African Infrastructure Investment Managers (AIIM) has successfully closed its fourth pan-African infrastructure fund, African Infrastructure Investment Fund 4 (AIIF4). The fund reached its hard cap with $748 million in commitments and an additional $206 million in co-investments, totaling $954 million. “Given the challenging global fundraising environment, we are delighted to have outperformed the targeted fund size,” said Paul Frankish, AIIM’s Head of Strategic Initiatives according to Shoppe Black. “We received strong support from our existing investor base with a high level of re-ups from the supporters of our previous mandates
A new app why?! founded by former Netflix and Clubhouse executives is set to transform the way people connect with meaningful conversations. Former Netflix and Clubhouse Executives Launch why?! Founded by former Netflix and Clubhouse executives Maya Watson and Lexi Nisita, the app addresses the growing issue of shallow social media interactions and the difficulty in maintaining quality relationships. According to The Harvard Study of Adult Development, the quality of relationships is crucial for a good life, yet 58% of Americans feel that nobody truly knows them. $1.65M Pre-Seed Funding
Bloomberg Philanthropies announced a $600 million gift to support the endowments of the nation’s four historically Black medical schools and the establishment of a new medical school in New Orleans. This gift is part of Bloomberg Philanthropies’ Greenwood Initiative, an effort aimed at advancing racial wealth equity by addressing systemic underinvestment in Black institutions and communities. Strengthening Financial Stability and Institutional Capacity The $600 million donation is designed to increase the financial stability and institutional capacity of these historically Black medical schools which graduate around half of all Black doctors
UK-based Tech1M has secured $750,000 in pre-seed funding in a boost for the human resources (HR) technology sector. The round was led by SFC Capital, known for its recent backing of 4D Medicine and VoltShare, and Techstars. The funding also saw participation from Tech Nation, Barclays Eagle Labs, HSBC Innovation Banking, ICE Network, Vantage, 1000 Black Voices, Foundervine, and GrowLondon Global. Innovating Recruitment with AI Tech1M, founded by Tommie Edwards and Damilola Ogunmoye, is set to transform the talent acquisition landscape with its AI technology. As an alumnus of the
UK government officials have criticized Elon Musk, owner of social media platform X (formerly known as Twitter), for commenting, “civil war is inevitable” under a video of violent, far-right attacks in England. Musk’s Posts Ignite Political Reactions Hundreds have been arrested during a wave of racist, Islamophobic, and anti-immigrant violence sparked by the disinformation surrounding the murder of three young girls last Monday. False claims that the murder suspect was a Muslim asylum seeker led violent right-wing mobs to attack mosques and set fire to hotels housing asylum seekers across
Over 100 scholars, advocates, and human rights organizations have signed an urgent open letter demanding the Venezuelan government cease its technological repression and ensure unfettered access to the internet. This call to action comes amidst escalating political violence following the South American country’s controversial presidential elections on July 28. The open letter’s signatories include the Center on Race & Digital Justice, Robert F. Kennedy Human Rights, the Distributed AI Research Institute (DAIR) and its founder Timnit Gebru. Escalation of Surveillance Post-Elections In the wake of the recent elections, Venezuela has
The income gap between Black and white young adults has narrowed for millennials compared to Generation X, according to a recent study by Harvard University and the U.S. Census Bureau. The study reveals that by age 27, Black Americans born in 1978 to poor parents earned nearly $13,000 less annually than their white counterparts. For those born in 1992, this gap reduced to about $9,500, marking a notable decrease in racial income disparity. Improved Economic Mobility for Black Millennials The reduction in the income gap is attributed to increased economic
A new development project will bring over 100 affordable homes and a Black business hub to North Portland. The Williams & Russell project, managed by Williams & Russell CDC, will create 85 affordable apartments and 20 townhomes for sale on a block that has been vacant for nearly five decades. Significant Funding and Community Impact The project has already secured $10.3 million in funding, including $1.6 million recently announced by Oregon senators Ron Wyden and Jeff Merkley. An additional $23 million is pending from the Portland Housing Bureau and Prosper
On July 19, NASA honored Vivian Ayers Allen, 101, the mother of actors Debbie Allen and Phylicia Rashad, for her contributions to the Apollo 11 mission. The ceremony, held at the Lyndon B. Johnson Space Center in Houston, celebrated the women who played crucial roles in the success of the historic moon landing in 1969. The building was renamed the “Dorothy Vaughan Center in Honor of Women of Apollo,” acknowledging the legacy of these pioneering women. A Legacy of Excellence and Perseverance Ayers Allen, a Pulitzer Prize-nominated poet, activist, and
Google has withdrawn its Olympics ad for the AI chatbot Gemini, titled “Dear Sydney,” following backlash over its portrayal of AI in crafting a child’s letter to her favorite athlete. Controversial Ad Sparks Outrage The “Dear Sydney” commercial features a young girl’s father using Google’s AI chatbot, Gemini, to help write a letter to U.S. hurdler and sprinter Sydney McLaughlin-Levrone. The ad, which includes a scene of the AI-generated letter and concludes with the child running on a track, aimed to demonstrate Gemini’s potential as a supportive tool in creative
