'The check was secondary': How local VC LongJump is supporting 15 Chicago startups
Summary
Thanks to influential organizations deeply rooted in the citys business community, Chicago has become as much of a tech center as it has ever been, one local founder said.Chicago venture capital firm LongJump first launched as a way to help underrepresented entrepreneurs get the help they need to start their own businesses. This month the VC firm closed on its 15th investment, totaling $1.5 million deployed in the past year.With a typical check size of $100,000, here are the 15 startup that received funding from LongJump:Every company in LongJumps portfolio is led by either a woman or a minority founder. Companies that received funding were evaluated based on founder-market fit, market validation, and vision and strategy to scale the business.LongJump also brought on two new venture partners: active angel investor and former Wise Apple co-founder and CEO Rebecca Kahnweiler and Betsy Fore, the first Native American woman to raise a series A in the country, to evaluate and support its companies. Their expertise is centered on consumer package goods and foodtech as they hope to expand LongJumps reach in the community and the coasts.The VC fund plans to invest in nearly 30 more companies in the next two years with a total of $5.1 million raised.Andy Freivogel, co-founder and CEO at Science on Call, one of LongJumps portfolio companies that runs tech support for restaurants, said the organization has been key to building Science on Call into a national brand. "Science on Call raised $1.6 million in pre-seed funding from both local and national investors earlier this year, and Freivogel said the expertise among LongJumps founders provided a great foundation to learn how to build a company from the ground up.Officially launched in 2021, LongJump raised more than $5 million in its first fund, led by Chicago tech entrepreneurs such as Draftbits Brian Luerssen, Rheaplys Garry Cooper and Paladins Kristen Sonday, among others.