Award-winning musician and entrepreneur John Legend has taken a new step into the startup business arena with his social app, “It’s Good.” A report published in the Wall Street Journal revealed that the app has already secured $5 million in funding in early October as it readies itself for public launch.
Lightspeed Venture Partners, among other participants, supported the app in its recent funding round. “It’s Good” aims to provide users with personalized food and travel recommendations, setting itself up to compete with industry giants like Yelp and Google Reviews, as reported by Nairametrics.
Co-founder and tech entrepreneur Mike Rosenthal, who teamed up with John Legend during the COVID-19 pandemic to create the app, stated that the platform addresses a real-world problem that has remained largely unsolved since the inception of Yelp over two decades ago. The app’s concept is simple yet impactful: it allows users to share their delightful discoveries of great new places with their social circles.
“It’s tremendously satisfying to discover a great new place yourself and then share your delight with others,” noted Lightspeed Partner Nicole Quinn at the WSJ Tech Live Conference, emphasizing the significant potential she sees in “It’s Good.”
As a result, Lightspeed is leading the company’s $5 million seed round. The venture capital firm has previously invested in other celebrity-driven startups like Goop (Gwyneth Paltrow), HAUS LABS (Lady Gaga), and Autograph (Tom Brady), according to the outlet.
As “It’s Good” transitions from an invite-only platform to forming its community, the company’s primary focus will be growth rather than revenue generation. Additionally, the team is actively exploring potential partnerships with hospitality and food companies.
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Source: Black Enterprise
