaingels principals invest personal capital alongside the syndicate in every deal, maintaining alignment. The model attracts accredited investors seeking access to quality deal flow curated by experienced VCs.
Recent 2025-2026 activity shows participation in Series A rounds (RapidFort, Harness), alongside seed and pre-seed rounds through ecosystem partners.
Sector & Model Focus
Portfolio Diversity
The portfolio spans all major sectors:
- AI & Robotics: AI-generated content, autonomous systems, developer tools with AI
- Climate & Greentech: Sustainable solutions, clean energy
- Consumer: Apps, social platforms, products, media & entertainment
- Enterprise Software & Services: B2B SaaS, workflow automation, security
- Fintech & Payments: Blockchain, crypto, payment processing, DeFi
- Healthcare & Biotech: Digital health, telemedicine, biotech, life sciences
- Media, Gaming & Entertainment: Streaming, gaming, content creation
- Proptech & Real Estate: Real estate technology
- Space, Aviation & Transportation: Aerospace, logistics, transportation tech
- Web3 & Digital Assets: Blockchain, crypto, decentralized platforms
Top Co-Investors
Gaingels syndicates with the best venture firms globally:
- Y Combinator (126 co-investments)
- Andreessen Horowitz / a16z (71)
- Greycroft (66)
- 8VC (54)
- General Catalyst (53)
- Sequoia Capital (50)
- Khosla Ventures (47)
- Alumni Ventures Group (46)
- Founders Fund (37)
- Techstars (37)
Notable exits in portfolio: Udemy (IPO), Better (SPAC), Jackpocket (acquired), and Carta, WHOOP, Figure (pre-IPO unicorns).
Team & Leadership
Founding Leadership
Jennifer Jeronimo – CEO of Gaingels Inc., General Partner
- 20+ years finance & banking (Credit Suisse, Bear Stearns, JP Morgan Executive Director)
- Led global KYC, transaction monitoring, operational transformation
- Deep expertise in compliance, institutional operations, and building world-class teams
- Passionate advocate for underrepresented leaders and founders
- Based in New York City
Paul Grossinger – Co-founder & General Partner (2014)
- Co-founded Gaingels from small angel group to $900M+ deployed syndicate
- Co-founded Mathison.io with David Beatty
- Founded Blue Jay Syndicate (now part of Gaingels family) and A-Level Capital
- 110M+ invested in 200+ companies since 2016, including $80M+ in 2020 alone
Lorenzo Thione – General Partner (joined ~2018)
- Serial entrepreneur at intersection of technology, art, commerce, social impact
- Tony Award-winning Broadway producer (Hadestown)
- Co-creator/producer of George Takei musical "Allegiance"
- Co-founded: Powerset (exited to Microsoft 2008), Artify, StartOut (leading LGBTQ entrepreneurship non-profit)
- Named most influential LGBTQ+ person in tech twice (Business Insider 2014, 2018)
- Board chair emeritus of StartOut
Peter Steinberg – General Partner (joined 2019)
- 25+ years expertise in website UX/UI, user analytics, SEO, online communities
- AOL pioneer (co-created early online personal ads)
- Led product at Zagat, Vindigo, Meetup (implemented sustainable organizer fee model 2003-2006)
- Co-founded Flashlight Worthy Books
- Headed product at Food52, venture investor since 2007
Additional General Partners
Max Frenkel – General Partner
- Dartmouth grad (Cognitive Science)
- Founded e-commerce startup (medical supplies), angel investor
- Oversees Nexus unit at Gaingels
- Focus: FinTech, Web3, DTC sourcing; partnerships with AngelList, Republic, Ourcrowd, Proof
- Based in Miami
Venture Partners
Emilie Poteat – Venture Partner
- PhD in economic sociology
- Led strategy/transformation at Goldman Sachs, Bridgewater Associates
- Successfully led turnaround of healthcare consulting company as interim CEO
- Leads strategic initiatives for new investment products and LGBTQ+ impact
- Based in Westchester, NY
Zachary Ginsburg – Venture Partner, Calm Ventures
- Founder & GP of Calm Ventures (Los Angeles, seed to pre-IPO)
- Prior: Investor at OCV Partners ($260M growth equity fund)
- 100+ personal investments including Headspace, Coinbase, Thrive Market
Jason VE – Venture Partner
- Tech, media & music executive (Google, Viacom, Disney, Deezer, 88rising)
- VP at 88rising leading business development for leading Asian artists music company
- Co-founded Out in Tech Miami chapter (2019)
- Techstars Music mentor, board member Asian Americans Advancing Justice
- NYU Stern graduate, based in Miami
Mission & Values
Core Commitments
Gaingels portfolio companies are asked to sign the "Gaingels Pledge," acknowledging commitment to:
- Building diverse and inclusive teams across all levels of leadership
- Creating equitable representation and corporate responsibility
- Embracing LGBTQ+ and gender non-conforming representation explicitly
Gaingels team commits to members:
- Transparency & Integrity – Act professionally, disclose conflicts
- Active Portfolio Support – Engage with companies through network, expertise, resources
- Deal Sourcing – Work diligently to identify profitable opportunities
- Aligned Incentives – Invest personal capital alongside members in every deal
- No Fee Structure – No performance fees or carry on membership itself
Additional Programs
Gaingels Scholarship – Educational support for underrepresented founders
Board Access Program – Placed 65+ diverse candidates on portfolio company boards
Venture Inclusion – Initiative to promote diversity and inclusion across venture ecosystem
Gaingels 100 – Annual celebration of 100 diverse founders (published annually)
Gaingels Letter – Community newsletter and thought leadership platform
Jobs Board – 10,000+ live roles at portfolio companies, connecting LGBTQ+ talent to diversity-focused employers
Decision Process & Investment Operations
Membership & Decision Making
- Structure: Community syndicate, not traditional hierarchical partnership
- Member Discretion: Investors retain full discretion whether to participate in any given deal
- KYC/AML: New members complete facial recognition scan, KYC review, partner call
- Application Timeline: Decision within 1 week
- No Minimum Commitments: Members can participate in deals of interest without yearly minimums
Scout Program
Gaingels operates a Venture Scout program where community members identify and refer venture-led opportunities to the network for consideration. This distributed sourcing model keeps deal flow fresh and member-driven.
Geographic Focus
Primary: United States (especially New York, San Francisco, major tech hubs)
Secondary: Global reach through 4,800+ members and 2,400+ portfolio companies spanning all continents
Notable: Recently showed investment in India (per portfolio company feedback), with initiatives to increase LGBTQ+-focused ventures in markets less represented in venture.
Recent Activity & Momentum
2025-2026 Recent Investments:
- RapidFort – Series A (Feb 2026)
- Emobi – 2026
- Neurophos – Jan 2026
- Performance Drone Works – Jan 2026
- Sophia Space – Jan 2026
- Luminate – Jan 2026
- Harness – Dec 2025 (Series B, $570M total funding)
Fund Status: Actively deploying with strong 2025-2026 momentum
AUM Clarification: ~$600M deployed since 2019, with continued capital deployment through ongoing syndicate member participation
Investment Philosophy & Competitive Advantages
What Gaingels Brings
Beyond capital, portfolio companies report Gaingels provides:
- Network Access – 4,800+ members across industries providing introductions, expertise, business development
- Operational Support – Board recruitment, DEI strategy, talent sourcing, business development guidance
- Founder Friendliness – Hands-on support, advisor network, experience navigating growth stages
- Mission Alignment – Community of investors explicitly committed to building diverse, inclusive companies
- Inclusive Representation – Tangible diversity in cap table, connecting founders to LGBTQ+ and diverse talent networks
Founders frequently cite that Gaingels "brings more than cash"—the network and expertise transform investment into partnership.
Founder Profile
Gaingels backs founders who:
- Recognize importance of diversity and inclusion in building great companies
- Want access to a global network of diverse investors, mentors, and advisors
- Are building for impact alongside returns
- Appreciate structured portfolio support beyond capital
- Commit to building diverse, inclusive leadership teams
Historical Performance & Scale
- Since 2014: From small angel group to world's largest LGBTQ+/Allies venture syndicate
- Since 2016: $110M+ invested in 200+ companies
- 2020 alone: $80M+ deployed (5x growth YoY 2018-2021)
- Since 2019: $990M+ deployed across 2,600+ investment rounds
- Current: 2,400+ portfolio companies, 70+ unicorns
- Community: 4,800+ members, 3,700+ accredited investors
Gaingels represents a structural shift in venture—proving that diversity and inclusion drive returns, not just values.