Startup founders often turn to friends and family for their first bit of funding but for many Black founders, that’s not an option. The “friends and family” round is when people who personally know the founders of a company pitch in money, either as a loan or in exchange for a small ownership stake but for those who may not have many family members or members with little capital – they can’t even ask them. According to the Federal Reserve, the median net worth of Black households in the US is $24,100,
New York-based wellness startup Better & Better, which makes “vitamin-infused” vegan toothpaste, has just raised $4 million from investors including a VC firm cofounded by Will Smith and Japanese soccer player Keisuke Honda. Vladimir Vukicevic, cofounder and CEO of Better & Better, said the startup’s launch in 2020 was done with the ambition of allowing consumers to “microdose” vitamins through daily habits people have such as brushing their teeth. Microdosing involves the taking of small doses of substances, which has seen increased attention in recent years as scientists have tested
A Greensboro attorney and entrepreneur is bringing racial diversity to children’s entertainment by creating a range of books using AR. Kya Johnson launched online entertainment platform RainbowMe in December 2014 with co-founders Talib Graves-Manns, who is a marketing entrepreneur, and Bernard Bell, an Atlanta-based television veteran. Back in 2014- RainbowMe was one of three organizations to receive free workspace and $40,000 in seed funding from CODE2040’s Entrepreneurs-in-Residence pilot program. CODE2040, a San Francisco nonprofit that supports the inclusion of underrepresented minorities in the tech industry, partnered with Google on the initiative that’s backing African-American and
Kadeem Woodson opened Enkel’s Barbershop last year to provide more comfort for queer customers. Although barbershops have long been regarded as a sanctuary for Black men – not all of them are a safe space for queer Black men. A study by Smith College found that some Black, queer patrons who viewed themselves as “clockable” or easily detected as a homosexual would change their physical appearance and visit shops during off-peak hours to avoid uncomfortable situations. But Woodson says he wants members of his community to remain authentically themselves and feel comfortable
CodeSignal, an interview and assessment platform, has partnered with ColorStack, a nonprofit tech company that looks to lift Black and Latinx computer science students, to help drive change. The duo said they plan to provide mentorship and technical interview preparation activities for Black and Latinx Computer Science students. Prepare resources and practice assessments for active ColorStack members. Students will use CodeSignal as a tool to help hone their coding and interview preparation skills. The two companies will co-host webinars and events to help technical recruiters and university recruiters hire and retain
The Cincinnati-based Lightship Foundation, which is well known for serving remarkable entrepreneurs and ecosystems, is moving one of the nation’s premier conferences for founders of color and Black tech professionals to the Queen City this summer. It marks a high-profile win for both the organization and the city. “Black Tech Week is a culturally historic event that innovators of color have converged upon for the last seven years to expand their minds, their networks, and their access to capital,” says Candice Matthews Brackeen, Lightship Foundation Founder, and CEO. “I am thrilled
Globally, women in tech make up about 28.8% of the tech workforce as of 2020. While this number is an increase from 25.9% in 2018 and 26.2% in 2019, reports still show it could take 12 years for women to have equal representation in tech. In Africa, it will take even longer. Some members of the Latino and Hispanic communities have long held prominent positions in the world’s largest technology companies, and it’s no surprise because of the talent they possess. But Hispanic women reportedly tend to have a more negative experience with workplace DEI efforts,
Who Is Babajide Duroshola, The Ex-SafeBoda Executive, Who Joined M-KOPA To Lead Its Africa Expansion
M-KOPA, an African connected asset financing platform that provides underbanked customers in Africa to essential products including solar lighting, televisions, fridges, smartphones, and financial services, raised $75M after it clocked 2 million customers across four African markets. The “growth equity round” highlighted by M-KOPA in its press statement is its fifth equity fundraise – it has raised similar rounds of debt, too and in total, its equity raise stands at $190 million. It was previously backed by the CDC Group and Light rock took part in this round alongside LocalGlobe’s
In 2021, venture capital invested just $115 million in digital media globally, a tenth of the $1.1billion it funded in 2015, but not much came to Africa. Digital newsrooms in Africa are reportedly said to be more likely to receive story grants than business funding, with a few exceptions like OMG Digital. Of the reported $4.3–$5 billion raised by African startups in 2021 where fintech received 53–63% of the volume, digital media companies are one of many sectors that have traditionally been overlooked in the conversation of tangible ventures. But last week Big Cabal
After struggling to connect with top technologists and designers, Ronnie Kwesi Coleman co-founded Meaningful Gigs two years ago. The inspiration drew from Coleman’s desire to specifically connect Black product designers and developers around the world with better job opportunities. Now – the company has raised $6million. The seed round was led by Stage 2 Capital with participation from Rethink Education, Authentic Ventures, Reach Capital, Marla Blow, Zvi Band, and Michele Perry. Stage 2 Capital partner, Mandy Cole told TechCrunch, “With the shortage of highly skilled talent and the increasing need for diverse
