Mastercard Foundation, an international nongovernmental organization, has ended its commitment to invest $100 million in 54 Collective, the most active investor in Africa. 54 Collective (formerly Founders Factory Africa) and Mastercard Foundation “will be pursuing different strategies moving forward, and the partnership will end on 30 April 2025,” the venture capital firm told Rest of World in an email. A setback for Africa’s most active investor On February 20, the leadership team of 54 Collective informed staff that the new changes would lead to layoffs as the firm would end
It’s difficult for Black female founders to get their foot in the door, especially when it comes to raising capital for their business. However, billionaire businessman Mark Cuban told ESSENCE that Black women shouldn’t necessarily be looking for funding. Instead, he believes they should take a different approach, one that he has personally followed in his own journey. Why should founders stop looking for funding? The Shark Tank investor spoke with ESSENCE at SXSW in Austin, Texas, ahead of his panel discussion on entrepreneurship with Tabitha Brown and entrepreneur Justin Fenchel.
LoftyInc Capital Management has announced the first close of its third fund at $43 million. The LoftyInc Alpha Fund focuses on investments that will expand Africa’s most talented startups across key areas like Nigeria, Egypt, Kenya, and Francophone Africa. It has previously invested in notable startups such as Flutterwave, Andela, Wave Mobile, and RelianceHealth. This comes at a pivotal time, as investors were less active in Africa last year. In 2022, 28 were involved in over ten $100,000 deals, but this number dropped to 8 in 2024. LoftyInc has over
Cashflow management platform Lenkie has secured £49 million ($62 million) in Series A funding to transform how UK small businesses access capital. The funding round was led by a large US private credit fund focused on supporting lenders internationally. It also included a £4 million ($5 million) equity and a £45 million ($57 million) debt facility, according to a press release shared with POCIT. How does Lenkie support SMEs? Lenkie specializes in payables financing. Instead of waiting weeks or months for payments to process, Lenkie steps in to pay suppliers upfront, helping
Former Obama administration advisor DeJuana L. Thompson joins Akina Technologies PBC as its co-founder, alongside Lisa Green and Dr. Nashlie Sephus, according to a press release. The innovative platform gives users transformative AI solutions, resources, and a space for community. This new leadership appointment will allow Akina Technologies to expand and continue to change millions of lives while transforming the future of connection, visibility, and opportunity. What is Akina Technologies PBC? Akina Technologies PBC helps create the future of culturally competent generative AI solutions for underrepresented communities. Its two main products,
At 17, Omarion Calloway received 21 college offers and $1.3 million in scholarships; it’s an achievement that any teenager should be proud of. What makes this accomplishment more outstanding is that he did it while navigating grief, instability, and the responsibility of caring for his family members since childhood. For this reason, Calloway has launched WeRiseLoud, a platform committed to giving caregivers, survivors, and marginalized communities a voice. The platform will provide caregivers with the tools they need to move forward. It will be a hub for inspiring stories and art to
A Ghanaian fintech startup, Affinity Africa has raised $8 million in seed funding to expand its financial products nationwide. Affinity Africa is a digital banking platform committed to providing Ghanaians with affordable and accessible financial services. Individuals and micro-enterprises are both supported by the Ghanaian fintech. Customers can access free savings and current accounts with no transaction limits, and users gain credit scoring based on their transaction history. Who is the founder of Affinity Africa? Founder and CEOÂ Tarek Mouganie comes from a fourth-generation Ghanaian family of Lebanese descent. He gained
Ulu Ventures, reportedly the largest Latina-led fund in the US, has raised $208 million for its fourth fund. The fund supports seed-stage tech startups in the US using an inclusive, data-based approach that seeks to limit cognitive bias without shutting out any demographic group. This strategy has led to a more diverse portfolio than traditional venture investments. “Ulu is a beacon for the most talented entrepreneurial teams because we reduce bias by applying impartial methods of assessing risk and the same criteria to all people,” CEO, Co-founder, and Managing Director
This article is sponsored by Morgan Stanley Inclusive & Sustainable Ventures Lab. Morgan Stanley Inclusive & Sustainable Ventures Lab (MSISVL) provides early-stage startups with access to capital and resources to help them develop and scale. Its mission is to foster a more equitable and sustainable investment landscape. Applications to join the 2025 MSISVL cohort are open now through March 14. Inclusivity meets sustainability One example of MSISVL’s impact is Sortile, a tech startup transforming textile recycling. Constanza Gomez, co-founder and CEO of Sortile, highlighted the value of the experience. “Incredible
Solar tech startup GRYD has secured £1 million ($1.2 million) in pre-seed funding, according to Tech Funding News. GRYD was created in 2023 by Mohamed Gaafar, Scott Whiteside, and Tom Jordan to make solar energy accessible to everyone by allowing solar-as-subscription to newly built homes. The trio met at the Antler accelerator program, where they devised the idea for a company that would provide homeowners with zero-cost residential solar systems as energy costs continue to rise in the UK. The pre-seed round saw investments from SFC Capital and Black Seed
