Chamillionaire to Invest $10,000 in a Black-owned Business
Grammy award-winning artist Chamillionaire kicked off Black History Month by announcing plans to invest $10,000 in a Black founder’s company.
“In my circle of peers, we’ve been having a lot of conversations about better ways that we can support black founders and entrepreneurs and ways we can invest more money back into our communities,” Chamillionaire said in a video posted to Instagram and Twitter.
Black startup founders only raised 1 percent of the U.S. venture capital funding in 2015, according to CB Insights. The median amount of funding raised by Black women is $0, just .0006 percent of all tech venture funding since 2009.
Interested founders must download the Convoz app and send a 15-second pitch video to Chamillionaire.
“We’re doing this for the culture,” he says. “Because Black is beautiful.”
The rapper will pick a winner on March 1.