Lex Receives New CEO, Ex-Hinge CPO, and $5 Million Investment decision

Queer social application Lex has declared a leadership mix-up immediately after successfully raising $5.6 million in seed funding. Jennifer Lewis has been promoted from COO to CEO, though ex-Hinge CPO Michelle Parsons has joined to direct the platform’s solution staff. 

Kel Rakowski, the founder and former-CEO of the system, will be moving to a new purpose as Main Resourceful Officer, TechCrunch reports.

The company shared that Stellation Capital’s Peter Boyce led its seed round, with other buyers which include, Slauson & Co., Hope Lab Ventures, Finest Evenings VC, Excellent Oaks, Graph Ventures, Manuela Rios, and Melanie and Lila Steinbach.

A number of organisations that have presently invested also upped their contribution together with: Feminine Founders Fund, Alpaca Ventures, Pink Swan and Gaingels.

“We’re very pleased to have properly lifted,” Lewis shared. She highlighted that it was an outstanding accomplishment for Lex’s small staff and that typically it’s difficult for women- and queer-led startups to get guidance from the venture funds industry.

Lex was at first motivated by lesbian individual advertisements, supporting text-based mostly posts that were being often concentrated on romance & intimacy. GDI claimed in February that the system was shifting absent from its raunchy previous, now hunting to focus additional on group-making, as opposed to hookups. 

Whilst this was a controversial transfer at the time, Lewis thinks that the change attained its purpose of providing “a social application for all things queer.”

With this new investment, Lex is set to grow. However, its new leadership highlighted that monetisation would have to be done in a way that is agent to the neighborhood it serves. Lewis pointed out that advert-based monetisation involves the platform to keep customers scrolling on the app, as opposed to conference up in authentic everyday living.

As a result the platform is checking out alternate strategies of earnings generation, which include location a write-up limit for end users that can be turned off in trade for a smaller fee.

You can find out a lot more about Lex on its web-site in this article.