An African-American musician, John Legend, is launching a startup company using his social app “It’s Good,” and has already garnered $5 million in finance.
According to The Times, It raised $5 million in a capital round earlier this month, with Lightspeed Venture Partners among the investors.
The musician’s firm, “It’s Good,” will compete with services like Yelp and Google Reviews in the future by offering its consumers personalized dining and travel recommendations from their social circles.
Legend, the “All of Me” singer, and Mike Rosenthal, his co-founder and a software entrepreneur, made the decision to launch the business while trying to connect virtually and reminisce and share their prior travel experiences during the COVID-19 pandemic.
“We’re looking at a real-world issue that hasn’t really been resolved since Yelp’s inception, which was 20 or so years ago,” according to Rosenthal.
“It’s incredibly gratifying to find a fantastic new location on your own and then spread your joy to others,” according to Lightspeed Partner Nicole Quinn.
“That’s why I think It’s Good has such enormous potential, and it’s also a big reason why Lightspeed is leading the $5 million seed round for the company.”
The company will put more emphasis on growth than revenue as It’s Good switches from an invite-only model to building its community. The team is also considering partnering with hospitality and catering businesses in the near future.
Beginning this year, John Legend, 44, began to lean more towards his entrepreneurial side since he debuted his skincare line, Loved01, in February 2023.
Legend collaborated with dermatologist Dr Naana Boakye on his unisex skincare brand. The brand’s goal is to increase inclusivity for melanin complexions in the skincare industry.
According to Legend, “I didn’t want it to just be a celebrity brand. I didn’t see the vision for why I would want to do this until A-Frame approached me and i saw it as a way to meet a need that wasn’t being adequately addressed in the marketplace for formulating melanin-rich skin, and making it accessible.”
Legend is a multiple Grammy Award winner. He started active with NFTs in February 2022 and helped launch the music and art NFT portal OurSong.
