TracFlo is definitely a startup you’re going to want to look out for in 2022.
It was announced that the app — created to streamline contractor documents and workflow operations for construction projects — won the Startup Pitch Competition for HBCU founders during the inaugural Invesco QQQ Legacy Classic in an Instagram post.
As the winner, TracFlo took home a $1 million prize thanks to the Invesco QQQ Legacy Classic, which partnered with MaC Venture Capital and Serena Ventures — tennis legend Serena Williams’ investment firm. Through her firm, Williams is on a mission to create change through investing in opportunities that make the lives of everyday people better.
“We see a lot of venture companies investing in a lot of people, but it’s really just about following people of color and women and giving them the same opportunities,” said Williams, during a live broadcast of the event which aired on TNT.
She continued: “Ventures is one thing I’m incredibly passionate about. I learned that less than two percent of women in 2020 were getting funded and then 1.2 percent of people of color were getting money from VC founders — and we’re talking tons of money are all going to one type of individual. So, it’s not a requirement for you to be a woman or person of color, but the team that we’ve hired — our whole team we just look at people in a different way.”
The Investment
As previously reported by AfroTech, TracFlo was designed by founder Khalid David to level the playing field and bridge the gap between construction and tech.
“What we’re really doing is digitizing construction payments, but we’re doing it in a mobile way,” David previously told us. “I compare it to the same way that you may use Zelle, Cash App, or Venmo to split a bill among friends, but instead we’re doing that across multiple stakeholders. We’ve created a platform that’s completely different from how most construction payments are handled today.”
The Competition
AfroTech first told you about The Invesco QQQ Legacy Classic — a first-of-its-kind HBCU men’s college basketball showcase — back in October 2021. Fast-forwarding to December, and the event seems to have lived up to the hype (as we had a feeling it would).
The showcase featured men’s basketball programs that included Hampton University, North Carolina Central University, Howard University, and North Carolina A&T State University.
Along with the startup pitch competition, there was a dunk contest featuring four social creators with the chance to win a donation to one of the HBCUs at the event.
