Kevin Hart a comedian and businessman has gotten a sizable investment for his venture capital firm from a significant financial institution. Hart has reportedly attracted J.P. Morgan’s first institutional investment in his company Hartbeat Ventures as reported.
The newly established VC business will prioritize investments in the consumer goods media and technology sectors. The fund will allocate a portion of its resources to startups led by people from underrepresented communities.
Hart told the crowd that he had to understand the meaning of investment after entering the world of investing, which was different from what he had anticipated.
“I had to understand the rationale for investing“, Hart said.
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Investing, as far as I could tell, was closely linked to the realm of cons. It looks like you’re trying to scam me out of some cash. I don’t believe in you. My challenge was simple: I’m not going to hand over my hard-earned cash so that other people can do whatever they like. The most challenging aspect of investing for me was figuring out whether or not my investment will pay off immediately or over time.
Project Spark is an investment program of J.P. Morgan and Michael Elanjian head of digital investment banking and digital private markets discussed it. A fund’s total allotment is limited to the investment amount. Money from Project Spark’s initiative goes to businesses run by women and people of different backgrounds.
To address this issue, we launched Project Spark a few years ago to answer the question, “How can we provide diverse funds capital and first-time fund managers to change that equation?” It was Elanjian who made the remark.
Over the past three years, we’ve invested $90 million in 23 vehicles that have collectively raised over $900 million in the capital. We’re very enthusiastic about the potential outcomes of this collaboration, and we’re thrilled to announce that J.P. Morgan is the first investor in Hartbeat Ventures’ new fund, has closed on the deal only yesterday after meeting with Kevin’s team.
Hartbeat Ventures has been very active recently, having made investments in various startups including BrightFox an electrolyte beverage company; Ready Player Me an avatar platform; Path, a sustainable bottled water company; and the iMessage, Therabody, Cleancut, Rodo and Snackpass are all startups in the healthcare, transportation and food delivery industries, respectively.
Hart says that his support system is a major factor in his success in business.
“This is not a Kevin Hart machine that Kevin Hart stands in front of and I said it has to happen and there’s no other way,” Hart said. “This is a table. This is a table where we sit and we talk, we ideate and we come up with the best possible ideas. That’s something that I’ve done very well over the years. I’ve aligned myself with people who have done it right and that’s how I’ve learned.”
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