Per Black Enterprise, the rappers and entrepreneurs will be rewarding a $25,000 investment to a minority and/or women-founded startup company. This contest was announced via Chamillionaire’s app, Convoz.
“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 is no stranger to the investment space. The MC, well known for his early-aughts hit “Ridin’,” discussed his plans to share investment wealth and knowledge with his community. He invested in the ride-sharing app Lyft 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.”
Download the Convoz app to apply. The deadline to submit an investment pitch is Jun. 15, and the winner will be announced on Jun. 21.