Online resource business Hello Alice is the latest company to be named in a lawsuit for allegedly discriminating against business owners based on race. A class action lawsuit alleges the company’s partnership with Progressive Insurance Company, which offered $25,000 grants to 10 Black-owned small businesses, violates civil rights. Hello Alice and Progressive Partnership Hello Alice, founded by Carolyn Rodz and Elizabeth Gore in 2017, is a digital platform helping small businesses launch and grow through access to capital. They partner with corporations looking to reach and support new entrepreneurs through
The California Senate Bill 54 (SB 54) has been signed into law by Governor Gavin Newsom, requiring venture capital firms in the state to report the diversity of the founders they back annually. This is the first piece of legislation in the US that aims to address racial disparities in the venture capital (VC) landscape. There is currently no official data on how VC firms invest their money founder and tech activist who helped ideate and draft SB 54, Allison Byers said. She added that California is responsible for 36%
Ghanaian fintech startup Dash is reportedly closing its doors following a tumultuous journey filled with accusations of financial misconduct. According to WeeTracker, Dash held a company-wide meeting on October 3, during which the news of impending layoffs and the closure of the company was delivered to its employees. The innovative startup, which offered an alternative payment network, had raised over $85 million in under five years from major investors. Early success Founded in 2019 by Prince Boakye Boampong, Dash initially made significant strides in the fintech sector. Boampong was a
Editi Effiòng’s Nollywood action-thriller, The Black Book, has claimed the top spot worldwide on Netflix after leaders in Nigeria’s fintech startup space came together to fund the film. The Black Book The Black Book claimed the top spot worldwide just five days after its debut on Netflix, also making it the first ever number-one African film on Netflix. Vanguard reported that from September 18 to 24, the film accumulated 5.6 million views and 11.6 million watch hours. The movie, which traces the story of a mourning father seeking justice following
October marks Black History Month in the UK, an occasion to recognize and celebrate the contributions of Black people to British society. Black people from African and Caribbean communities have been integral to British history and society for centuries. The UK Black History Month 2023 theme is “Saluting our Sisters”, highlighting Black women’s crucial role in shaping history, inspiring change and building communities. CIO reported that just 0.7% of Black women in the UK work in the IT industry, compared to 1.8% across the UK’s entire workforce. They also found
Corner is a new social media app that turns your memories into recommendations you can share with friends with a personalized social map. The brainchild of Eliza Wu and Jake Xia, Corner aims to move away from the negativity and complaints of traditional review platforms and focus on sharing memorable experiences. Meet the co-founders Wu has an impressive background with a Bachelor’s Degree from the University of Southern California and worked as an Investment Intern during her time there. She became an investment associate at JPMorgan for two years before
BLCK VC, a nonprofit for Black investors, has appointed two-time founder and investor Robert Gordon IV as its CEO. BLCK VC BLCK VC is a nonprofit organization that equips Black investors with the access, education, and community they need to accelerate their venture capital (VC) careers. Typically, Black entrepreneurs receive less than 2% of overall dollars each year in VC funding. Additionally, by the end of 2022, adverse market conditions led to a 36% drop in overall VC dollars, but Black entrepreneurs saw a 45% decrease in the financing. BLCK
A federal court has temporarily blocked Fearless Fund’s grant program for Black women entrepreneurs amid an ongoing lawsuit by the American Alliance for Equal Rights. The decision reverses last week’s ruling by US District Judge Thomas V. Thrash, ultimately denying the conservative group’s allegation that the program was racially discriminatory. The Lawsuit Against Fearless Fund Fearless Fund invests in women of color-led businesses seeking pre-seed, seed level or series A financing. The American Alliance for Equal Rights, founded by Edward Blum, brought a lawsuit against Fearless Fund in August 2023.
The Electronic Privacy Information Center (EPIC) has asked the US Justice Department (DOJ) to investigate the deployment of the ShotSpotter gunfire detection system in Black neighborhoods. The nonprofit raised concerns about the technology being used to justify the over-policing of Black communities. What Is ShotSpotter Gunfire Detection System? ShotSpotter, owned by SoundThinking, a public safety technology company, is a gunshot detection technology. It uses acoustic sensors to detect, locate, and alert law enforcement about illegal gunfire incidents. The digital alerts include a precise location on a map, with corresponding data
African venture capital (VC) firm Enza Capital has closed $58 million across its two funds and announced the launch of its Founder Partner Program. Enza Capital Enza Capital is a multi-stage venture fund that backs startups and founders using technology to solve meaningful problems across Sub-Saharan Africa. The Nairobi-headquartered firm invests in and partners with technology companies building in the fintech, logistics, health, human capital, and climate-smart sectors. The firm began its VC journey in 2019 when it launched an early-stage fund to find, back, and help build category-defining startups
