Jay-Z backs prison reform startup
Promise, a provider of incarceration alternatives to local governments, has raised $3 million in venture capital funding from investors like Jay-Z's Roc Nation.
Why it 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.
First Round Capital led the investment round, and was joined by Roc Nation, 8VC and Kapor Capital.
"Promise provides counties with a comprehensive intake procedure and then sets up each participant with a care plan specific to them. Promise will then monitor and support participants by helping them ensure they know when they’re supposed to appear in court, and remind them of obligations like drug testing or substance abuse treatment needed. The app also provides participants with job training, housing, counseling and referrals."
Go deeper at Axios: How the U.S. imprisons the poor