Black-owned venture capital firm, Backstage Capital, has cut 75% of its operational staff due to fundraising and growth challenges, both externally and internally. Backstage Capital, founded by Arlan Hamilton in 2015, was one of the first VC firms to dedicate their services to minimizing the funding disparities in tech by investing in high-potential founders of color, women, and LGBT members. The firm, which Hamilton built from the ground up while homeless, invested in over 170 start-up companies led by underrepresented founders. The decision to downsize its team came just three
Black-owned venture capital firm, MaC, has raised $203 million for its second fund, building on the initial $110 million they secured in seed-stage funding last year. The firm focuses on investing in underrepresented founders of color. The highly resourceful team uses their skills and knowledge to support the next generation of tech companies, focusing on reshaping the culture and providing resources to underrepresented communities. MaC was launched in 2019 by four founding partners: former Washington D.C. mayor Adrian Fenty, former talent agent Charles D. King, VC veteran Marlon Nichols, and
Black-owned food waste startup, Goodr, has closed $8 million in their latest round of financing. The funding round, led by venture capital firm, Precursor Ventures, included investment firm Collab Capital, Emerson Collective, Backstage Capital, Innovations for Impact, Kimbal, Telus Pollinator Fund, and a series of other private angel investors. This round brings Goodr’s total funding to $9.4 million. The Atlanta-based startup, founded by Jasmine Crowe in 2017, works to feed people who may experience food insecurity. The community first focused on helping feed a small number of people experiencing homelessness
The tech industry has spent a decade publicly reckoning with its diversity problem. Still, Black and Hispanic workers hold just 7% and 8% of computer worker roles in the U.S., though they represent 11% and 17% of the country’s total workforce, respectively, according to the Pew Research Center. With the Metaverse becoming increasingly popular, it’s important to hold those in power accountable. Earlier this year, reporter Yinka Bokinni wrote a piece in the Guardian about her experiences in the Metaverse. “But within the first 10 minutes of putting on a
Green NFT platform, OneOf, has launched an exclusive NFT collection, allowing fans to collectively license the audio recording of the Notorious B.I.G.’s most famous freestyle. The collection, in partnership with the Christopher Wallace estate, will provide collectors with a series of 3D profile picture (P.F.P.) NFT collectibles, also known as avatars. The characters on offer will be inspired by Biggie Small’s life, style, lyrics, and fashion. Biggie Smalls, who tragically passed away in a drive-by shooting in 1997, immensely influenced the hip-hop scene we all know and love today. In
Dragon’s Den star Steven Bartlett is seeking “fledgling entrepreneurs” to take part in a secret BBC show. The Social Chain co-founder has called on business leaders in the e-commerce world to participate. Mr. Bartlett is working on the project with BBC Studios but has kept quiet on the finer details. In a message posted on LinkedIn, the entrepreneur said applications have to be free to be filmed on July 8, 2022, between 8 am and 5 pm in East London. He added anyone who is interested should e-mail businessg@bbc.co.uk. Mr. Bartlett
For many Black entrepreneurs, getting funding for their business is a daunting and disproportionately difficult task, especially because only about 1% of all venture dollars goes to Black founders, according to Crunchbase, despite Black and African Americans making up 13% of the U.S. population. But a trio of Black Techstars alumni — who each raised at least a million dollars in seed capital for their business — met at Startup Hall at the University of Washington to share their experience of raising capital. They also offered advice for Black founders looking to
The online technology platform, Kibo School, known for providing online degrees for students across Africa, has raised $2 million in seed funding. The funding round, which venture capital firm Neo led, included African investment company Future Africa, Brooklyn Bridge Ventures, and Transcends Ventures. In addition, a range of different angel investors also participated in the seed funding round. Kibo School, co-founded by Ope Bukola in 2021, aims to provide affordable and high-quality programs for anyone interested in building a career in tech. The curriculum, based on the Human Skills Matrix,
Edlyft is taking the $100 million diversity and inclusion tech market by storm. The edtech startup, founded by longtime friends Erika Hairston and Arnelle Ansong in 2020, provides support for college students and adult learners in STEM (science, technology, engineering, and mathematics) courses. Their mission is to provide the right environment and tools for the next generation of engineers to succeed and, hopefully, get one step closer to closing the gender gap in STEM. Their digital platform connects learners to inclusive mentorship, online group tutoring, live and recorded sessions, and personalized study
Athletic champions Naomi Osaka and LeBron James have announced the launch of their new media production company, Hana Kuma. Hana Kuma, founded by the four-time Grand Slam tennis champion Naomi Osaka and NBA legend LeBron James, will produce documentaries, feature television shows, and anime programs for a global audience. The production company will primarily focus on highlighting stories from marginalized groups yet to be covered by mainstream media outlets. “I’ve built my career taking a different approach than others around me,” Naomi Osaka said in an Instagram post. “Because my journey has
