Rappers E-40 and Chamillionaire are collaborating with an equity investment platform to help fund a minority startup.
With the help of an investment company, Republic, the rappers will be rewarding $25,000 to the winner of a competition they are producing. Chamillionaire announced the news via an app called Convoz; the funds will be given to a minority and/or women-founded startup company.
“I think there is a lack of diversity in the industry,” the investor told Yahoo! Finance of the importance of financing founders of color. “Now that I’m here, I see that there is a certain type of founder that gets funding from these companies and I understand that people tend to spend money on things that they’re comfortable with…” Chamillionaire has already made a mark in the community service world, he’s invested in several community service programs and put money into the ride-sharing app Lyft back in 2014.
“I feel like a lot of these companies are disrupting the world with so much innovation, and so many people from my community don’t have access to this stuff,” he told CNBC’s Squawk Alley earlier this year. “My mission is to try to help a lot more people who look like me get into these companies.”
To apply to the competition, you will have to download the Convoz app. When applying, contestants must pitch why their organization should be invested in. The deadline is June 15, and the winner will be announced on June 21.