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Kevin Hart’s Hartbeat Ventures Gets Its First Institutional Investment From J.P. Morgan

J.P. Morgan’s investment was the first institutional commitment to a new Hartbeat Ventures fund supporting minority and underrepresented founders. The amount and fund target were not disclosed.
From TheFinanceBase Team2 min to read
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J.P. Morgan became the first institutional investor in a new Hartbeat Ventures fund, Kevin Hart announced at TechCrunch Disrupt on October 19, 2022. The fund was described as backing minority and underrepresented founders, and J.P. Morgan linked its participation to Project Spark. The investment amount and the fund’s target were not disclosed.

What J.P. Morgan invested in

Hart made the announcement onstage with Michael Elanjian, then J.P. Morgan’s head of digital investment banking and digital private markets, and Robert Roman, Hartbeat Ventures’ president and co-founder. Elanjian said the investment had closed the previous day and was the first investment in Hartbeat Ventures’ new fund. TechCrunch reported the announcement on October 19, 2022.

In that coverage, Hartbeat Ventures was described as an early-stage firm focused on lifestyle, media and technology, with an emphasis on financial inclusion. The new fund was to allocate a portion of its capital to minority and underrepresented founders. Hartbeat Ventures later described its investment areas as consumer packaged goods, fintech, Web3 and health in a post dated May 9, 2025; this later list is not the same description used in the 2022 announcement. Hartbeat Ventures’ May 9, 2025 post.

Why Project Spark was relevant

J.P. Morgan’s participation was associated with Project Spark, which Elanjian described as an initiative using the bank’s proprietary capital to invest in diverse and women-led ventures. He said the Hartbeat Ventures investment represented the maximum allocation possible through the initiative. TechCrunch’s account of the announcement also quoted Elanjian describing Project Spark’s aim as providing capital to diverse funds and first-time fund managers.

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TechCrunch reported the following figures from Elanjian’s onstage remarks in October 2022:

Figure What Elanjian said it represented
$90 million Amount Project Spark had put into 23 funds, as reported by TechCrunch from Elanjian’s remarks.
23 funds Number of funds that had received the reported Project Spark investment.
Over $900 million Amount those funds had gone on to raise, according to Elanjian as reported by TechCrunch.

These are figures attributed to Elanjian in contemporaneous reporting, not independently verified audited totals. They describe Project Spark at the time of the 2022 announcement, not current program totals.

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What the announcement did not disclose

The coverage gave no amount for J.P. Morgan’s investment and no target size for the Hartbeat Ventures fund. It also did not report detailed investment terms. Roman said he had invested personal capital but did not disclose how much. No amount should be inferred from Project Spark’s broader figures.

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Hartbeat Ventures’ stated purpose

Hart’s comments connected the investment to his own experience learning about investing: “I had to learn why investing was okay,” he said. The official Hartbeat Ventures mission page frames the broader purpose as addressing a financial gap between Hart’s culture and mainstream America. Its published statement uses the spelling “initative.” Hartbeat Ventures’ mission page.

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TechCrunch’s October 2022 article named BrightFox, Ready Player Me, Path, Therabody, Cleancut, Rodo and Snackpass as Hartbeat Ventures investments. These are examples listed in that article, not a verified current portfolio.

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