LGBT Capital announces its first impact investment in Fridae
16 Sep, 2011
Fridae and LGBT Capital, the world's first and only corporate advisory and investment management firm focused on the LGBT consumer sector, today announced a strategic alliance to develop a world class LGBT operation in Asia to support this rapidly developing market and provide empowerment for the LGBT community.
LGBT Capital and Fridae today announced a strategic alliance to develop a world class LGBT (lesbian, gay, bisexual and transgender) operation in Asia to support this rapidly developing market and empower the LGBT community.
LGBT Capital is the world's first and only corporate advisory and investment management firm focused on the LGBT consumer sector, with particular interest in LGBT social networking companies benefiting from LGBT growth.
Fridae is Asia’s leading LGBT social networking operation with half a million registered users, more than 1.5 million visitors and 30 million page views hits per month. Available in English, Simplified and Traditional Chinese, Fridae is the leading LGBT news and information site in Asia.
Through its investment in Fridae, LGBT Capital will work with Fridae to develop its impact investment philosophy by combining a commercial business with support for the LGBT community, particularly in the developing markets in Asia. As part of this, the Fridae Foundation will be established. WebWorks, LGBT Capital’s investment vehicle will also be investing in other LGBT social networking businesses to look to achieve scale within this area, provide an impact investment opportunity and to implement its philosophy of actively supporting LGBT social development.
It is estimated that the LGBT population in the Asia region is more than 300 million with spending power of more than US$800 billion per annum. Compared to the United States where the LGBT population is estimated at around 18 million and the estimated spending power is around the same as Asia, both LGBT Capital and Fridae believe the potential in the Asia region is significant.
Paul Thompson, LGBT Capital’s co-founder to serve as Executive Chairman of Fridae
In order to support the development of Fridae and the establishment of the Fridae Foundation, effective immediately, Paul Thompson has been appointed as Executive Chairman of Fridae. Paul is an experienced business manager and was the first foreign CEO of a fund management company in Mainland China as well as former head of offshore funds for Goldman Sachs. Paul said: “We are delighted to have concluded this agreement with Fridae which supports our core philosophy of impact investment. We are particularly excited by the opportunity in Greater China and the potential this offers. We will look to combine running a commercial business with support and empowerment for the developing LGBT market in Asia”.
Joan Foo Mahony, Fridae’s former Chairman and current Director, said: “We are indeed very pleased to welcome LGBT capital to Fridae. We share a common vision for developing the LGBT market in Asia and believe the alliance between Fridae and LGBT Capital will allow the business to develop and further support the community”.
Fridae intends to further enhance and expand its potential as an LGBT social networking website and media platform which is truly Asian and which empowers and interacts with the Asian LGBT community. This will include the news and information services for the Lesbian and Transgender sectors, and the launch of the Fridae mobile application. Most importantly, through the Foundation, Fridae will look to further develop its education program on HIV/AIDS and support for the LGBT community.