Black Tech Nation Ventures (BTN.vc), a venture firm based in Pittsburgh, has announced the final close of a $50 million inaugural fund. BTN.vc This fund specifically targets software startups led by founders from traditionally underrepresented backgrounds, including Black, Latinx, Indigenous, female, and LGBTQ+ entrepreneurs. BTN.vc’s founding in 2020 resulted from a collaboration between three serial entrepreneurs, Kelauni Jasmyn, David Motley, and Seán Sebastian. The focus addresses the long-standing issue of inequity in funding and anticipates significant returns within the venture industry. “We set up BTN.vc to equip and train a
Recent data from Crunchbase reveals that there has been a disproportionate decline in venture funding for Black-founded startups in the United States. A Fall Below The $1B Threshold Last year, these startups secured only $705 million in funding, marking the first time since 2016 that the figure fell below the $1 billion threshold. This sharp decline of 71% in funding to Black-founded companies starkly contrasts with the 37% decrease in overall U.S. startup funding, highlighting a widening gap in investment allocation. This drop signifies a declining share of Black-founded startups
In Baltimore, a new social shopping platform, Xclusit, is transforming consumers’ engagement with Black-owned businesses. Vincent Johnson’s Journey Vincent Johnson, an Ellicott City-based entrepreneur and the CEO of Xclusit, crafted the platform to empower Black businesses. Johnson, a Vanderbilt University graduate with a master’s in divinity, initially focused on Black economics. His passion for entrepreneurship led him away from pursuing a PhD, instead dedicating himself to developing tech solutions that support Black-owned businesses. His journey in the tech world began with his first app, Coupify. Still, through direct engagement with
Chaymeriyia Moncrief, an Alabama native, has made a mark in the tech industry as the first Black woman to own a smart glasses brand. NSPRE Two years after founding Tesix Wireless Network, a millennial-focused wireless carrier., Moncrief launched NSPRE to ”inspire the culture through social technology“. From its inception in 2020, the brand swiftly progressed, raising $1.5 million in funding during its launch year. In June 2021, NSPRE established its headquarters in Alabama, reinforcing its foundation. NSPRE’s flagship product, the Smart Glasses, aims to represent a leap into the future of
John Henry, a 31-year-old Dominican-American entrepreneur, is revolutionizing the auto insurance market with his innovative company, LOOP. The B Corp car insurance firm uses predictive models and real-time driving data to create more equitable rates, particularly for underserved communities. LOOP Established in 2020, LOOP has made remarkable strides in a short period. By 2023, the company boasted over 10,000 members and reported $26.7 million in Direct Written Premiums, reflecting a staggering 230% growth yearly. This success has been marked by over $30 million in venture capital from notable investors like
Filmmaker and entrepreneur Tyler Perry recently halted an $800 million expansion of his Atlanta-based studio due to the advancements in AI. Perry’s pause on expanding his 330-acre studio, which would have added 12 soundstages, underscores the disruptive potential of AI in the entertainment industry. AI’s Capabilities During an interview with The Hollywood Reporter, Perry expressed his awe at OpenAI’s Sora’s capabilities in particular. Sora can generate vivid and complex video scenes merely from text descriptions, potentially eliminating the need for location shooting or set building. “Being told it can do
Joe Cecala and Dwain J. Kyles are launching The Dream Exchange, which is set to become the first Black-owned stock exchange in the United States. Dr. Martin Luther King Jr’s Influence The two, influenced by the civil rights movement and drawing inspiration from Dr. Martin Luther King Jr., aim to bridge the gap between Main Street and Wall Street, creating a more inclusive financial marketplace. “What he [Dr. King] began to understand in the later years of his life [is] that you were not going to achieve equality anywhere in
Derek “MixedByAli” Ali, a multi-Grammy Award-winning audio engineer, has recently raised $7.5 million for his startup, EngineEars. Ali’s journey in music has been marked by his work with influential artists like Roddy Ricch, Donald Glover, and Kendrick Lamar. Ali’s Journey To Music Ali’s passion for music emerged from having little to no formal musical training and growing up with attention deficit hyperactivity disorder (ADHD). He found his calling in high school by experimenting with technology and music, leading to his early experiments with custom ringtones that laid the groundwork for a
Black-owned startup The SMART Tire Company (STC) is calling on Black celebrities, investors, and engineers to help disrupt the global tire market industry at $300 billion. SMART tires: TIME’s Best Inventions STC is best known for its space-age tires, which are changing the way vehicles perform on and off the road. The tires were initially designed for NASA’s Mars Rover program, but STC was founded to commercialize this advanced tire technology as part of the FedTech NASA Startup Program. The company’s inaugural product is a high-performance, airless bicycle tire made
Two brothers, Adrian and Ronnie Wright, have launched the XB app to change how residents can discover and connect with Black-owned businesses in their area. The Journey Of XB The journey began with a Facebook group named “Black Portland,” created by Adrian in 2015. It was seen as a place of reconnection for the Black community in Portland, which faced numerous challenges during the 1980s. These included difficulties in securing mortgages and increasing crime rates in Black neighborhoods. “Displaced residents relocated eastward, while newcomers, often employed by major corporations, gravitated
