A startup that's looking to transform the music industry is the first company Milwaukee venture capital firm VC 414 publicly announced it has backed.
Milwaukee-based Even Labs Inc. announced Friday it raised $2.2 million in seed funding with participation from VC 414, a Milwaukee firm started earlier this year to invest in startups that have traditionally been underfunded. The round was led by CSA Partners, a Milwaukee venture capital firm co-managed by former Milwaukee County Executive Chris Abele.
Even Labs, which goes by EVEN, was founded in 2021 by Enrique "Mag" Rodriguez. The startup is building a blockchain-based platform to enable musicians to sell music directly to fans. The platform had its soft launch in October and is already generating revenue, Rodriguez previously told Wisconsin Inno.
Other Even investors included gener8tor, a Wisconsin-based national startup accelerator that Rodriguez previously worked for, gANGELS, an angel investing group that backs companies that have participated in a gener8tor program, and other angel investors. CSA Partners is also an investor in gener8tor.
VC 414's managing partners are former banking professional Raquel Filmanowicz and former public sector leader and angel investor Jennifer Abele, who is married to Chris Abele.
Rodriguez, who grew up on Milwaukee's south side, said he's among fewer than 650 Latino founders who have ever raised more than $1 million in venture capital.
"I hope to inspire other kids that look like me and that come from my community to build in this space that has been primarily occupied by people that don’t (look) like us," Rodriguez said in an April 14 LinkedIn post announcing EVEN's funding round.
