Black woman-owned sports tech platform PowerHandz has closed a “multimillion-dollar investment” with one of the world’s largest investment companies, Vanguard Holdings Group. In 2021, the company announced its merger with PH Innovation Holdings. The partnership enabled PowerHandz to feature some of its performance products and training content in the multi-sport training app’s live stream, reaching a more comprehensive range of youth, coaches, and parents worldwide. The platform received a multimillion-dollar capital injection from Vanguard Holdings Group a year later. Vanguard has also made a private tender offer to the tech
Ghana-based construction company, LMI Holdings, has partnered with the International Finance Corporation (IFC) to enhance Ghana’s solar technology. The partnership, which will see the IFC loan the company $30 million, will provide dozens of businesses with solar technology and essential infrastructure needed to boost their productivity. The funding will also enhance water development services in the Sub-Saharan African region. LMI Holdings, founded by Kojo Aduhene, is a private power distribution company that works to provide a reliable infrastructure for businesses in Africa. The organization’s commitment to building a 16.8-megawatt rooftop solar plant
Africa-focused VC, Oui Capital, closed its $300 million second fund, Capital Mentors Fund II, targeted at supporting pre-seed and seed stage businesses. The funding round included investors, D Global ventures, Angur Nagpal’s Vibe Capital, One Way Ventures, and Ground Squirrel Ventures. Oui Capital, founded by Olu Oyinsan and Francesco Andreoli, launched its first $10 million fund in 2018. The investment firm aims to bridge the gap between high-growth technology startups in sub-Saharan Africa. It is on a mission to become the first “yeses” entrepreneurs hear as they embark on their startup
Black-owned startup, Qwili, raises $1.2 million in seed funding. The funding round, led by South African venture firm E4E Africa also included Strat-Tech, Next Chymia, Untapped Global, and Codec Ventures. Angel investors Ashwin Ravichandran and Kanyi Maqubela also participated in the funding round. Qwili, co-founded in 2020 by Luyolo Sijake, Thandwefika Radebe, and Tapfuma Masunzambwa, works as a hybrid sales platform to support micro and small merchants in South Africa. The company, which aims to address the lack of access to digital products and services within the African market, has developed a quality and
Vice President Harris has announced new public and private sector that aims to align the government with a coalition of companies and foundations to address economic disparities. The initiative, spearheaded by solutions firm Next Street, will see a community of investors make significant contributions to BIPOC businesses by connecting them with investments made by the Biden-Harris administration. A collective commitment The EOC consists of executive leaders from giant companies, including Bank of America, Capital One, Goldman Sachs, Google, Mastercard, Netflix, PayPal, and more. In addition, the community has already invested
Working in venture capital after business school, Kelly Ifill has seen how difficult it can be for Black entrepreneurs to raise money through the earliest rounds of fundraising, known as the friends and family round, designed to help fledgling startups get off the ground. As the cozy term suggests, founders are expected to secure investments ranging from $10,000 to $150,000 from trusted, well-heeled contacts to serve as seed money before moving on to more significant investments from angel and institutional investors. But it’s not always easy for some groups to
Rusty and River Fields, two brothers born and raised in Brooklyn, have started the first hacker house for young Black tech entrepreneurs. The house, nicknamed “R-House,” brings tech enthusiasts together to live and work alongside each other for four weeks as they build their own Web-3.0 startups. Speaking to Bronx.news, Rusty Fields, who graduated from the University of Pennsylvania with a neuroscience degree, said: “Black builders, they face unique challenges when they go to launch companies.” “We really wanted to create the space and experience for them to build deep and authentic
Instagram has launched a user survey in partnership with YouGov to understand better how people from different communities experience the app. The initiative, which highlights the company’s efforts to build a more “fair and equitable” platform, will prompt users to participate in an optional survey about their race and ethnicity. According to Instagram, information from the survey will help them better understand different communities’ experiences with the app. The survey will show up at the top of users’ feed and will lead directly to a YouGov survey. According to the
Black Professionals in Tech (BPTN) has officially made its debut in Zambia. The community network, which currently has more than 60,000 Black members worldwide, has created a global network for professionals working within North America and across countries worldwide. BPTN’s new network, which went live at the Bongo Hive Technology Lusaka earlier this week, connects large tech companies with Black tech professionals. It provides employment opportunities to members and offers mentorship and educational resources to help entrepreneurs develop long-standing, successful careers within the tech industry. The platform enables tech giants to hire
Investment firm Twenty Five Ventures recently announced the launch of their diversity fund: 25V Diversity Fund. The venture capital firm aims to invest up to $10 million in early-stage real estate, property, and fintech startups led by Black and Latinx entrepreneurs. Twenty-Five Ventures, founded in 2020 by Maximillian Diez, works to create an entrepreneurial ecosystem that allows everyone to access financial and knowledge-based resources where founders and investors can thrive. According to a Crunchbase report, Black and Latinx founders receive less funding than non-minority counters. So, despite recent figures showing
