Brooklyn Nets star Kyrie Irving announced the launch of a consulting firm that aspires to assist minority-owned businesses across the country.
Branded KAI 11 Consulting, Irving’s new endeavor has partnered with Lockstep Ventures, a venture capital firm. The joint efforts of the two firms has resulted in $25 million in initial funds raised. It is believed that those initial startup funds will lead to investments in approximately 20 minority-owned businesses, per the New York Post.
“Traditional business growth opportunities have disproportionately excluded various minorities, tremendously limiting access and creating mistrust,” Irving said in a statement. “KAI Eleven Consulting’s business model seeks to provide a more equitable process that eliminates systemic barriers to entry.”
The Post reports that the first beneficiary of KAI 11 Consulting is the Black-owned commercial trucking company Fleeting, which “has committed to hiring women and people who were formerly incarcerated.” Based in Atlanta, Fleeting received $500,000 in seed money from Irving’s firm.
Irving’s philanthropic efforts have been well-documented over the years. Irving is among the most thoughtful, complex and socially aware players in the NBA. Given his well-established reputation in that regard, there’s little doubt that Irving is dedicated to ensuring that his new consulting firm helps as many minority-owned businesses as possible.
