California is working on passing SB 54, the nation’s first legislation to increase diversity in venture capital. In California, venture capital investments do not reflect the state’s diversity, according to the bill. It states that companies founded or co-founded by women receive far less investment funds than companies founded by men. Additionally, companies founded or co-founded by people of color receive far fewer investment funds than companies founded or co-founded by white people. Black founders have long faced challenges securing funding for their businesses, with VC funding dropping by 36%
Black-owned ed-tech company Nomadd Group has launched Project CASPER, an accelerated program implementing Science, Technology, Engineering and Mathematics (STEM) programs in underrepresented schools and communities. Nomadd Group Nomadd is a community development and STEM-accredited EdTech company that provides programs and services to uplift disinvested communities. Founded by Kevin Horton, Nomadd’s vision is to create economic mobility for communities that lack access to information, technology and resources. It focuses on re-skilling workers, developing the workforce, and promoting entrepreneurship while reforming the education system. They aim to help implement STEM programs to
Maelstrom Fund, Jackie Robinson Foundation, and World of Money have partnered to create the Our Wallet program, providing teenagers from BIPOC backgrounds with financial literacy education. Our Wallet Our Wallet is a financial literacy program providing tools and resources for BIPOC youth and future leaders. AfroTech reported that the program was birthed from a partnership between the Maelstrom Fund, the Jackie Robinson Foundation, and World of Money. The Maelstrom Fund is an early-stage investment fund run by the family office of Black entrepreneur Arthur Hayes, the founder of the cryptocurrency
A leaked Google spreadsheet has revealed that Black employees at Google make $20,000 less on average than their white coworkers. Insider obtained an internal Google spreadsheet with over 12,000 U.S. staff reporting their annual salaries in 2022. The data covers software engineers, business analysts, salespeople, and legal counsel roles. Race disparities The data sheet found that Black staff at Google tend to make $20,000 less than their white co-workers, with $147,000 going to Black workers and $170,000 going to white workers. White staff also got $40,000 more in equity than
Copenhagen-based Unconventional Ventures has announced the second close of its €30 million fund ($32 million), dedicated to investing in diverse founding teams and founders. Unconventional Ventures According to Tech Funding News, Unconventional Ventures (UV) is the only European fund with a diversity impact at its heart. It is an impact-focused investment firm investing in early-stage startups led by underrepresented founders in Europe. Launched by Thea Messel and Nora Barvey in 2018, UV has a VC structure and invests across the Nordics in healthcare, women’s health, diversity tech, sustainable fashion, food
With the increase of Black-owned businesses, there have been concerns about Black companies being sold or taken over by white firms. From 2017 to 2020, the number of Black-owned businesses across the country increased by 13.64%, and Black-owned firms brought in an estimated $141.1 billion in gross revenue in 2020 – an 11% increase since 2017. However, according to Forbes, there has been a trend where Black-owned businesses are being sold to or acquired by white-led companies. They raised the question of whether the business acquisition is a sign of
Greenwood’s Moton Hospital, which once served victims of the 1921 Tulsa Race Massacre, is being restored as a business resource and incubator hub for Black entrepreneurs. Moton Hospital Originally known as the Maurice Willows Hospital, the Moton Hospital was erected after the devastating 1921 Tulsa Race Massacre. The Tulsa Race Massacre was a two-day-long white supremacist terrorist massacre between May 31 and June 1, when mobs of white residents attacked Black residents and destroyed homes and businesses in the Greenwood District in Tulsa, Oklahoma. The North Tulsa hospital offered critical
Diversity programs continue to come under fire as Meta Platforms Inc. and three entertainment groups face lawsuits. What has been happening? Since the U.S. Supreme Court ruled against colleges and universities considering race in their admissions process and ending Affirmative Action, there have been several lawsuits against diversity programs. Following that, conservative group American Alliance for Equal Rights, led by Edward Blum, filed lawsuits against law firms Perkins Coie and Morrison Foerster, challenging their diversity fellowships. The lawsuits alleged these fellowships unlawfully discriminated against white candidates and requested that racial
The body of Yohanes Kidane, a 22-year-old Software Engineer graduate who had just moved to the Bay Area to work with Netflix, was found near the Golden Gate Bridge last week and has been positively identified. What Happened? Yohanes Kidane was reported missing on August 14 after moving to San Jose, California, to start a role as a software engineer at Netflix. He had been last seen entering a black Toyota Camry with an Uber sticker on 28 N 4th St. San Jose, wearing grey sweatpants, a black hoodie and
UK-based bladder health startup Jude has closed a $4.24 million seed round to expand into the U.S. Bladder Health: Jude Jude is a healthcare and wellness brand with a mission to bring bladder care to the forefront. 2.3 billion globally suffer from bladder issues, whether overactive bladder, leaving or incontinence and Jude is on a mission to help change that. Jude’s initial focus is on women’s health, as founder Peony Li said she wants to establish the business as a category leader in a space that’s been overlooked and hasn’t
