According to the SEC filing, $10.5 million has been raised for Culver City’s Troy Carter’s Cross Culture Ventures fund. Various investments have been made such as the acquisition of early stakes in Gimlet Media (the podcast producer company), Mayvenn Inc. (the online hair extension merchant) LandStreet (a financial and technological services company) and Thrive Market (the online health food store).
It was last year that Cross Culture Ventures began this fundraising. It is currently looking for investors. Its focus is making early stage investments in consumer goods and services companies. According to Marlon Nichols, a Partner at the firm, Cross Culture Ventures is “studying consumer behaviors and consumer purchasing habits in over 180 countries, and we are looking for trends. From that we pull out themes and we start to invest in those themes.”
One example of companies the firm is helping is LandStreet. Jerry Nemorin, company CEO just pointed out that its additional funding would enable it to “help more consumers restructure their debt and reclaim their financial health…[Further, it can] begin scaling out loan portfolio and expand our customer pipeline.”