Google has joined a $90 million equity investment round in Cassava Technologies, signaling a significant step in supporting Africa’s digital infrastructure. The funding round also includes contributions from the US International Development Finance Corporation (DFC) and Finnish development firm Finnfund, among others. Bolstering Africa’s Connectivity This investment aligns with Google’s broader efforts in Africa, including the Equiano subsea cable and the new Umoja fiber-optic cable connecting Africa and Australia. Cassava has already established itself as a leader in Africa’s tech ecosystem, offering solutions in data centers, cloud services, and renewable
Penny Jar Capital, the early-stage investment firm backed by basketball star Stephen Curry, has filed paperwork with the SEC to raise a second fund, as first reported by TechCrunch. The filing for Fund II doesn’t list a specific target amount and also submitted a separate filing for a related entity called Fund II Collective. Both filings were made in October, signaling Penny Jar’s commitment to expanding its portfolio. As Penny Jar’s anchor investor and special advisor, Curry helps the firm source investment opportunities and works behind-the-scenes to drive impact for the portfolio
Marcy Venture Partners, co-founded by Jay-Z, has merged with Pendulum Holdings’ investment arm, Pendulum Opportunities, to establish a new firm: MarcyPen Capital Partners. The merger brings together two prominent Black-owned investment firms, combining resources to oversee a total of $900 million in assets, a spokesperson confirmed to TechCrunch. Two Black-owned investment firms Marcy Venture Partners was founded in 2018 by Jay-Z, Jay Brown (Roc Nation co-founder), and venture capitalist Larry Marcus. Known for backing brands like Rihanna’s Savage x Fenty, Partake Foods, and web3 startup Spatial Labs, the firm has
Carlos Watson, the founder of Ozy Media, was sentenced on Monday to 116 months in prison for defrauding investors and misrepresenting the company’s finances. The decision comes after Watson’s conviction in July for orchestrating a fraudulent scheme that included falsifying contracts and fabricating deals to gain investor trust, according to Reuters. Fraudulent Deals And Fabricated Contracts The sentencing, delivered by US District Judge Eric Komitee in Brooklyn federal court, marks the culmination of a high-profile case. Prosecutors accused Watson and his now-defunct media startup of inflating revenue projections and audience
South Africa’s digital lender Tyme Group has raised $250 million in a Series D funding round, pushing its valuation to $1.5 billion and securing its place as Africa’s ninth unicorn. Nu Holdings Backs Tyme’s Global Ambitions The round was led by Nu Holdings, Latin America’s largest fintech company. Nu Holdings, the parent company of Nubank, invested $150 million for a 10% stake, marking its first major bet outside of Latin America. M&G Catalyst Fund contributed an additional $50 million, while existing investors, including Tencent and Gokongwei Group, also participated. Tyme’s
A US appeals court has struck down Nasdaq’s diversity disclosure rules for companies listed on the stock exhange. The rules required companies to appoint women, racial minorities, or LGBTQ+ individuals to their boards or explain why they could not. The 5th Circuit Court ruled 9-8 that the proposal was not legal and that the Securities and Exchange Commission (SEC) had overstepped by approving Nasdaq’s rule. Court Rejects SEC’s Role in Diversity Mandate Nasdaq introduced a rule requiring companies to share board diversity data and include at least one director from
Arlan Hamilton, the founder of Backstage Capital, has announced her decision to step down as managing partner and take on an advisory role. “After 12 years of being deeply involved in the day-to-day operations, I’ve decided to become a chairperson and advisor,” she said in a statement shared on Instagram. Backstage Capital’s New Chapter As part of this transition, Backstage Capital has formed a strategic partnership with 360 Venture Collective, a woman-founded and led venture firm with an intentionally inclusive investment thesis. Hamilton explained that the collective will acquire a
Operation HOPE and Georgia State University’s J. Mack Robinson College of Business has announced the launch of the AI Literacy Pipeline to Prosperity Project (AILP3). This initiative aims to equip underserved populations across Georgia with the tools needed to succeed in an economy increasingly shaped by artificial intelligence (AI). The announcement was made during the 10th Annual Hope Global Forums on December 11, 2024, an event dedicated to financial empowerment and creating pathways to economic mobility. A Comprehensive Plan to Equip Students for an AI Economy AILP3 will deliver a
North Carolina Central University (NCCU) has made history by securing a $1 million grant from Google to establish the Institute for Artificial Intelligence and Equity Research. HBCU Makes History This marks the first artificial intelligence-focused institute at a Historically Black College or University (HBCU). “This is a huge day,” said Durham Mayor Pro Tempore Mark-Anthony Middleton, according to CBS17. The institute will prioritize workforce development and promote equity in AI, ensuring students are well-prepared to lead in a rapidly advancing field. Preparing Students for the Future of AI Scheduled to
Nigerian fintech startup Billboxx has raised $1.6 million in a pre-seed funding round, aiming to empower African small and medium-sized enterprises (SMEs) with cash flow management solutions. The funding, a combination of debt and equity, was led by Norrsken Accelerator, Kaleo Ventures, 54 Collective, P2Vest, and Afrinovation Ventures. Addressing SME Cash Flow Issues Founded in 2023 by Justus Obaoye and Abdulazeez Ogunjobi, Billboxx offers invoice financing and payment processing services to help SMEs combat cash flow challenges caused by delayed payments from enterprise clients. The platform facilitates upfront payments for
