Last year, African startups raised $2.9 billion in deals worth $100,000 and above (excluding exits). Although this amounts to a 39% drop compared to 2022, the continent is showing signs of resilience. Shifting investor landscape In 2023, Techstars was the top investor with 56 deals, surpassing Launch Africa. Other key players included Founders Factory Africa, Ventures Platform, Norrsken, and Y Combinator. All but Norrsken did fewer deals in 2023 than in 2022. For example, YC added only 12 African startups to its 2023 cohorts, compared to 43 in 2022 and
Venture capital (VC) funding for Black entrepreneurs in the US has been decreasing since a peak following George Floyd’s murder in 2020. In 2023, Black founders in the US got only 0.48% of all venture dollars, about $661 million out of $136 billion, TechCrunch reports. This is the lowest in recent years. Peak funding in 2021 In 2020, Black founders received 0.6% of venture funding. By the first half of 2021, funding to Black entrepreneurs in the US reached nearly $1.8 billion, a fourfold increase compared to the same time
In a striking turn of events, the renowned rapper Snoop Dogg’s ad campaign for Solo Stove backfired, resulting in the exit of the company’s CEO, John Merris. The campaign, which cleverly hinted at Snoop Dogg giving up smoking, ultimately failed to boost sales as expected. The “Smokeless” Campaign In a bold marketing move, Solo Brands aired a commercial in which Snoop Dogg announced he was “giving up smoke,” leading many to believe he was quitting his well-known affinity for weed. However, the ad was a clever ruse for Solo Stove,
Young Black people are more likely to invest in stocks than their white counterparts, according to a recently published survey by Ariel Investments and Charles Schwab. The survey, conducted in 2022, found that 68% of Black respondents under 40 invested in the stock market, compared to 57% of white under 40s. More Black Americans Investing In Stock The 2022 survey compared Black and white survey respondents with an average household income of $99,000 and $106,000. The study found that overall, the stock market participation is higher among younger Black Americans,
BlackRock Inc. has agreed to purchase Global Infrastructure Partners (GIP), which Adebayo “Bayo” Ogunlesi co-founded, for around $12.5 billion. BlackRock Inc. Purchases GIP GIP is a leading global independent infrastructure fund manager. They target infrastructure businesses and assets in the energy, transportation, digital, water, and waste sectors, where they believe their expertise and relationships provide a competitive advantage. It was founded in 2006 and has grown to be one of the world’s largest infrastructure investors, managing $100 billion in assets on behalf of its global investor base. Along the almost 20-year history
The risk of maternal death from 2019 to 2021 was statistically significantly almost four times higher among women from Black ethnic minority backgrounds compared with white women. Black women are generally at a greater risk of maternal mortality compared to white women, with many reporting negative experiences before, during, and after pregnancy. We have compiled a list of Black and woman of color-owned apps or platforms that benefit these women during and after pregnancy. Villie – Kimberly Jolasun Villie is on a mission to support expecting and new moms through
Investment firm Compass Diversified has acquired a majority stake in Beatrice Dixon’s plant-derived feminine care brand, The Honey Pot Company. The Honey Pot Co. was founded in 2012, offering products across the feminine hygiene, menstrual, consumer health, and sexual wellness categories. It can be found in more than 33,000 stores across the US, including Target, Walmart, CVS, and Walgreens, with annual sales estimated to be around $120 million. The Honey Pot Co.’s distinct approach to product formulation, using plant-derived ingredients and clinically tested formulas, has fostered a loyal and diverse customer base over the years.
Nigerian fintech startup Cleva has raised $1.5 million in pre-seed funding in a round led by San Francisco-based 1984 Ventures. Founded by Tolu Alabi and Phillip Abel, alumni of Stripe and Amazon Web Services (AWS), Cleva’s product provides a way for Africans to navigate hyperinflation challenges. Africans face persistent challenges in receiving international payments for their skills and products. According to the startup, it is estimated that the market for facilitating payments for remote workers and freelancers in Africa will be an $18 billion opportunity. Nigerian Startup Cleva Cleva is a USD banking platform for emerging
Chatbot Engineer Academy has announced the launch of a new initiative to revolutionize the tech job market for low-income individuals. Audrey Bell-Kearney, the dynamic founder and President of the Gwinnett Women’s Chamber of Commerce and a visionary leader in AI, founded the academy with a focus on no-code AI chatbots. A no-code AI chatbot is a tool you can create without learning a programming language first. UpSkill To UpLift Initative Chatbot Engineer Academy has now launched the “UpSkill to UpLift Initiative.” UpSkill To UpLift Initiative is a groundbreaking program that
Black women have always been, and continue to be, at the forefront of tech, driving innovation, raising capital, and challenging inequity. This year, the tech world continues to shift and evolve rapidly. For those wanting to stay ahead of the curve and make their mark in this dynamic world, here are three must-read books by Black women leaders. Your First Million – Arlan Hamilton Arlan Hamilton is the founder and managing partner of Backstage Capital, which has raised more than $10 million while investing in over 100 companies led by people of
