Twin Cities-based Sofia Fund, a female-led venture capital firm that focuses on women-led companies, has upped it stake in Landit, a technology platform designed to increase the professional success of women and diverse group
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 Landit's 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…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.”
Sofia Fund, which has raised a total $5.5 million in two rounds since 2006, has invested in 16 companies. It has exited five of the companies at a profit for its investors.