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
The National Football League has announced its partnership with Ice Cube’s Contract With Black America Institute (CWBA) to support Black-owned businesses and increase diversity amongst NFL vendors. In addition, the partnership aims to boost the economic equity within Black communities by tackling the wealth gap and offering various opportunities in the financial, tech, and production sectors. The CWBA was launched in 2020 by rapper, actor, and filmmaker Ice Cube, alongside his business partner and entertainment lawyer, Jeff Kwatinetz, and works to address the systemic racism in the sports industry. In
Minority-owned early-stage cannabis fund, JourneyOne Ventures, has closed a $10 million fund to invest in businesses within the growing cannabis industry. The fund includes a range of investors like Paul Bown, founder of Bowen; Elizabeth Yin, general partner at Hustle Fund; Eric Manlunas, general partner at Wavemaker Partners and Fred Kang, a former partner at Andreessen Horowitz. JourneyOne Ventures, founded in 2017 by Helene Servillon, is committed to building a community of genuinely talented entrepreneurs. The investment company, 100% women-led and minority-owned, invests in bold performers within the cannabis industry
Businessman and investor Baron Davis has announced his partnership with Hennessy for their “Never Stop Never Settle Society” campaign. The serial entrepreneur and former NBA player is set to join the team as a board member and hopes to use his experiences to help champion Black entrepreneurs. The initiative, launched by the famous liquor brand in 2021, works to accelerate the growth of Black business owners across the US. The $1 million campaign, which Hennessy developed in partnership with talent development platform Marcus Graham Project, provides 20 Black entrepreneurs with
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
