RK Mellon Foundation Invests In Black Father-Son-Led Ed-Tech Startup ‘Toyz Electronics’

The RK Mellon Foundation has made a project-related investment into a Black father-son-led company that aims to increase diversity in STEAM fields so disadvantaged populations are included in the future of work. 

Damola and Wole Idowu, both engineers, founded Toyz Electronics at Carnegie Mellon University’s Swartz Center for Entrepreneurship in Pittsburgh, Pennsylvania.

Using its Social-Impact Investment Program, the Richard King Mellon Foundation invests in for-profit companies looking to accomplish a public good that aligns with its Strategic Plan. These investments are known as Program-Related Investments.

The Convertible note investment leads a $500,000 seed round for Toyz Electronics and provides resources for: improving the Dah-Varsity Android and iOS Apps, refining and developing the TOYZSTEAM curriculum, increasing the scalability, measuring and evaluating the effectiveness of both TOYZSTEAM and Superhero Rap program for difficult learners.

The money will also be used for raising educators’ and learners’ awareness of the Dah-Varsity app to increase its reach and impact and hiring two full-time employees in 2022

“As we celebrate Black History Month, the historical significance of the Mellon Family investing in the Idowu Family does not evade me,” expressed CEO Damola Idowu.

“I am inspired by Booker T. Washington, who received funding from Andrew Carnegie and endowed Tuskegee and Hampton Universities to train former slaves to capture the opportunity of the industrial revolution.

“This investment allows us to empower disadvantaged populations to upskill for the future of work by using our Dah-Varsity App, our Superhero Rap concept, and culturally relevant TOYZSTEAM curriculum to make emerging economies, such as the metaverse, more equitable for everybody,” he added.