Black-founded startups recently saw record amounts of investment, with quarterly funding commitments nearing or even topping $1 billion. But according to new data from Crunchbase, venture capital funding has dropped significantly in the second quarter of 2022, down to just $324 million. So far in 2022, only 100 U.S. startups with a Black founder have received funding, with $100 million invested in seed rounds, $591 million in early-stage rounds, and approximately $876 million in later-stage rounds. Startups with at least one Black founder received 1.9% of deal counts and 1.2% of
Children’s social media platform Zigazoo has raised $17 million in Series A funding. Liberty City Ventures led the funding round, which included the National Basketball Association (NBA), Causeway Capital Management, Dapper Labs, OneFootball, Medici VC, Animoca Brands, and Lightspeed Venture Partners. Zigazoo, founded by Zak Ringelstein in 2020, has become one of the leading platforms for children’s short-form videos. The digital program, which has recently launched a non-fungible token (NFT) collection, aims to provide children with a safe and positive community where they can find joy, develop healthy online relationships,
Black-led fintech startup, Moove, raises $20 million in investment funding from the British International Investment (BII) program, formerly known as the CDC. The investment reflects the BII’s plans to build a resilient market in Nigeria, providing access to various economic opportunities for upcoming businesses while simultaneously accelerating the country’s limitless entrepreneurial spirit. Moove, co-founded by Jidi Odunsi and Ladi Delano in 2020, is a mobility fintech platform that provides revenue-based vehicle financing to mobility entrepreneurs across Africa. The co-founders, both British-born Nigerians with degrees from the London School of Economics
South African fintech startup Sava has raised $2 million to develop a spend management platform that will help African businesses manage their expenses, helping them reduce the time spent on recordkeeping and reconciliations. Sava CEO Yoeal Haile mentioned that the platform, which is yet to launch, will help African businesses run their financial operating systems. It will also allow them to capture data that will enable them to stay knowledgeable about their financial health business. Sava highlights two specific pain points businesses confront around spend management and reconciliations. One, businesses don’t have
U.S. Immigration and Customs Enforcement (ICE) can now track and identify cryptocurrency users using a new software program, Coinbase Tracker. The software, offered on a subscription basis, allows the government and private sectors to trace incoming and outgoing funds made through various digital currencies, including Bitcoin, Ether, and Tether. Last year, Intercept revealed that Coinbase had sold its analytics software license to ICE for $29,000. The analytics program, which provides ICE with crypto users’ “historical geo-tracking data,” is one of several small contracts between Coinbase and the U.S. government. In April 2021,
Cryptocurrency platform Binance has joined forces with TikTok star Khaby Lame for the launch of their new NFT series. The influencer, who will join the team as a brand ambassador, will use his signature moves to debunk myths surrounding crypto and the blockchain space. The partnership will see Lame create content that helps clear up any misconceptions people may have around Web3 and cryptocurrencies. As a result, fans will not only be able to purchase exclusive Khaby Lame NFT collections, but they will also have access to educational resources to
Media company, HARTBEAT, founded by comedian and actor Kevin Hart, has announced the launch of their new TV special, “Confessions from the Hart.” The series, which will be the first Web3 experience produced by the media company, is set to premiere on July 6, exclusively on Roku. The program will be released in partnership with the Web3 platform, Moonwalk. The special will kick off the first of many more episodes throughout the year, honoring the company’s mission to globalize its content and reach a wider audience. “My favorite thing to do
Atlanta-based digital Fintech company Greenwood recently announced the acquisition of Black-owned networking platform Valence. The partnership will provide millions of Black professionals access to new career opportunities. Valence, which Kobie Fuller co-founded with Emily Slade and LaMer Walker in 2019, is a leading recruitment platform that helps connect, empower, and showcase Black professionals. In addition, the networking platform, which was launched to address the lack of diversity within leadership roles, has provided alternative routes for professionals whose skin color may have played a role in how they were perceived in
Black-owned venture capital firm, MaC, has raised $203 million for its second fund, building on the initial $110 million they secured in seed-stage funding last year. The firm focuses on investing in underrepresented founders of color. The highly resourceful team uses their skills and knowledge to support the next generation of tech companies, focusing on reshaping the culture and providing resources to underrepresented communities. MaC was launched in 2019 by four founding partners: former Washington D.C. mayor Adrian Fenty, former talent agent Charles D. King, VC veteran Marlon Nichols, and
Green NFT platform, OneOf, has launched an exclusive NFT collection, allowing fans to collectively license the audio recording of the Notorious B.I.G.’s most famous freestyle. The collection, in partnership with the Christopher Wallace estate, will provide collectors with a series of 3D profile picture (P.F.P.) NFT collectibles, also known as avatars. The characters on offer will be inspired by Biggie Small’s life, style, lyrics, and fashion. Biggie Smalls, who tragically passed away in a drive-by shooting in 1997, immensely influenced the hip-hop scene we all know and love today. In
