Japanese conglomerate SoftBank has recently announced the launch of its second fund under the Opportunity Growth Fund, now rebranded as the Open Opportunity Fund (OOF). The fund aims to raise and invest $150 million in startups led by Black and Latine entrepreneurs. New name, chairman, & access Taking the reins as chairman of the fund is serial entrepreneur and investor Paul Judge, who previously served as a founding investment committee member. Alongside SoftBank and select affiliates, Judge and others have agreed to acquire an ownership stake in the OOF. The
Dr Rashae Barnes, the founder and CEO of Evals Equity Women’s Fund, has announced that September 30 will mark the first-ever National Black Funding Day. The national holiday was registered through National Day Archives. It aims to recognize and honor the accomplishments of Black entrepreneurs in the funding industry, while highlighting the disparities in venture capital grants, and educational resources for underserved communities. Funding for Black founders Black founders have long faced challenges in securing funding for their businesses, and the current economic climate hasn’t helped. Following George Floyd’s murder,
Kiddie Kredit, a Miami-based startup founded by Evan Leaphart, has raised $1.4 million in funding to expand the reach of its financial literacy app. Investors include Nueterra Capital, Plain Sight Capital, Fuerza Ventures, Verve Capital, and former pro athletes Dwyane Wade and Baron Davis. “I was drawn to what Evan and team are working on with Kiddie Kredit. It’s important to give kids a head start and especially on the topic of credit,” said Dwyane Wade, according to Refresh Miami. teaching credit through chores The mobile app teaches kids aged
Massachusetts-based Black-led startups are getting a $100 million boost from MassMutual’s second MM Catalyst Fund (MMCF). MassMutual announced that it is adding $100 million to its MMCF. The fund will continue to make investments in startups led by Black and historically overlooked founded-companies in the company’s home state of Massachusetts. MMCF will also invest selectively with fund managers in MassMutual’s First Fund Initiative, which focuses on first-time fund managers from Black, Latine, and Indigenous backgrounds. Building on past success The MMCF has backed 16 companies across various industries since its
BK-XL, a new Brooklyn-based early-stage startup accelerator for Black, Indigenous, and people of color (BIPOC) founders, has announced its inaugural cohort of 12 startups. With each startup receiving up to $500,000 each, BK-XL’s capital is on par with other big-name accelerators like Y Combinator, and, by relative investment size, is the largest BIPOC-focused accelerator in the US. Clara Wu Tsai, a Brooklyn Nets owner and Vice Chair of BSE Global, created the accelerator in partnership with Visible Hands, a VC firm for underrepresented founders. “We created BK-XL to identify and
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
