New series looks to advance Black founders who have disruptive ideas to make the world a better place
Target’s multimillion-dollar investment includes $500,000 in startup funding and mentorship for founders
LOS ANGELES, Dec. 15, 2021 /PRNewswire/ — Leading Black-owned multimedia platform REVOLT today announced the premiere of Bet on Black, a new multiscreen series where Black entrepreneurs pitch their businesses in the hopes of securing critical funding. Co-created in partnership with leading retailer Target – one of REVOLT’s top advertisers – this exciting series will feature an array of expert judges and celebrity guests, including T-Pain, Zerina Akers and DJ Envy, who will select the top influential business ideas to receive funding. Host Keenan Beasley, CEO of Sunday II Sunday, will also serve on the panel of judges alongside Target’s Melanie Gatewood-Hall, Senior Divisional of Merchandising in Apparel & Accessories and former Director of Multicultural Merchandise with Pernell Cezar, CEO of BLK & Bold Specialty Beverages as the coach to the entrepreneurs.
In each episode, maverick investors and industry pioneers will listen to concepts from today’s brightest Black entrepreneurs and identify the projects they believe will move the needle for Black culture and the community to receive funds. The series aims to invest in businesses that build communities, support social justice, and create lasting change, with one entrepreneur ultimately walking away with $200,000 in funding and mentorship from Target. Each episode will feature the business ideas of three innovative entrepreneurs working to revolutionize a range of industries – from technology and entertainment to style, beauty, and beyond.
“We appreciate Target for being a fearless partner that understands and supports our vision to launch programs like Bet on Black, which expand beyond entertainment to inform and inspire our community in every category,” said Detavio Samuels, CEO of REVOLT. “Empowering Black entrepreneurs starts with providing access to the capital, guidance and resources they need to build companies that revolutionize industries and make a scalable impact on the world.”
With this new series, REVOLT further carries out its commitment in supporting Black changemakers on a large scale. In total, Target will provide participants with $500,000 in secured funding – without asking founders to give up equity – along with one-on-one meetings with a Target executive for the four finalists.
“Target has a long history of partnering with diverse media organizations to reach our guests, and we’ve committed to increasing our investments with Black-owned media companies and better supporting Black entrepreneurs,” said Maurice Cooper, Senior Vice President of Brand and Category Marketing for Target. “We’re proud of our groundbreaking partnership with REVOLT, which is unlocking inventive and impactful ways to connect with and bring joy to our guests. Our investment not only enables the creation of a must-see series, it will also fundamentally change the trajectory of deserving Black enterprises.”
Target’s multimillion-dollar investment in the series is one of many in support of its Racial Equity Action and Change (REACH) strategy to create an environment where Black guests feel more welcome and represented at Target. The retailer committed to spending at least five percent of its annual media budget with Black-owned media companies each year, beginning in 2022. The company has pledged to spend $2 billion with Black-owned businesses and increase the number of products from Black-owned businesses to more than 500 in stores and online by the end of 2025. Target also launched Forward Founders, a startup accelerator program designed to engage Black entrepreneurs earlier in their startup journeys to help them navigate the critical stages of ideation, product development and scaling for mass retail.
Bet on Black will premiere on REVOLT’s digital platforms on January 10 at 9 p.m. EST and extend to all platforms starting January 11 at 9 p.m. EST.