“Try not to use the word minority, say underprivileged or underserved; otherwise, if you say minority, investors will make certain assumptions.” “What assumptions?” “Oh, you know…” That was an interaction between a first-time Black founder and a white venture capital (VC) investor who was supposed to be advising her. Speaking to POCIT, she said she felt several investors she had spoken to had an unconscious bias towards her as a founder and the audience she was targeting. While she understood POC markets were ‘small’ in her native country – on
Black-owned digital platform, InterApp, has raised $1.2 million in its pre-seed funding round. The funding round was led by Columbia-based investment firm WP Capital Group, an organization that focuses on emerging technologies for consumer engagement. InterApp Inc., co-founded in 2016 by CEO William Brown, is an image recognition app that aims to make augmented reality (AR) a necessary tool for consumers. Their work, specifically designed for graphic designers, transforms print into interactive AR experiences for consumers to enjoy. The platform transforms print packages and apparel graphics into augmented reality, ultimately transforming
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
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
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
Connection. That’s all we need to thrive as a community, and Plain Sight’s recent partnership with the City of Miami is a prime example of that. Black-owned networking startup Plain Sight recently announced the launch of their inaugural Black Founders Demo Day. The networking event will take place on December 1 as a featured event at this year’s Art Basel. The annual event will allow attendees to connect with prominent angel investors and venture capital groups worldwide to showcase, inspire, and invest in Black and Brown wealth. This year’s event
Black Ambition, owned by world-renowned singer and producer Pharrell Williams, recently announced its $3 million investment in content curator platform Trend. The pre-seed funding round was led by venture capital firm Flybridge and included a range of investors, including Techstars Ventures, live-streaming service Twitch, famous anime brand Crunchyroll, and reviewer platform Rotten Tomatoes. The investment firm, Black Ambition, which was founded by Pharrell in 2020, is dedicated to supporting Black and Latinx business owners. The non-profit organization aims to bridge the gap to success for entrepreneurs of color working in
Black-owned investment accelerator, 1863, has unveiled its investment strategy for “New Majority” entrepreneurs, a term that they use to describe Black and Brown business owners who have been historically marginalized. The investment funding will go towards helping early-stage entrepreneurs develop their businesses to achieve generational wealth and hit their target goals. 1863, founded by Melissa Bradley in 2020, is a business development program designed to bridge the gap between entrepreneurship and equity. The platform works with marginalized entrepreneurs to help accelerate them from high potential to high growth. The firm
The cryptocurrency market has drastically fallen over the years, with the market decreasing in value by more than $1 trillion. The recent downfalls have shaken the entire cryptocurrency market and resulted in many Black investors experiencing severe losses. One of the most popular cryptocurrencies, Bitcoin, fell below $20,000 for the first time in 2020 and has been steadily declining by more than 70%. Over the past seven months, its value has shrunk more than ever, consequently impacting millions of investors in the cryptocurrency market. According to the Financial Times, 25%
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
