Houston rapper-turned-investor Chamillionaire and Bay Area legend E-40 announced a contest geared towards investing $100,000 into minority and female-owned tech startups.
Chamillionaire announced the contest during an interview with CNBC’s Squawk Alley, revealing he teamed up with Forty Water, social app Convoz and investing platform Republic.co to facilitate the contest. Shark Tank star Daymond John has been tapped to serve as a judge for the contest.
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Attention Entrepreneurs: @Chamillionaire, @e40, and @joinrepublic will be INVESTING $100k in a minority or woman founded startup so watch this entire video for details. @thesharkdaymond will be helping choose the winners. Download the @convoz app for iOS or Android to participate. Good luck! Tag someone that you think needs to see this. #ConvozPitch #100KPitch
Chamillionaire was forced to change his strategy on what ventures to invest in after he starting receiving way too many submissions.
“At one point I was getting 30 candidates a month, but when I said I only wanted to invest in women or minorities, I started getting just two candidates a month,” he stated. “Being an entrepreneur isn’t easy, but it’s even harder for minority and women-led companies.”
Since winning a Grammy for “Ridin’ Dirty,” Chamillionaire has spent the past few years investing in the tech world. He was an early investor in the ride-sharing app Lyft, along with 40 more startups such as Ring (acquired by Amazon), Cruise (acquired by GM) and Maker Studios (acquired by Disney).