Nigerian mobility financing company MAX has raised $24 million in a mix of equity and debt after reaching profitability in Nigeria, its largest market, multiple reports confirm. The funding signals renewed investor interest in electric mobility across Africa, where rising fuel prices and falling battery costs are making electric two- and three-wheelers increasingly attractive for commercial drivers. The round includes equity from Equitane DMCC, Novastar, Endeavor Catalyst, and other global investors, alongside asset-backed debt from the Energy Entrepreneurs Growth Fund and development finance institutions. Profitability Brings Investors Back Founded in 2015 as Metro
Former New York City Mayor Eric Adams launched a new cryptocurrency called NYC Token on January 12. The token immediately spiked and then collapsed after an account linked to the token withdrew $2.5 million. Adams, a longtime crypto enthusiast, now faces accusations that the launch was a “rug pull”: a common crypto scam where insiders hype a token and then quietly cash out. NYC Token’s Launch And Collapse Within minutes of going live, the token, built on the Solana blockchain, reached a market value of $600 million. The New York
Kenya’s government has launched the sale of a majority stake in its state-owned oil pipeline company, marking the country’s first stock market listing in a decade, Reuters reports. On January 19, the government began selling 65% of Kenya Pipeline Company (KPC) to the public, hoping to raise about $835 million. If successful, it would be the region’s biggest initial public offering (IPO) since Safaricom listed in 2008. Why Kenya Is Doing This Now Kenya has been under pressure from rising public debt, and President William Ruto’s administration has said it
Steven Bartlett, the founder and host of “The Diary of a CEO,” said he hired a candidate with a two-line CV after reading her behavior in the building as a stronger signal than formal experience. Bartlett told Fortune that “much of the reason why I gave her the job was that she thanked the security guard by name on the way into the building.” He framed that moment as evidence of humility, respect, and social awareness, traits he considers difficult to train compared with job skills. During the interview, she
Martin University, Indiana’s only historically Black university, will close permanently after its Board of Trustees voted to cease operations, citing unsustainable finances. The shutdown shows how access-oriented colleges without endowments become structurally dependent on volatile public funding, philanthropy, and enrollment volume. When any one of those inputs weakens, accreditation and creditor obligations can force liquidation, shifting educational infrastructure toward larger institutions with stronger balance sheets. Endowment scarcity turns budget shocks into existential threats. According to The EDU Ledger, Martin’s trustees concluded that the school’s long-standing financial model could not support
Skinbrand Topicals has added WNBA star Angel Reese and Nigerian artist Rema as investors in an undisclosed funding round, as the skincare brand navigates a pullback in institutional capital for consumer startups The round reflects a broader shift in how Black-founded consumer brands are financing growth in a more restrictive venture environment. As traditional investors grow more conservative, founders are increasingly treating distribution, cultural reach, and audience trust as strategic inputs alongside cash. Capital, Control, and the Cost of Growth Since launching in 2020, Topicals has raised more than $22.6
Howard University will launch an “Intro to Artificial Intelligence” course in spring 2026, partnering with CodePath and with financial support from the Thurgood Marshall College Fund, according to a press release shared with AfroTech. Howard faculty and CodePath’s faculty network will jointly teach instruction spanning data structures, AI literacy, and agentic workflows, the release said. The program positions applied AI-assisted software development inside a core academic setting rather than treating it as an extracurricular credential. “Our work is rooted in the idea that HBCUs are not only equipping students for
Terra Industries, a Nigeria-based defense technology company, raised an $11.75 million in funding led by Joe Lonsdale’s 8VC [Lonsdale is also co-founder of companies including Palantir Technologies, Addepar, and OpenGov], as it emerged from stealth, according to TechCrunch. The round included Valor Equity Partners, Lux Capital, SV Angel, and Nova Global. Terra previously raised an $800,000 pre-seed round. The company said African investors in the round included Tofino Capital, Kaleo Ventures, and DFS Lab. Terra, founded by CEO Nathan Nwachuku, 22, and CTO Maxwell Maduka, 24, builds autonomous systems to
Google’s Year in Search 2025 data confirms a long-standing reality in the digital economy. Black American culture serves as the primary engine for what the U.S. clicks, buys, and watches. This annual roundup highlights the questions that shaped the cultural zeitgeist, and 2025’s results are characterized by Black-led moments across every major category. Culture The rise of the Philadelphia-rooted “67” phrase—popularized by rapper Skrilla’s track “Doot Doot (6 7)”—highlights how regional Black slang quickly becomes the default language of the internet. Dictionary.com even named “67” its Word of the Year
The US Department of Justice (DOJ) has opened investigations into diversity, equity, and inclusion (DEI) initiatives at several major companies, including Google and Verizon, The Wall Street Journal reports. The DOJ is using the False Claims Act to assess whether companies misrepresented their hiring or promotion practices while receiving federal funds. DOJ Targets DEI Using Fraud Law In a May memo from Deputy Attorney General Todd Blanche instructed prosecutors to investigate and pursue cases against federal funding recipients that knowingly engage in “preferences that create benefits or burdens based on
