Inclusive early-stage venture firm Ada Ventures‘s second cohort of its operator angel program is committing £1 million ($1.2 million) to diverse angel investors. Ada Ventures selected 20 specialist operators and founders from underrepresented backgrounds across the UK, providing them with up to £50,000 ($61,000) each to invest. The angels come from sectors across climate, software development, economic empowerment, product, and healthcare & aging. Blind scoring process The cohort was selected through an open application process and scored blindly to reduce bias. The result is one of the most diverse angel cohorts
Several Black-led venture capital firms have written an open letter in response to a Wall Street Journal (WSJ) op-ed which suggests Silicon Valley Bank’s diversity focus contributed to its collapse. Following the collapse of Silicon Valley Bank, the WSJ published an opinion piece by Kessler in which he stated: “I’m not saying 12 white men would have avoided this mess, but the company may have been distracted by diversity demands.” Black Women in Venture Capital, BLCK VC, 1863 Ventures, and Living Cities wrote an open letter to the Wall Street Journal editors and
Silicon Valley Bank’s (SVB) collapse has reignited debates about whether the US government is doing enough to regulate financial institutions – but another debate is brewing. Here’s an excerpt from a Wall Street Journal opinion piece published on March 12: “Was there regulatory failure? Perhaps. SVB was regulated like a bank but looked more like a money-market fund. Then there’s this: In its proxy statement, SVB notes that besides 91% of their board being independent and 45% women they also have “1 Black,” “1 LGBTQ+” and “2 Veterans.” I’m not
After days of turmoil, Silicon Valley Bank (SVB) customers are now able to access their money held in the bank. What happened to SVB? It took just 24 hours for US tech’s favorite bank to fall from grace. SVB served nearly half of US VC-backed tech startups and investors, according to the FT. But interest rates rose, bond values shrank, and with the tech industry slowdown, deposit withdrawals rose too. In a crude oversimplification: companies and investors pulled their money out of SVB amid economic uncertainty. To meet depositor demands for
Black-owned startup Robin AI has raised $10.5 million to transform the legal industry with its AI-driven contract editor. What is Robin AI? Robin AI is the brainchild of former Clifford Chance lawyer Richard Robinson and former machine learning research scientist James Clough. The startup trained its machine learning model on data from 4.5 million legal documents with input from in-house lawyers to create a ‘lawyer bot’ that can draft and edit legal contracts. On average, users can draft and negotiate contracts up to 80% faster, saving up to 75% on
Former Facebook employees Meena Harris and Helen Min have come together to launch their first-ever VC firm, Phenomenal Ventures. Meena Harris, who just so happens to be a lawyer, author, and the niece of U.S. Vice President Kamala Harris, is no stranger to the journey of building a brand from the ground up. Before the launch of her latest venture, Harris turned her side hustle into a global empire by selling activist statement T-shirts. The brand’s hero product was a T-shirt with the words “Phenomenal Woman” printed across the front. Some of the hottest celebrities, including
According to a new survey from Shopify, Black businesses contribute significantly to the company, yet they still struggle to get funding. The barriers Black-owned businesses face Black-owned businesses face many barriers that limit their growth, including a need for more access to capital funding and investments. Not only does this make it harder for them to succeed, but it also limits their growth potential. Despite racial and social justice movements catalyzing public support for Black businesses over recent years, minority founders have been left with unfulfilled promises of investments from banks,
According to Her Agenda, for the first time in Fortune’s 68-year history, women are leading more than 10% of Fortune 500 companies. A historical moment for women in business The report shows that this milestone was reached after five new women began their roles as CEOs of Fortune 500 companies – pushing the percentage balance to 10%. “Women as CEOs isn’t an oddity anymore,” said Jane Stevenson, global leader for the CEO succession practice at Korn Ferry. “It’s not the majority, but it’s not an oddity. So, 10% makes it more
Black-owned patient-driven digital platform, Free From Market (FFM), is one of a few food platforms working to empower individuals living with chronic health conditions. According to reports, African Americans are generally at higher risk of chronic health conditions such as heart disease, stroke, cancer, asthma, influenza, and pneumonia. To tackle this issue, Emily Brown decided to launch Free from Market, an easy-to-use app to help give Black and brown people access to diet-specific foods that can help improve their overall health. After years of providing customers with personalized data to help
From podcast host to launching his own VC fund, Steven Bartlett is gearing up to invest in the development of the next generation. Steven Bartlett, star of Dragons’ Den and host of the most downloaded podcast in Europe, The Diary of a CEO, has set his sights on a new mission. The entrepreneur has announced the launch of the Flight Story Fund – a $100 million VC fund dedicated to advancing early-stage companies. Bartlett has spent the past two years working towards the launch of this fund. Over this time, he
