Jay-Z’s Venture Capital Firm Backs Black-Led Finance App
Brooklyn breed mogul Jay Z has continually used his platform to amplify the importance of financial literacy and generational wealth building, and his investment portfolio reflects his belief in these values. According to Tech Crunchthe founder of Marcy Venture Partners funded a black-led app focused on credit building.
Launched in 2019 by the founders Michael Broughton and Ayush Jain the platform, nicknamed Other, was created to empower individuals to take control of their financial well-being. Through the app, users can farm credit through the digital platforms they subscribe to, including Spotify, Apple Music, Netflix, HBO Max, and an array of other services. The company links an individual’s recurring payment history to a business line that is connected to all three credit bureaus.
Altro’s mission is rooted in the concept that access to credit should be free. “What we’ve built is not an alternative or an add-on,” Broughton told the outlet. “We don’t create our own score, but rather a direct correlation to your actual score improvement over time, which a user can see in our app.” After the founders entered a pitch competition in 2020, Marcy Venture Partners invested $250,000 in the digital platform. Altro raised $18 million in its Series A round. Other investors in the company include SoftBank Opportunity Fund, Citigroup, Concrete Rose Fund and Black Capital Fund.
Altro plans to elevate its initiatives and expand its digital library of finance-focused content.
Jay-Z has invested in companies and entrepreneurs that are transforming different industries. Among the companies included in Marcy Venture Partners’ investment portfolio is Black-owned cookie brand Partake Foods. Entrepreneur Denise Woodard founded the company after struggling to find healthy snacks for her daughter who suffered from multiple food allergies. Partake Foods products are sold in hundreds of stores, including Wegmans and Whole Foods.
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