Rachael Twumasi-Corson, the founder of Afrocenchix, is stepping into a new role as the Managing Director of LIHA BeautyLIHA Beauty. This move comes after her successful tenure at Afrocenchix, where she played an instrumental role in securing $1.2 million in seed funding for the natural haircare e-commerce business. A Vision For African Beauty Twumasi-Corson’s decision to join LIHA Beauty wasn’t part of her initial plan after exiting Afrocenchix. However, the opportunity to collaborate with LIHA’s founders, Abi Oyepitan and Liha Okunniwa—two women she holds in high esteem—was too good to pass up.
A report from The Alliance for Entrepreneurial Equity has found a troubling decline in venture capital and other forms of funding for Black-owned businesses. While the number of Black-owned businesses are growing, they are severely underrepresented compared to their population making up only 2.5% of all businesses. In recent years, Black-owned businesses have faced challenges in securing funding, a trend that blocks their growth and reflects issues within the American financial landscape. The Alliance for Entrepreneurial Equity’s latest report, a collaboration between the National Urban League and Third Way, illuminates
Eight TikTok creators have filed a lawsuit against the US government over their new law that would force the sale or ban of the video app, owned by Chinese ByteDanceLTD. The Potential TikTok Ban So Far Joe Biden recently signed into law a bill that requires TikTok’s Chinese owner to sell the social media app’s US operations or face a ban, after the Senate passed the legislation. The bill gives TikTok’s Beijing-based parent, ByteDance, 270 days to sell the app’s US operations and if not, it will then face a
Google has made an additional investment in Morehouse College, the only historically Black liberal arts institution, with a new Google Annex classroom. Google and the United Negro College Fund (UNCF) partnered last year to contribute a $2 million investment in Morehouse College and Hampton University. The universities used the funding to invest in technical infrastructure to support in-class and remote learning. They also aimed to develop curriculum and career support programs for students pursuing careers in the tech industry. The Google Annex Classroom Google has opened a new Google Annex classroom at
Two Black founders have teamed together to create Dreamward Ventures, a new Seattle-based fund that plans to invest in diverse founders, including early-stage startups led by Black entrepreneurs. Dreamward Ventures Dreamward Ventures offers early-stage capital, technical due diligence, and network connections to founders who need them most. According to GeekWire, founders Evan Poncelet and Jesse Posey met at a Seattle Angel Conference event and decided to address the gaps in venture capital for Black founders and investors. “It’s hard for the venture capitalists and angel groups to reach out to founders of color, specifically Black
Hulu’s latest docuseries, “Black Twitter: A People’s History,” examines how Black Twitter has influenced cultural and political landscapes. Directed by Prentice Penny and based on Jason Parham’s articles, ‘Black Twitter’ documents a decade and a half of posts and new stories to explore the digital community’s far-reaching social impact. The Heartbeat of a Community At its core, Black Twitter represents a dynamic ensemble of voices, each contributing to a larger narrative that resonates with humor and gravitas. The series aims to highlight the platform’s ability to combine expressions of love with expressions of frustration, depicting its universal impact.
In its fourth grant cycle, the Commemoration Fund has selected 32 grantees funds ranging from $5,000 to $100,000 to help mitigate racial inequalities. The Commemoration Fund, founded in 2020, supports efforts to correct social, political and economic injustices that impact Black, Indigenous, Latinx, and people of color in the community. Their funds address disparities rooted in white supremacy and systemic racism with sustainable, collaborative solutions. “The Commemoration Fund is uniquely situated to stimulate the transformative work necessary to address race-based inequities,” said Hannibal B. Johnson, board chair. “Through our strategic investments,
Social entrepreneurship non-profit Echoing Green is launching a $15.6 million fund to provide capital to help social innovators grow. The Signal Fund The Signal Fund will serve as a financial tool providing capital to social innovators at critical growth stages, especially founders with overlooked potential for scalable social impact. In 2019, research from Echoing Green and The Bridgespan Group showed that the revenues of Black-led organizations were 24% smaller than those of their white-led counterparts. The unrestricted net assets of the Black-led organizations were 76% smaller than their white-led counterparts. Co-designed with Angel City Advisors
Ghana is setting the stage to become Africa’s first blockchain-powered government in a move towards digital transparency. The initiative, supported by Vice President Dr Mahamudu Bawumia, aims for a future where digital accountability could potentially save billions lost to corruption annually. Blockchain for Enhanced Governance During the 14th Regional Conference and Annual General Meeting of Heads of Anti-Corruption Agencies in Commonwealth Africa, held in Accra, Bawumia highlighted the potential of blockchain technology in governance. Bawumia argued that Blockchain’s qualities—like immutability and transparency—make it an ideal candidate for enhancing governmental operations, particularly
Terri Burns, 26, the youngest partner in GV’s history and its first Black female partner, is launching her firm, Type Capital, according to Fortune. Breaking the Heat Cycle During her time at GV, formerly Google Ventures, Burns witnessed a recurrent issue within VC funding strategies: the reliance on “heat” from other investors before committing to a deal. “A lot of investors are driven by heat, versus being driven by true innovation,” she told Fortune. “[Founders are] talking to amazing investors, they’re getting some interest, but no one’s really willing to take the leap
