Venture capital traditionally flows to predictable places and familiar faces, overlooking vast potential in America’s heartland. At Lightship Capital, General Partner Alexis Alston is rewriting this narrative by backing exceptional founders in overlooked markets. With a unique background spanning chemistry, entrepreneurship, and musical theater, Alston has built a billion-dollar investment firm that finds opportunity where others see only flyover states, proving innovation thrives far beyond Silicon Valley’s borders.
From Wigs to Venture Capital
Alexis began her entrepreneurial journey at just 16 years old, creating a social enterprise that provided wigs to cancer patients. “I sold wigs to folks and then was able to provide heavily discounted or even free wigs to others facing cancer and other hair-affected diseases,” she explains. This early venture set her on a different path than her siblings, who she notes took a less conventional route, and unfortunately were engaged in drug dealing. “Technically I think we’re all entrepreneurial. I just decided to do it in a more legal way.” After studying chemistry and business at university, Alexis discovered her passion for supporting science and technology ventures. “I ended up falling in love with the idea of helping other people build mostly science, tech, and biotech related ventures. I’ve been investing ever since,” she shares.
Building Lightship Capital
Lightship Capital emerged from humble beginnings five years ago. “We started Light Ship from the ground up in the middle of a hotel room in Miami, Florida, in a big brainstorm whiteboard session,” Alexis recalls. What began as an attempt to raise a few million dollars quickly grew into something much larger. “We ended up raising a very successful $50 million fund one. Now we’re raising fund two and a fund of funds. By the end of the year, we’ll have a little over a billion dollars under management.”
The firm’s distinctive approach centers on finding innovation in places most investors ignore. “I’m really interested in seeing what’s happening across all of America right now. Where other investors aren’t going, what they call flyover states, middle America,” Alexis explains. “I’m always interested in seeing what remarkable founders are building on problems they’re solving that everyone else is discounting.”
Redefining “Emerging Markets”
For Alexis, emerging markets aren’t just overseas – they’re everywhere traditional venture capital hasn’t looked. “For me, emerging markets means serving everyone that isn’t in a big funding hub,” she states. This perspective has proven successful, with her investments flourishing outside conventional hotspots. “In my entire career I’ve made one investment in Silicon Valley. In terms of my successes, I haven’t seen a single success in the valley. My biggest success, my first IPO, was an AI biotech company in Utah that I supported very early on in their journey.”
Her portfolio reflects a belief that meaningful innovation happens when founders truly understand their customers’ needs. “Most of the world isn’t the valley. To get the perspectives of those living, breathing, and seeing these issues in real time – those are the people who are going to solve the issues because they understand the customer.”
Supporting the Whole Founder
What truly distinguishes Lightship is their comprehensive approach to founder support. “We have a fantastic team of humans designed to support a founder throughout every stage of their life cycle,” Alexis explains. Beyond financial backing, she emphasizes founder wellbeing: “I believe in supporting the whole human of my CEOs. I provide mental health resources, spiritual resources, physical health resources to support you as a whole person.” This holistic approach stems from her conviction that personal health directly impacts business performance. “I believe the best executives are ones taking care of themselves first in addition to growing incredible revolutionary companies. It’s not something that in finance you can quantify.”
Looking forward, Alexis aims to democratize the knowledge she’s gained through her upcoming book on leadership and her teaching at Brown University. “The future for me is about how I can democratize everything I’ve learned in this decade of investing. I don’t believe what I do should be reserved for a few fancy rich bros. I think everyone should have the tool kits they need for entrepreneurship.”
Connect with Alexis Alston on LinkedIn and Instagram @LexiTheVC to follow her insights on venture capital and entrepreneurship.
