Latimer Ventures has announced plans for a mini-accelerator, Latimer House, for Black and Latinx founders to strengthen businesses, attract investment, and build a network. In honor of Lewis Latimer, Luke Cooper founded Latimer Ventures in 2022. The venture capital firm is focused on helping the next generation of Black and Hispanic enterprise SaaS unicorns. Latimer House Latimer House is an 8-week intensive program for Black and Latinx founders, aiming to help them get to their next growth stage, whether that’s funding or their first enterprise customer. The program also aims to help founders gain
Venture capital (VC) funding for Black entrepreneurs in the US has been decreasing since a peak following George Floyd’s murder in 2020. In 2023, Black founders in the US got only 0.48% of all venture dollars, about $661 million out of $136 billion, TechCrunch reports. This is the lowest in recent years. Peak funding in 2021 In 2020, Black founders received 0.6% of venture funding. By the first half of 2021, funding to Black entrepreneurs in the US reached nearly $1.8 billion, a fourfold increase compared to the same time
BlackRock Inc. has agreed to purchase Global Infrastructure Partners (GIP), which Adebayo “Bayo” Ogunlesi co-founded, for around $12.5 billion. BlackRock Inc. Purchases GIP GIP is a leading global independent infrastructure fund manager. They target infrastructure businesses and assets in the energy, transportation, digital, water, and waste sectors, where they believe their expertise and relationships provide a competitive advantage. It was founded in 2006 and has grown to be one of the world’s largest infrastructure investors, managing $100 billion in assets on behalf of its global investor base. Along the almost 20-year history
Investment firm Compass Diversified has acquired a majority stake in Beatrice Dixon’s plant-derived feminine care brand, The Honey Pot Company. The Honey Pot Co. was founded in 2012, offering products across the feminine hygiene, menstrual, consumer health, and sexual wellness categories. It can be found in more than 33,000 stores across the US, including Target, Walmart, CVS, and Walgreens, with annual sales estimated to be around $120 million. The Honey Pot Co.’s distinct approach to product formulation, using plant-derived ingredients and clinically tested formulas, has fostered a loyal and diverse customer base over the years.
Former Twitter CEO Parag Agrawal has reportedly raised $30 million in funding for his artificial intelligence startup. Agrawal was the first Indian-origin CEO of Twitter – now X but was ousted from his position following Elon Musk’s $44 billion takeover in 2022. Who is Parag Agrawal? Born in Rajasthan, India, Agrawal immigrated to the US to complete his PhD in computer science at Stanford University. After joining Twitter as a software engineer in 2011, Agrawal worked his way up to the position of Chief Technology Officer for just under a
Businessman Ted Lucas went from creating millionaires in the music business to creating the Technolij Innovation Center at one of Florida’s Historically Black College and Universities (HBCU). Meet Ted Lucas Lucas founded the independent music label Slip-N-Slide Records. He told AFROTECH he knew how to seek talent and people before they saw it in themselves. “I wanted to be the one behind getting the deals and getting the deals done. So, I found my niche, how I work, and what works best for me to be in the music business,” he said.
Many of us have kickstarted 2024 with goals for the new year. These goals range from learning more about our finances and getting fit to prioritizing our wellbeing or simply reading more. We have compiled a list of some Black-owned apps that may help you on your way! Prioritize Your Wellbeing – Exhale Black founder Katara McCarty launched her app, Exhale, in 2020 after struggling to find an app suited to Black women’s wellbeing. Exhale is the first emotional wellbeing app for Black, Indigenous, and Women of Color (BIWOC). The app coaches users through
This year’s top stories reflect the challenges, opportunities, and dynamic changes in the tech industry and broader society. Unsurprisingly, many of these years’ top stories concern the boom in generative AI, from developing the “BlackGPT” to concerns around the historical and present-day harms and philosophies underpinning AI developments. We’ve also shared stories of Black innovation, Latine entrepreneurship, workplace wins and challenges, collective triumph, and personal tragedy. Here are the ten stories that resonated with you, our POCIT readers, the most this year. 10. Cash App’s Appeal in the Black Community
Orka, a Chicago-based health tech firm, is redefining the hearing aid industry with its innovative Orka hearing aid. Founded in 2018 by Ben Sun, Chauncey Lu, Linkai Li, and Xinke Liu, Orka aims not only to enhance hearing but also to make hearing aids as user-friendly and desirable as AirPods. Birthed from personal experience During a family visit to China in 2017, Ben Sun, CEO, observed his grandmother struggling with her hearing. He told Forbes that after spending $1000 on hearing aids for her, she stopped using them after a
Black Tech Saturdays is an initiative amplifying Black representation in technology, originated from the vision of Detroit-based couple Johnnie and Alexa Turnage. Inspired by the tech ecosystem in Baltimore and guided by the equitech framework, the Turnages expanded their mission to cultivate wealth and community for Black tech professionals. This movement is not just about fostering professional connections; it embodies the pursuit of “Black joy” – the freedom to pursue dreams with creativity and impact. The Detroit-Baltimore Connection With a background in grassroots organizing and influenced by Dug Song, co-chair of
