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Rappers Chamillionaire and E-40 are upping the ante on investing in women and minority-led startups. The duo previously shelled out $25,000 to contest winners who pitched their companies via the Convoz app and now they are giving founders the chance to win $100,000 for their startups. The rappers are also partnering with Republic and Daymond John — a “Shark Tank” investor and the founder of FUBU — to invest in underrepresented founders. Chamillionaire said that he wants to invest in more minority-led companies because of the lack of diversity in the startup space. “I don’t get pleasure when I say things like this but it’s the reality of the startup and investment world we are living in,” he said in an Instagram post. View this post on Instagram A post shared by @chamillionaire Chamillionaire is not a newbie to the investor world. The rapper put money into Lyft before the ride-hailing service went public and has invested in other tech companies. “I’ve been seeing a lot of people...
Most people know Chamillionaire from his 2006 hit “Ridin’,” which snagged him a Grammy for Best Rap Performance by a Duo or Group. What they may not know is that Chamillionaire also has a keen interest in the tech industry. Now, he’s looking to invest $25,000 in a startup founded and managed by a woman or person of color. For this venture, Chamillionaire teamed up with E-40 and the portfolio company Republic . Chamillionaire originally made the announcement on his Instagram last week. “I’ve been in this tech industry for a while and I’ve been seeing a lot of people out here trying to raise capital and a lot of time it just doesn’t go to people of color or women,” he recently told Yahoo Finance. View this post on Instagram A post shared by @chamillionaire It’s definitely true that women and people of color have a harder time getting funding for their projects. In particular, Project Diane found that Black women have raised .0006 percent of the $424.7 billion in total tech venture...