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Chamillionaire originally made the announcement on his Instagram last week.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.
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 funding raised since 2009.
Chamillionaire’s new contest will definitely help some of the startups who need it the most.
In order to join, those interested have to download the Convoz app. A winner will be selected on June 21.