Marcy Venture Partners (MVP), co-founded by “Jay-Z” Carter, is reportedly nearing a significant merger with Pendulum Holdings’ investment arm Merger Talks According to Bloomberg, the merger could create a new entity with over $1 billion in assets under management. Sources close to the discussions, who preferred to remain anonymous, have indicated that the merger between these two California-based powerhouses is almost finalized. Both entities have declined to comment on these speculations. Culture-driven investments Marcy Venture Partners, established in 2018 by Jay-Z alongside Jay Brown and Larry Marcus, has demonstrated an eye for culture-driven investments. Its
Generative Artificial Intelligence (GenAI) is rapidly becoming a vital tool for U.S. microbusinesses, particularly among Black owners who are adopting these technologies at impressive rates. According to GoDaddy’s Venture Forward 2024 survey, approximately 50% of microbusiness operators have experimented with GenAI tools recently. This statistic is even more significant among young and Black microbusiness owners, who are 50% more likely to leverage GenAI compared to their white counterparts. A Tool for Leveling the Playing Field The Venture Forward survey highlights that 44% of micro businesses see GenAI as a game-changer, allowing
Audible has recently welcomed four new minority-owned businesses into its Newark, NJ-based Business Attraction Program. The initiative, launched in August 2023, aims to bolster the local economy by supporting startups through financial backing and expert mentorship. Empowering Diverse Founders The focus on minority-owned companies, especially those led by Black women, comes at an important time. Nationally, Black-owned businesses receive one percent of venture funding. Audible’s program seeks to change this disparity by offering each company up to substantial non-dilutive grants of $250,000. These funds are allocated for office space, relocation, and local
Celebrity journalist Brownie Marie has launched a new dating app, ‘The Fox Hunters Club,’ for millennial women seeking older men. Marie is best known for her interviews with celebrities in film, fashion, and music over the past decade. Her day job as a tech executive for startups in Silicon Valley and New York City helped her in the launch of the new tech platform. The Fox Hunters Club The Fox Hunters Club is for women seeking relationships with older men; however, it clearly states that it is not an app for sugar
British legal tech company Definely has raised a $7 million (£5.6 million) Series A investment round to advance its GenAI proposition that helps draft, edit, and understand legal documents. Last year, the Microsoft- and Google-backed company released Vault. This tool leverages AI and OCR technology to analyze and extract key information and clauses from an organization’s internal contract repository. Vault then makes this information readily available to users directly within their documents, exactly when and where it’s needed. One Of The 50 Fastest-Growing Tech Companies In The UK Founded by two former
Microsoft Corporation has decided to close the engineering section of its Africa Development Center (ADC) in Lagos, just two years after its inception. Economic Instability Leads to Closure The decision to shut down the ADC in Lagos adds to Nigeria’s broader economic challenges, including a persistent currency crisis, dollar shortages, and high inflation. These factors have impacted business growth and diminished consumer purchasing power, prompting companies like Procter & Gamble, GSK, and Bayer to overhaul their African strategies. “Microsoft has decided to close the Africa Development Centre in Nigeria, and
Reddit Co-Founder Alexis Ohanian took to X, formerly Twitter, to thank Snoop Dogg for being one of the platform’s earliest investors during its spin-out and turnaround. Reddit Reddit, a social media platform and online community, ranks among the top 20 most visited sites worldwide and went public in March 2024. American internet entrepreneur and investor Ohanian is best known as the platform’s former executive chairman and co-founder, along with Steff Huffman and Aaron Swartz. He is also the husband of tennis legend and venture capitalist Serena Williams. Huffman and Ohanian began building Reddit for fun while roomates
During a recent speech at the Milken Institute Global Conference, Governor Kathy Hochul of New York faced backlash after making controversial comments that that Black children in the Bronx don’t know what a computer is. A misstep at the Milken Conference Governor Hochul made the remarks while discussing her new AI initiative aimed at enhancing technological access in low-income areas. “Right now, we have young Black kids growing up in the Bronx who don’t even know what the word computer is,” she said. “They don’t know, they don’t know these things.” This
Ronald Yancey, an engineer and the first Black graduate of the Georgia Institute of Technology, presented his granddaughter Deanna Yancey with her master’s degree from the same institution nearly six decades later. Deanna Yancey recently received her master’s degree in electrical and computer engineering. A Legacy of Courage and Determination Ronald’s journey to Georgia Tech was marked by resilience. The school initially rejected him, leaving him to attend Morehouse College, where he majored in math and physics. Despite the absence of an engineering program at Morehouse, his determination did not waver. He
Backpack Healthcare, an online pediatric mental healthcare provider, has announced a $14 million Series A funding round. Backpack Healthcare Backpack Healthcare, formerly Youme Healthcare, is a tech company that offers an app and teletherapy services designed to provide accessible and inclusive mental health support for young individuals. Led by founder and CEO Hafeezah Muhammad, Backpack Healthcare aims to make a positive impact on the lives of children and adolescents struggling with mental health challenges. With studies finding that 1 in 6 children have a mental, emotional or behavioural health disorder, along with more than
