I would say no if you are specifically looking at VC. L3Cs are pretty uncommon and un-allowed in a majority of states. In structure they are like LLCs and thus

I would say no if you are specifically looking at VC. L3Cs are pretty uncommon and un-allowed in a majority of states. In structure they are like LLCs and thus cannot issue stock. As of now they also don't get any of the tax exemption that a 501c3 non-profit would. If you plan to go the "full" non-profit route rather than a hybrid for-profit/non-profit, you would be best off forming a Corporation (C-corp) and then applying for 501c3 status.