Early-stage investor Black Seed has raised £5 million ($6.25 million) with aims to create a Black Silicon Valley in London. The South London-based venture firm raised the money as an inaugural fund to invest in and support Black founders by investing in seed-stage startups. Founders Karl Lokko, Cyril Lutterodt, and founding member Yvonne Nagawa launched Black Seed to address the lack of funding Black founders receive in the UK. According to Techcrunch, the firm will focus on early-stage investing, serving as a kind of “family and friends” round for those
The Google for Startups Black Founders Fund is back for the third year after it launched as part of Google’s $175 million commitment towards racial equity. The fund has also expanded to Brazil, Europe, and Africa, and last year it announced its first-ever Latino Founders Fund in the US. It aims to support Black and Latino founders using technology to solve some of society’s biggest problems. The European fund launched with a $2 million grant fund that has since doubled to $4 million, with 40 Black-led tech startups across Europe
Helium Health, a Lagos-headquartered healthtech startup, has secured $30 million in Series B funding in the second-largest series B round for any African health tech company. Digitizing Healthcare Across Africa Founded in 2016 by Tito Ovia, Adegoke Olubusi, and Dimeji Sofowora, Helium Health has been a pioneer in is revolutionizing Africa’s healthcare sector through technology, finance, and data. The company’s suite of digital solutions includes electronic medical records, hospital management systems, insurance and billing software, and analytics tools. The company currently operates in eight countries (Nigeria, Ghana, Senegal, Liberia, Kenya,
UK-based engineers Jonathan Nwosu, Min Sang Kim, and Dakshesh Dharmadhikary have teamed up to launch Radiant AI, a new platform that helps lenders track the impact of their sustainable investments. Sustainability-linked loans (SLLs) have revolutionized global lending by linking interest rates to borrowers’ sustainability performance. Real estate financing has been a frontrunner in adopting SLLs, recognizing the value of energy-efficient buildings and contributing to a low-carbon economy. However, the rapid growth of SLLs has also introduced risks like inaccurate reporting and greenwashing. That’s where Radiant AI comes in. Radiant AI
STEMBoard’s joint venture, Exacta Solutions, has been awarded a $947 million contract designed to provide support to National Geospatial-Intelligence Agency’s total lifecycle acquisition management, strategic financial management and strategic business management activities. Founded by former NASA rocket scientist Aisha Bowe, STEMBoard is an award-winning DC-based tech powerhouse specializing in professional advisory services for elite organizations in the US government. “This remarkable achievement is a testament to the innovative spirit, expertise, and dedication of our team at STEMBoard, as well as the outstanding capabilities of our esteemed partners,” Bowe commented on
Black Tech Week, an inclusive tech conference focused on empowering entrepreneurs of color, is set to return to Cincinnati from July 18–20. “There isn’t a single DEI talk at Black Tech Week. That’s by design,” Brian Brackeen shared on Twitter. “‘No DEI talks’ are something that we are proud of.” Brian Brackeen is the founder of facial recognition software company Kairos and managing partner at Cincinnati-based venture capital fund Lightship Capital, which invests in companies led by underepresented founders. He is also the organizer of Black Tech Week. “Black Tech
Prioritizing affordability, inclusivity, and leveraging technology, Black-owned insurance tech unicorn Marshmallow is challenging traditional insurance practices and extends coverage to underserved communities. Now, Marshmallow has landed a £15 million 3-year revolving credit facility from Triple Point Private Credit, one of the largest non-bank lenders in the UK, to expand its product offerings. “[We] are excited to be working with a management team that have successfully launched and scaled an insurance business so impressively,” said Triple Point’s Head of Structured Finance, Gavin Maitland Smith, per Tech Funding News. “More importantly, their
Cornerstone VC has completed a pre-seed investment into Storia, the guided journaling app created by five-times bestselling author Elizabeth Uviebinené, to help people unleash their inner voice. The Power of storytelling Elizabeth Uviebinené, known for her bestselling book “Slay in Your Lane,” co-authored with Yomi Adegoke, has been at the forefront of literature catered to young Black women. Inspired by the impact storytelling had on her own life, Uviebinené developed the idea of Storia to help people uncover the stories that shape their lives. The journaling app combines AI-guided prompts,
Sam Altman, co-founder and CEO of OpenAI, recently visited Lagos, Nigeria, as part of his global tour to promote AI adoption and understand diverse perspectives. However, concerns have been raised about the exploitation of Kenyan content moderators and the impact of OpenAI’s technology on marginalized communities. Nigeria: Africa’s biggest OpenAI adopter Over the weekend, Altman took part in a two-day exclusive event at Muson Centre, Lagos, Nigeria. “Nigeria, among all of the countries on the continent, I believe has been the biggest adopter of our technologies,” Technext reports Altman told
Japanese conglomerate SoftBank has recently announced the launch of its second fund under the Opportunity Growth Fund, now rebranded as the Open Opportunity Fund (OOF). The fund aims to raise and invest $150 million in startups led by Black and Latine entrepreneurs. New name, chairman, & access Taking the reins as chairman of the fund is serial entrepreneur and investor Paul Judge, who previously served as a founding investment committee member. Alongside SoftBank and select affiliates, Judge and others have agreed to acquire an ownership stake in the OOF. The
