Investment deals can be intimidating for many. Here to save the day, emerging platform Amass is looking to meet people where they are and provide them access to lucrative investment opportunities.
Founded by former NFL Coach and Bestselling Author Daron K. Roberts alongside Abby Coleman and Harold Hughes, Amass generates Black capital by providing community, knowledge, and access to its members-only investment platform.
The Black community will have an opportunity to change its economic position through alternative investment vehicles. This will be helpful, since according to a report, Black Americans fall short when it comes to financial literacy and comprehending risks and investment deals, correctly answering 38 percent of personal finance questions in comparison to white Americans who answered 55 percent accurately.
“We all know this disparity is neither an accident nor a coincidence. And, I believe we can push back against this gap by acquiring assets that have the potential to create outsized returns,” Daron K. Roberts said in a press release.
How Amass Helps Generate Black Wealth
Amass believes creating wealth for Black people cannot be rooted in traditional methods such as working 40 hour work weeks and creating a 401k account. To drastically change the wealth positions of Black households, removing barriers to entry through Amass’s three focal points will be the key to alternative investments.
Amass will educate its members and provide an opportunity to build credibility as they learn the fundamentals of investments. According to a press release sent to AfroTech, the platform features a knowledge bank personalized for Black investors, informational pieces, and self-paced courses. Members will have an opportunity to land investment deals in real estate, venture capital, and cryptocurrency over time.
“We want to make sure our resources are working to meet people where they are. If you already know everything great, here are opportunities. If you want to learn more about a particular subject, great, we’re going to focus on creating content to help bring you along your journey,” Hughes shared with AfroTech.
Members will never be alone as they will join a growing community ready to secure financial opportunities. Amass’ third tool is to ensure its members will have access to deals that may not have been afforded to them otherwise.
“If you can’t get the deal or know a company is raising money, you can’t get on the table,” he said. “That is an access challenge. We are creating ways to access opportunities that folks may not traditionally find.”
To show Amass members that changing their economic position is possible, experienced Black investors referred to as “Luminaries” will have exclusive conversations featured in a pre-recorded content series for members hoping to create generational wealth. Luminaries include Jewel Burks Solomon, David Robinson Jr., Chad Copeland, Sevetri Wilson, and Keith Beverly who will be confined to a topic in venture capital, real estate, cryptocurrency, angel investing, or wealth-building.
Users will have additional engagement opportunities through live conversations with startups or real estate groups presenting a deal through Amass. Members from a webinar or presentation will have a chance to have their outstanding questions answered.
Amass Closed It's First Deal
Despite only launching this past November, Amass has already closed its first deal on Dec. 1, 2021 — 250 Amass members had an opportunity to invest in a real estate deal at an affordable price point of $800. The deal marked the first-ever investment for 66 percent of Amass members and the average investment totaled $2,800.
“This is for our people. It is about giving opportunities for folks in ways that will help them. The recent real estate investment, given who we are targeting, which are folks who are making upwards of a hundred thousand dollars a year, may not necessarily meet the accredited investor definition by the U.S. Securities and Exchange Commission but it is a great opportunity at $800,” Hughes told AfroTech.
The deal is a key indicator for the accessibility Amass can provide to its members to land premier deals. A press release reveals investments begin at a low fee, which is contingent upon the necessary costs of finalizing the deal. In addition, Amass boasts a low carry rate of five percent if the investment deal is successful.
What’s Ahead For Amass
As Amass plans for the year, members can look forward to more fireside chats from industry leaders, live events, and more investment opportunities beginning Jan. 18, 2022. The company also plans to become a decentralized autonomous organization (DOW) to help its members leverage capital.
“Creating a DAO is one of the most innovative things we’ll be doing to move as a community. We hope to leverage the knowledge that we are creating on the crypto side and use the crypto itself to invest in more deals or acquire non-fungible tokens,” Hughes told AfroTech. “With DAO, as long as you are a member, we are going to make sure everyone in that organization has voting power on certain decisions that the treasury ends up being able to deploy.”
For those looking to join an investment community and are unsure where to start, be sure to check out joinamass.com