Jay Z and First Round Capital have lead an investment of $3 million USD into Promise, a startup dedicated to bail reform. The startup will offer counties and local governments an alternative to holding low-risk and non-violent offenders in prison who cannot afford bail. The company will also ensure participants of when they are to appear in court, offers reminders of drug tests and substance abuse treatments.
Why this matters: Thousands of Americans each year are jailed because of their inability to afford bail, even if their alleged offense is a low-level misdemeanor. It can be devastating for the individual, and expensive for taxpayers.
Notable Quotes: “Money, time and lives are wasted with the current policies. It’s time for an innovative and progressive technology that offers sustainable solutions to tough problems. Promise’s team, led by co-founder and CEO Phaedra Ellis-Lamkins, is building an app that can help provide ‘liberty and justice for all’ to millions.”