When it comes to Venture Capital, the UK is far from meeting the necessary targets for diversity, particularly when it comes to the Black community. But Black VCs up and down the country are not staying silent anymore, and many of them are becoming more and more vocal on the lack of diversity in the sector, with some taking matters into their own hands to make an active change. From blogs and podcasts that advise new founders, group mentoring sessions to even launching their own firms specifically for Black aspiring VCs
Arlan Hamilton has paved the way for hundreds of underrepresented founders for just over half a decade. Her firm, Backstage Capital, one of the first Venture Capital companies to invest solely in start-ups led by minorities, now celebrates its 6th year. With 180 deals already – the firm has invested in a range of startups since its launch on September 15, 2015 – from online beauty retailers to satellite internet companies. Outside of Backstage Capital, Arlan has committed personal capital to more than 20 emerging fund managers. And since the
Barclays Eagle Labs has partnered with Foundervine [CEO Izzy Obeng pictured] to launch its second 12-week virtual accelerator program designed just for Black-founded early-stage tech businesses. The program, which officially kicks off on November 22, was created to help new startups founded by one or more black entrepreneurs access resources to help them with sales strategy, operations, product development, and leadership. According to Barclays, applications are now open for the Accelerator to UK-based digital and tech start or scale-ups with a “minimum viable proposition for their business and with one or more
Jessica Clemons, also known as the ‘culture’s psychiatrist,’ has just landed a podcast deal with Audible Original, where she’ll talk about everything from anxiety, bipolar disorder to substance use disorders and how to know when to seek treatment. She described the achievement as a “long time coming” and revealed to her Instagram followers that her interactions with them inspired the podcast. Ms. Clemons, who has developed a reputation for being the bridge between the Black community and mental wellness, also thanked them for trusting her with their own mental health journeys.
Issa Rae has joined forces with American Express and the U.S. Black Chambers Inc. to help push their joint mission to expand their ByBlack initiative by launching the “first national certification program exclusively for Black-ownership designation.” The free platform, which was designed as a directory for Black-owned businesses, will now offer Black business-owners the opportunity to easily obtain approved accreditation that their customers and other companies can trust when spending with them. “Black businesses are American businesses,” Rae said, adding, “I think it’s one thing to support them during a very specific time when
The UC Davis Centre for Integrated Company and STEM Education, better known as C-Stem, has recently received a $2.4million grant to help young Black girls tap into engineering and robotics at a younger age. According to the center, which hopes the program will become a “mentoring pipeline,” the National Science Foundation gave the grant. The money will allow the organization to access vital resources needed to equip the girls with the necessary skills to succeed in the STEM sector. The program, dubbed The Ujima Girls in Robotics Leadership Project, will be
Latinx women are severely underrepresented in technology and Venture Capital—as are Latinx people in general. For example, while a dismal 0.2% of all venture capital goes to Black women in the US, a mere 0.4% goes to Latinx women. According to a new report published by Project Diane, of the Latinx women who are reported to have received that 0.4% [of the $400 billion in venture capital funding between 2009 and 2017], only 58 ever raised over $1 million, But there are five women who are making great strides in the venture capital
Minority Equality Opportunities Acquisition Inc, known as MEOA for short, is now the first Black-led special purpose acquisition company (SPAC) traded on the Nasdaq Capital Market. The news on the milestone move comes after MEOA, which will continue to focus on historically undercapitalized minority-owned or controlled businesses, closed a $126.5 million upsized IPO of units on August 30. Its founders – chairman Shawn Rochester and CEO Robin Watkins – believe “the mission and purpose of MEOA will help catapult minority enterprise in this country.” Mr. Rochester told the Seattle Times that as a
London-based digital-first car insurance provider Marshmallow has just become the UK’s second Black-founded unicorn after raising an $83million Series B – valuing it at $1.25 billion. The start-up’s founders Oliver and Alexander Kent-Braham, who are twins, first launched the platform in 2017 – initially set out to serve ex-pats who struggled to find affordable insurance. But since its boom and rapid scale in business – the firm now describes itself as a “mass market.” According to Sifted, it is one of only two UK insurance start-ups to be granted a license
Nigeria’s Prospa has just closed a $3.8 million pre-seed round that will allow the fintech startup to offer small businesses banking and software services. The West-African-based firm caters to freelancers and entrepreneurs acting as the “operating system” for their businesses by providing bank accounts, tax support, advice on creating a unique name, and more. The start-up, launched by trio Frederik Obasi, Chioma Ugo, and Rodney Jackson-Cole, has already had some success over the last few months – in March, it was one of the 10 African startups participating in Y Combinator’s (YC)
