Hip hop mogul Jay-Z doesn’t only preach about the importance of entrepreneurship and ownership in the Black community; it’s something that he practices. The Brooklyn-bred rapper is investing in the futures of African American entrepreneurs. According to Black Enterprise, he recently invested $1 million in a Black-owned vegan cookie company.
The brand—dubbed Partake Foods—was created by Denise Woodard. She founded the company after she struggled to find healthy snacks for her daughter who had several food allergies. Woodard realized that there was a larger need for more health-conscious food options and decided to move forward with launching her business. She funded her company through a Kickstarter campaign and as it grew, she left her corporate job at Coca-Cola to put all of her time into Partake Foods. Woodard started out selling cookies from her car and later received investments from venture capital firms that included Arlan Hamilton’s Backstage Capital, The Factory, SoFi Venture, and Chuck Muth who is on the leadership team at Beyond Meat; a company that provides plant-based food options.
Jay-Z’s investment was made through his venture capital firm Marcy Venture Capital Partners. “We are so excited to collaborate with the MVP and Factory teams, as they both bring a wealth of knowledge in brand building and scaling consumer companies,” Woodard said in a statement. Her products can be found in over 300 stores including Wegmans and Whole Foods. The leadership team at MVP is excited to invest in Partake Foods. “Partake has the ingredients to build a mass market brand: compelling values, a great tasting product, and a tenacious and experienced operator,” said MVP co-founder Larry Marcus.
News about Jay-Z’s investment comes shortly after it was announced that he was named hip hop’s first billionaire by Forbes.