Saturday, June 25, 2022

Young Tech CEO Raises a $4M Seed Round Led by Alexis Ohanian

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*Last year, Vernon Coleman and his friend Kevin Robertson dropped out of college to work full-time on their social networking app for Millennials called Realtime.

The app is an invite-only video chatting service that can be used for fun social clubs or hosting meetings and conferences. 

Here’s more from Forbes

Coleman and  Robertson designed an initial app called Club Connect while studying at UC Santa Cruz; it let students with similar interests meet digitally and then hang out in real life.  After the app gained some traction at UC Santa Cruz, they dropped out and moved up to San Francisco in 2019 to network, establish their app at another school and hopefully raise some money.

When Covid-19 hit last spring, Coleman and Robertson were forced to reconsider and essentially start from scratch.

READ MORE: Alexis Ohanian Slams ‘Bullsh*t’ Double Standard Between Serena Williams and Brett Kavanaugh

That’s when they decided to enhance the “virtual relationships” experience, and Realtime was born. 

According to Yahoo, on Friday, the app announced it raised a $4 million seed round led by investor Alexis Ohanian’s Seven Seven Six venture fund. Other investors include Kickstarter cofounder Yancey Strickler, former Tinder CPO Ravi Mehta, and Twitch co-founder Kevin Lin.

Only about 1% of VC funding goes to Black startup founders, according to the report. 

“People are craving human connection now more than ever and Vernon has identified a unique way to expedite today’s evolving need for interaction,” Ohanian said in a press release. “His innovative approach to building hyper-personal online communities through instant, real-time video chatting made Realtime a compelling company to invest in.” 

The Realtime app hasn’t officially launched, but Coleman, 23 told Business Insider that he wants the app to become the “authentic social layer for Gen Z and young millennials.”

He has plans to expand Realtime into the real world after the pandemic. 

Ny MaGee
Ny MaGee is an entertainment reporter with over 15 years of experience working in the film industry in areas including production and post-production, marketing, distribution, and acquisitions. She has worked for legendary film producer Roger Corman, Quentin Tarantino's production team at Miramax, the late Larry Flynt, MTV/ VH1, Hallmark Channel, Paramount, Jim Henson Co., Parade Magazine, and various LA-based companies representing above-the-line talent.

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