Tech giant, Meta, has seen an unexpected increase in diverse hires since expanding its remote working options. Facebook, also known as Meta, is one of many companies that have introduced new remote working options for its employees following the pandemic. As a result, between 2021 and 2022, the tech company reported a slight increase in the share of Black, Hispanic, and Asian employees joining its US workforce, while the proportion of white workers dropped by 1.5%. According to Facebook’s Chief Diversity Officer, Maxine Williams, employees from underrepresented backgrounds and people
As the financial downturn continues to daunt the world and we slowly move towards another recession, venture capital funding has dropped significantly, ultimately affecting the progression of early startup businesses. Entrepreneur McKeever “Mac” Conwell shares his tips on how startup businesses can survive, grow, and expand during these turbulent times. Black-owned VC firm, RareBreed, founded in 2021 by McKeever “Mac” Conwell, is a pre-seed fund that invests in early pre-seed tech companies. It also allows angel investors to become limited partners for more significant funds. So not only does it
Non-profit tech platform, CodeHouse, has received a $1 million grant from Google.org to commence its second year of the CodeHouse Scholars Initiative (CHSI). The program provides opportunities for Black and Latinx students aspiring to enter the STEM industry. It is committed to building a diverse tech workforce in the US and offers four years of mentorship to underrepresented students attending HBCUs to help them kickstart a career in STEM. CodeHouse, co-founded in 2019 by Morehouse alumni Ernest Holmes, Jaycee Holmes, and Tavis Thompson, focuses on tackling the diversity gap in the tech industry. Their initiative program provides mentorship
Africa-focused investment firm, Persistent Energy, has raised $10 million in its Series C funding to help support the renewable energy sector in Africa. The funding round, led by Kyuden International Corporation and FSD Africa Investments, also saw private investors Kotaro Tamura, BK Ventures BV, and DPI Energy Ventures participate. Persistent Energy, founded over a decade ago, is a pioneer investor in Africa’s renewable sector. The investment firm works to support and build businesses that can “scale sustainably.” They provide financial capital for startups and allow their team members to work
Black-owned cardiovascular telehealth provider, Moving Analytics, has raised $20 million in Series A funding. The funding round, which Wellington Access Ventures and Seae Ventures led, also included investors Philip Ventures, Aphelion Capital, Nueterra Capital, SteelSky Ventures, and Citi Ventures. Moving Analytics, co-founded in 2013 by Ade Adesanya, Harsh Vathsangam, and Shuo Qiao, has partnered with cardiology offices and cardiac rehab facilities to expand access to secondary prevention for all patients. The platform specializes in cardiovascular prevention and uses a virtual cardiac rehab program, Movn, to support patients who have recently
A new study has found racial and gender bias in the job performance feedback given to business employees. Textio, an augmented writing platform, surveyed over 25,000 business employees and also analyzed actual performance feedback documents, and noted consistent patterns of inequity by gender, race, and age. Latinx and Black employees were more likely to receive job performance feedback that was negatively biased and not actionable. What did they find? According to the findings, Asian people get more feedback than people of any other race—25% more than white people—and Black men
Africa’s tech ecosystem has experienced tremendous growth in recent years, with 2021 seeing a record number of investments. The year 2021 was a great one for startups globally and Africa in particular. The continent saw total venture funding exceed two and a half times what it was in 2020. This figure amounted to an impressive $4.77 billion. As far as distribution is concerned, 30 African nations raised at least $100,000 in funding across the year. The ‘Big Four’ countries, Nigeria, South Africa, Egypt, and Kenya, received 81% of the investments. Five of the eight
Black-owned investment firm Fearless Fund partnered with Louisiana-based foundation ProSeed to renovate and rebuild schools in Ivory Coast, West Africa. The partnership aims to transform the educational system in West Africa, giving students the tools needed to succeed in science, technology, engineering, and mathematics (STEM). Fearless Fund, co-founded in 2018 by serial entrepreneur and angel investor Arian Simone, and American actress Keshia Knight Pulliam, works to invest in women of color-led businesses seeking pre-seed and seed level investment funding. The VC firm, built by women of color for women of
Award-winning African spirits group, Spearhead, has raised $3 million in investment from venture capital firm Pendulum to help deliver their products to the world’s bars. Spearhead, co-founded by UK-based entrepreneurs Chris Federick and Damola Timeyin in 2021, is a multi-award-winning business with an extensive portfolio working with premium brands. The company launched to challenge the cultural basis and the lack of African representation in the spirits industry. Their award-winning Premium African Spirits, Vusa Vodka and Bayab Gin, are made solely from African products and capture Africa’s premium craft and creativity.
Kinly has announced a new partnership with data aggregation platform MX, a financial data aggregation tool, to help the company build and enhance its custom-built financial tools. The Atlanta-based financial tech company, Kinly, is dedicated to helping Black Americans build generational wealth. The platform offers members a range of benefits, including a Visa debit card and early wage access. In addition, it gives members access to financial education to help them improve their economic outcomes. The partnership with MX will see the platform introduce a range of embeddable user interfaces
