Amazon Catalytic Capital, launched in 2022, has announced four new venture capital funds, bringing its total portfolio to eight. Amazon Catalytic Capital Amazon Catalytic Capital was launched as a $150 million commitment focused on investing in Black, Latine, Indigenous, women and LGBTQIA+ builders in tech. Specifically, the initiative provides capital to funds, venture studios, accelerators, or incubators that back startups led by underrepresented founders. Recipients also receive 1:1 mentorship from Amazon executives and unique business opportunities for partnerships, technical support, and scaling resources. Amazon Catalytic Capital has announced its investment
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
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
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
Black-led venture capital firm Growth Warrior Capital is launching Elevo, an AI-powered pitch deck generator to help founders secure funding for their startups. Investing in overlooked founders Elevo is the brainchild of Promise Phelon, the founder and managing partner of Growth Warrior Capital. An experienced entrepreneur, Phelon’s track record includes raising $100 million in capital, transforming companies, and successfully navigating exits and acquisitions. Phelon’s early-stage venture capital firm, invests in “dangerous” startups led by traditionally overlooked founders that have the potential to “fundamentally change the way we work, earn, and
Alitheia IDF is a $100 million private equity fund that aims to grow African SMEs through gender-balanced businesses. According to a report from Africa’s The Big Deal, female-led start-ups in Africa had raised 4% funding in 2022, while male-led ventures raised 96%. Therefore, 25 times less funding had been invested in female-led startups in 2022 than their male-led counterparts. Alitheia IDF aims to identify, invest in and grow businesses led by gender-diverse teams to achieve solid financial returns and social impact for African communities. Alitheia IDF The Alitheia IDF invests
Ariana McGee founded Navigate Maternity, a remote monitoring platform facilitating equitable prenatal and postpartum care for pregnant women. Black Women and Pregnancy In 2017, over 1,205 women died during and after children, with the U.S. having the highest perinatal mortality rate of any developed country. The United States is also known to be the most dangerous and expensive high-income country for childbirth, especially for Black and Indigenous women. Black women face a nine times higher risk of maternal death than their white counterparts, regardless of wealth. McGee nearly lost her
