Black-founded startups recently saw record amounts of investment, with quarterly funding commitments nearing or even topping $1 billion. But according to new data from Crunchbase, venture capital funding has dropped significantly in the second quarter of 2022, down to just $324 million. So far in 2022, only 100 U.S. startups with a Black founder have received funding, with $100 million invested in seed rounds, $591 million in early-stage rounds, and approximately $876 million in later-stage rounds. Startups with at least one Black founder received 1.9% of deal counts and 1.2% of
The National Football League has announced its partnership with Ice Cube’s Contract With Black America Institute (CWBA) to support Black-owned businesses and increase diversity amongst NFL vendors. In addition, the partnership aims to boost the economic equity within Black communities by tackling the wealth gap and offering various opportunities in the financial, tech, and production sectors. The CWBA was launched in 2020 by rapper, actor, and filmmaker Ice Cube, alongside his business partner and entertainment lawyer, Jeff Kwatinetz, and works to address the systemic racism in the sports industry. In
Tech giant Apple has celebrated the inauguration of the first class to graduate from their US Developer Academy program. The program was launched as part of Apple’s $100 million Racial Equity and Justice scheme and is the first of its kind to take place in North America. The scheme has provided students with the necessary skills and knowledge to land some of the most prestigious jobs in the tech industry. The Detroit-based academy offers members of the community a free program to teach them the fundamentals of coding, design, marketing, and
The hashtag VCTok is slowly but steadily growing along with founderstiktok. TikTok has more than 1 billion users — the majority of whom are under the age of 30. So it’s the perfect place for firms looking to tap into the younger market or for business owners who want to attract more customers. Back in January, Redpoint Ventures gave Rashad Assir just one task: Make TikToks about venture capital. The request, which some could argue was a bit strange coming from a VC firm, came after Assir amassed more than 56,000 followers
Black-owned beauty and tech company Mayvenn has announced that it raised $40 million in a Series C funding round. Leading investments came from Chicago-based venture fund Cleveland Avenue, with participation from the Growth Equity business within Goldman Sachs Asset Management and a16z. Mayvenn allows consumers to search for and book hair stylists in their local area. In addition, stylists are able to operate their businesses on the platform, including selling products and marketing their salon-based services. The company says it is now home to over 50,000 hair stylists across the
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
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
Steven Bartlett’s The Diary of a CEO regularly tops the UK charts, pulling in 6.6 million streams a month and more than £1 million ($1.2 million) a year in advertising. He’s had a roster of high-profile guests, including Molly-Mae Hague, Craig David, Liam Payne and Piers Morgan, and despite this, he still says: “I don’t think of myself as an interviewer or a podcast host.” In an interview, the man who seemingly has it all reveals some truths about his journey. He is, after all, the millennial who dropped out of university
TikTok user Natasha (@tashathecaptain) worked as a tech lead at a drink distribution company. She helped create new systems to help support drivers who may have experienced technical issues traveling across the country. After three years, she decided to resign after feeling overworked, underpaid, and a lack of recognition for some of the new initiatives she had implemented and created to help build the company. After attending her first-ever tech conference in Colorado, Natasha was taken aback by the lack of diversity. After realizing she was the only Black woman
Shonda Rhimes and Netflix are partnering on The Producers Inclusion Initiative and The Ladder. These are two new and paid programs to expand opportunities for emerging creatives in TV and film, according to The Hollywood Reporter. Both initiatives are a part of Rhimes’ commitment to expanding the representation of those in front of and behind the camera and they are also underwritten in part by Netflix’s Fund for Creative Equity. According to a post from Netflix back in February, “the Fund has already committed $14.5 million toward programs that help
