Slauson & Co, an early stage venture capital firm rooted in economic inclusion, has announced the close of its $100 million Fund II. The fund is significant increase from its previous $75 million fund and signals continued investor appetite for inclusive venture capital despite economic challenges. Focus on Representation and Inclusion Founded by Ajay Relan and Austin Clements in 2020, Slauson & Co. has always championed diversity, backing early-stage companies across sectors such as SaaS and consumer technology. “We invest in everybody,” Relan told TechCrunch, adding that the firm wants
WealthMore, the fintech startup founded by Mical Jeanlys-White, has secured over $1 million in pre-seed funding according to Forbes. The company aims to make financial advice more accessible and affordable, particularly for individuals who have been historically underserved by traditional wealth management firms. Bridging the Wealth Gap with Hybrid Financial Solutions Wealthmore is a premium wealth advisor-ed, tech-enabled investing and planning service and community, launched in August 2023. The company’s approach to wealth management combines the efficiency of fintech with the personal touch of traditional financial advisors. This hybrid model
A Texas nonprofit grant program aimed at supporting diverse small business owners, has agreed to revise its application process after being sued for allegedly discriminating against white men. The lawsuit was brought by the American Alliance for Equal Rights (AAER), a group led by conservative activist Edward Blum, who is also suing Fearless Fund, a Black women-led VC firm. Lawsuit Challenges Race-Based Criteria The lawsuit centered around a $50,000 grant offered by the Founders First Community Development Corporation, a nonprofit founded by Kim Folsom and led by Shaylon Scott. The
Heman Bekele, a 15-year-old high school student from Virginia, has been named TIME’s Kid of the Year 2024 for inventing a soap that could one day treat and prevent multiple forms of skin cancer. While the product may take years to reach the market, Bekele is already working in a lab at Johns Hopkins Bloomberg School of Public Health in Baltimore, dedicated to making his vision a reality. A Young Scientist’s Vision Bekele’s journey into science began at a young age. He experimented with household chemicals and later received a
ChurchSpace is changing how churches use their spaces by turning underutilized real estate into vibrant community hubs. Nicknamed the “Airbnb for churches,” this innovative app allows churches to generate additional income by renting out their facilities as commercial kitchens, event venues, and meeting spaces. Created by the millennial pastors’ kids Day Edwards and Emmanuel Brown, ChurchSpace addresses church leaders’ financial pressures and offers a new model for community engagement. Empowering Communities Through Church Real Estate Launched in 2019, ChurchSpace aims to strengthen local communities by repurposing church real estate. “Church
R&B artist Brent Faiyaz and his business partner Ty Baisden have invested more than $100,000 in Black women-led STEM companies, according to Billboard. Investing Music Profits Into Black Women-Led Businesses Under their Lost Kids label, Faiyaz and Baisden operate a 50/50 business partnership that reinvests profits from Faiyaz’s music career into various ventures. Their primary focus is on Black women-led businesses, particularly in the STEM fields. “Those projects and his tours are the financial seeds for Brent and me to go out and make individual investments,” said Baisden. The duo’s
TikTok has initiated significant global layoffs that have now impacted its African team, according to Tech Cabal. This move, part of broader organizational changes, saw several employees in Africa lose their jobs in June 2024, following earlier cuts in March. These layoffs have notably affected teams working in content operations, marketing, and trust and safety. African Team Severely Affected The layoffs in Africa have been particularly harsh, with more than half of the African team based in South Africa and Nigeria, being let go. Although the exact number of employees
Score, a dating app designed for singles with good to excellent credit scores, has officially shut down after six months in operation. Score’s Limited Run Black-owned financial literacy startup Neon Money Club launched Score last February as a 90-day pop-up to start a broader conversation about financial health and dating, However, unexpectedly high user interest led the founders to extend its service. During its brief existence, Score managed to attract approximately 18,000 users and was responsible for about 8,000 matches. Despite these numbers, the app’s creators, Luke Bailey and Jackie
August is National Black Business Month, a time to honor and support the economic contributions of Black entrepreneurs. As we acknowledge the role these businesses play we have highlighted platforms that make it easier for consumers to discover and support Black-owned businesses. Here are some of the top Black business marketplaces and directories you should know about. WeBuyBlack WeBuyBlack is the largest online marketplace for Black-owned businesses, offering a wide range of products from clothing to home essentials. Founded by Sharif Rasheed, this platform is often referred to as the
Myavana, a pioneering Black-led haircare technology company, has successfully raised $5.9 million in a recent funding round, bringing its valuation to $50 million, according to Forbes. The Atlanta-based startup uses AI to offer personalized haircare solutions, focusing primarily on the needs of Black women. Pioneering AI in Haircare Myavana is the brainchild of computer scientist Candace Mitchell. Mitchell founded the company in 2012 with the aim of revolutionizing personal and professional textured hair care through data-driven science and technology. With a deep understanding of the unique hair challenges of women
