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.
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 trying to raise capital. A lot of times, it just doesn’t go to people of color or women,” Chamillionaire said to Yahoo Finance in May. “We’ve got to do something to change that.”
The new contest will be nearly identical to Chamillionaire and E-40’s previous competition on Convoz. Participants are required to download the app and follow the listed instructions.