In June, Solo Ceesay, a 27-year-old first-generation immigrant, spearheaded a $26 million raise for Calaxy, an open social marketplace he co-founded with NBA star Spencer Dinwiddie. At the time, only 8% of VC funding had gone to Black startups. In this thought piece, Ceesay breaks down why funding for Black founders continues to fall short, despite efforts to turn things around. In Q3 2022, Black entrepreneurs raised $187 million in venture funding, equating to merely 0.12% of the $150.9 billion that venture capitalists deployed in totality. This figure is severely
25-year-old Iddris Sandu is a technologist and founder of Spatial Labs (sLabs) an organization committed to reshaping the future of commerce, Blockchain technology, and fashion. The technologist, born in Accra, Ghana, moved to Los Angeles when he was three years old. After teaching himself how to code and partaking in a range of internships and consultancy programs, Sandu set his sights on reshaping the way technology exists in the world. Additionally, he stuck to his word and became one of the youngest founders to enter Black Enterprise’s 40 under 40 list. The
Armed with smartphones and armies of faithful fans, social media sensations such as Khaby Lame are building fortunes by redefining the rules of entertainment, advertising, and stardom. The inaugural Forbes Top Creators list highlights the 50 social superstars leveraging a combined 1.9 billion followers across social networks to earn $570 million in 2021 alone. Their average age is just 31. Next year’s windfall is significantly richer as famous personalities shift from influencers to owners, using their massive reach to start their own ventures—clothing lines, beauty empires, TV series, and fast food chains.
Black-owned startup, thirdweb, has raised $24 million in investment funding. The funding round led by Haun Ventures, Coinbase Ventures, Shopify, and Polygon, also included Shrug VC, Joseph Lacob, and others. The ground-breaking tech startup founded by Steven Bartlett and Furqan Rydhan aims to provide developers with a Web3 development kit to help reduce the time and cost of building and launching applications. The developer tool assists programmers in building NFTs, marketplaces, DAOs, and more. “Web3 is the most important technological shift I’ve witnessed in my lifetime,” said Steven Bartlett, co-founder
Black Coffee, the famed South African DJ and record producer, whose real name is Nkosinathi Maphumulo, backed Andela, a tech talent incubator and unicorn launched from Lagos in 2015. But he’s not the only musician dipping his toe into the tech scene – African artists worldwide are using personal funds and collectives to invest in startups. Mr. Eazi, real name Oluwatosin Ajibade, made headlines in Africa’s tech circles following his investment in pawaPay, a UK-based and Africa-focused mobile payments company through Zagadat Capital. But unlike Jay-Z and many other African-American musicians now entering
California-based VC firm, L’Attitude, has launched its new fund to support early-stage Latino founders. The investment firm raised $100 million from big-name investors, including Bank of America, Trujillo Group, Barclays, Cisco, Royal Bank of Canada, and a “strategic anchor investment” from JPMorgan Chase. According to the outlet, Latino business owners have grown 34% over the last decade. Yet, despite this, 72% of Latino entrepreneurs face funding shortfalls, with a large majority relying on personal savings, and only 1.8% are venture-backed. L’Attitude, founded in 2019 by Kennie Blanco and Sol Trujillo,
The cryptocurrency market has drastically fallen over the years, with the market decreasing in value by more than $1 trillion. The recent downfalls have shaken the entire cryptocurrency market and resulted in many Black investors experiencing severe losses. One of the most popular cryptocurrencies, Bitcoin, fell below $20,000 for the first time in 2020 and has been steadily declining by more than 70%. Over the past seven months, its value has shrunk more than ever, consequently impacting millions of investors in the cryptocurrency market. According to the Financial Times, 25%
Children’s social media platform Zigazoo has raised $17 million in Series A funding. Liberty City Ventures led the funding round, which included the National Basketball Association (NBA), Causeway Capital Management, Dapper Labs, OneFootball, Medici VC, Animoca Brands, and Lightspeed Venture Partners. Zigazoo, founded by Zak Ringelstein in 2020, has become one of the leading platforms for children’s short-form videos. The digital program, which has recently launched a non-fungible token (NFT) collection, aims to provide children with a safe and positive community where they can find joy, develop healthy online relationships,
U.S. Immigration and Customs Enforcement (ICE) can now track and identify cryptocurrency users using a new software program, Coinbase Tracker. The software, offered on a subscription basis, allows the government and private sectors to trace incoming and outgoing funds made through various digital currencies, including Bitcoin, Ether, and Tether. Last year, Intercept revealed that Coinbase had sold its analytics software license to ICE for $29,000. The analytics program, which provides ICE with crypto users’ “historical geo-tracking data,” is one of several small contracts between Coinbase and the U.S. government. In April 2021,
Cryptocurrency platform Binance has joined forces with TikTok star Khaby Lame for the launch of their new NFT series. The influencer, who will join the team as a brand ambassador, will use his signature moves to debunk myths surrounding crypto and the blockchain space. The partnership will see Lame create content that helps clear up any misconceptions people may have around Web3 and cryptocurrencies. As a result, fans will not only be able to purchase exclusive Khaby Lame NFT collections, but they will also have access to educational resources to
