Chicago entrepreneurs start $100M ‘Lightbank’ fund

Two Chicago entrepreneurs who founded the group-buying site Groupon have launched a fund they hope will invest $10 million annually over the next decade in promising Midwestern start-ups.

The Lightbank fund aims to invest between $100,000 and $1 million in early stage companies from a range of industries including life sciences, social media, consumer web and energy. The fund was started by Eric Lefkosky and Brad Keywell, two entrepreneurs who’ve founded a number of companies and say their ventures have raised $150 million and generated more than $1.5 billion in investor returns, according to a statement from Lightbank.

Aside from their investment capital, Lefkosky and Keywell are selling their ability to provide young entrepreneurs with expertise, infrastructure and networking opportunities. Lightbank’s Web site takes on a light, casual tone, boasting of the duo’s foosball prowess and short attention spans. The site is obviously marketed toward the stereotypical “fresh-faced” young start-up leader, as VentureBeat points out.

The casual style is exemplified by the site’s application for funding, which simply asks entrepreneurs to explain the what, who, why and how behind their ideas.

“Chicago is full of untapped entrepreneurial talent that just needs a little support,” Lefkofsky said in the statement. “Lightbank will be a driving force behind breakthrough ideas and help establish this city as a technology hub.”