Trapital - a stronger pipeline
a stronger pipeline Hey! I’m intrigued by this upcoming Whitney Houston biopic and the overall “business of Whitney.” Primary Wave acquired 50% of the business in 2019 and has quadrupled its annual revenue. Music estates are tough businesses to run. It’s impossible to please everyone. Unfortunately, that’s part of the job, but it seems like But I really hope this movie is good. As good as Straight Outta Compton. A lot of these music biopics feel like Hallmark movies (even the ones that win Oscars). Let’s see if I Wanna Dance With Somebody can toe that fine line of telling an honest story and breathing fresh air into her classic hits. Today’s memo is about venture capital, and getting more Black dollars into tech. On this week’s podcast, I talked to my friend, Megan Holston-Alexander who leads the Andreessen Horowitz Cultural Leadership Fund (CLF). The fund has invested in Dapper Labs, Figma, Overtime, Roblox, and more. Let’s get started.
Was this forwarded to you? finding LPs who want to engageCLF co-invests with other funds in the Andreessen Horowitz portfolio. It’s the first VC fund that raised money exclusively from Black investors. Past and current LPs include Diddy, Shonda Rhimes, Miguel, The Weeknd, and more. But CLF isn’t solely focused on big names when vetting LPs. The key thing Megan looks for in LPs is engagement. “The most important thing for us is that we have LPs that want to engage… it’s a symbiotic relationship. At the end of the day, our largest goal is to support our portfolio companies. Whether it’s the a16z team, our LPs, it’s all hands on deck.” The fund has presence at several events where both LPs and founders can engage, like NBA All-Star Weekend, Art Basel, NBA Summer League, Super Bowl, and its own CLF Summit. The last thing CLF wants is celebrity investors who slap their name on products and then disappear. This isn’t a brand that hires celebrities as “creative directors.” Megan wants a strong “why” behind each LP. The four categories of diversity effortsThe fund’s ultimate mission is to develop more Black talent in tech at early-stage companies. This is how generational wealth is built. CLF is doing its part, but there’s more that other firms and companies can do. Megan says that each company’s efforts are in one of four categories:
This dynamic persists at the recruiting level. For instance, there are 100+ HBCUs nationwide, but tech companies in category 3 tend to recruit Black talent from startup accelerators, elite universities, or from Howard, Morehouse, and Spelman. There are gems at all the other HBCUs being glossed over. She also compares the category breakdown to the historical debates between Booker T. Washington and W.E.B. Du Bois. Both leaders wanted Black empowerment but Washington wanted the Atlanta Compromise, pushing for Black folks to prioritize education and work as opposed to fighting discrimination. Meanwhile, Du Bois’ ideology “The Talented Tenth” took issue with Washington’s claim and wanted Black people to continue fighting for civil liberties. “Reasonable people can disagree on what the solution is but I think there are multiple approaches. We don’t have to just go one route.” builders keep building2022 has been a rough year for venture capital, but that didn’t stop a16z from rolling out CLF III, which includes investments from athletes like Maya Moore, entertainers like Pharrell Williams, and business leaders like Erin Teague. CLF III was announced in June, but funds were raised when asset markets were relatively healthier. Still, Megan had to instill confidence in the high-net-worth individual investors. “When you’re dealing with individuals and their personal wealth and people who are really new to venture, that’s a really scary moment…so making a long-term commitment like that during a period of economic uncertainty is actually more difficult for an individual than an institution.” Listen to our full conversation here:
Hope you enjoyed this memo. If so, please share. Forward this email to someone who should read it. Text it to a friend. Drop the link in the group chat. Share on Twitter, LinkedIn, or Facebook.Or copy and paste the link below. money moves
enjoy Trapital? share it with a friend Tell them to sign up. I'll send them next Monday's memo. Hit the link below to share:
Or share Trapital quick via text, email, or Twitter. want your company featured in Trapital? We are looking for a few more sponsors in Q4 who want to reach the artists, creators, and execs who read and listen to Trapital on a regular basis. Want your company to reach Trapital's audience? Reach out to us here.
|
Older messages
the new gatekeeper
Tuesday, November 8, 2022
Trapital Memo: who wins when there are too many hits and not enough stars?
focus on the fans
Thursday, November 3, 2022
Trapital Memo: the future of live music with DICE President, Russ Tannen
the culture report is here
Tuesday, November 1, 2022
Here's Trapital's first-ever report on the most important trends in music, hip-hop, and more.
the best time for artists
Thursday, October 27, 2022
Trapital Memo: my chat with HitPiece's Rory Felton on the company's initial launch, lessons learned, and trends in web3 music
when artists win
Tuesday, October 25, 2022
Trapital Memo: how artists can win when music is the loss leader
You Might Also Like
'John Wick: Chapter 4' Sets China Spring Theatrical Release
Friday, February 28, 2025
View on web New reader? Subscribe February 27, 2025 'John Wick: Chapter 4' Sets China Spring Theatrical Release By Anthony D'Alessandro This email was sent to newsletterest1@gmail.com by
Gene Hackman: 20 Essential Movies
Thursday, February 27, 2025
View on web New reader? Subscribe February 27, 2025 Gene Hackman: 20 Essential Movies From The French Connection to The Royal Tenenbaums — these films represented one of the greatest American actors of
Gary Lineker and 'Rivals' Duo Danny Dyer and David Tennant To Face Tricky Questions In ITV Interview Format 'The Assembly'
Thursday, February 27, 2025
View on web New reader? Subscribe February 27, 2025 Gary Lineker & 'Rivals' Duo Danny Dyer & David Tennant To Face Tricky Questions In ITV Interview Format 'The Assembly' By Max
BBC Says 'Gaza: How To Survive A Warzone' Producers Hid Narrator's Hamas Connections, As Corporation Launches In-Depth Review
Thursday, February 27, 2025
View on web New reader? Subscribe February 27, 2025 BBC Says 'Gaza: How To Survive A Warzone' Producers Hid Narrator's Hamas Connections, As Corporation Launches In-Depth Review By Max
Mubi Sets Spring Theatrical Release For Amalia Ulman's 'Magic Farm'
Thursday, February 27, 2025
View on web New reader? Subscribe February 27, 2025 Mubi Sets Spring Theatrical Release For Amalia Ulman's 'Magic Farm' By Anthony D'Alessandro This email was sent to newsletterest1@
Get the Iconic Magazine. Only $29.95.
Thursday, February 27, 2025
Music, politics, culture, TV, movies. Rolling Stone has been a culture carrier for more than 50 years, providing definitive coverage across music, politics, culture and entertainment. Subscribe now and
Was Gene Hackman the Greatest American Actor?
Thursday, February 27, 2025
View on web New reader? Subscribe February 27, 2025 Was Gene Hackman a Great American Actor - or the Greatest American Actor? Whether it was the antiheroes of the 1970s, the corporate slimebags of the
'Red Sonja' Reboot Gets UK Deal and Is Planned For Release "Later This Year"
Thursday, February 27, 2025
View on web New reader? Subscribe February 17, 2025 'Red Sonja' Reboot Gets UK Deal & Is Planned For Release "Later This Year" By Andreas Wiseman This email was sent to
Hollie Kenniff (Interview)
Thursday, February 27, 2025
Today we're listening to Hollie Kenniff, a Canadian-American multi-instrumentalist and composer. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
How Music, Tech Platforms are Protecting Your Ears; New Details on Spotify Superfan Tier
Thursday, February 27, 2025
2090 | Your Daily Dose of Music Streaming News ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏