Microsoft is struggling to retain its diverse workforce, with increasing numbers of women, Black, and Latine employees departing the company. According to Microsoft’s latest diversity and inclusion report, female employees accounted for 32.7% of all exits globally in the fiscal year ending June 30, 2024, up from 31% the previous year. In the US, Black and Latine employees also saw significant increases in departures, with Black employees making up 10% of exits (up from 8.7%) and Latinx employees comprising 9.8% of exits (up from 8%). Poaching and Business Shifts Cited
Octavia Carbon, a Kenyan startup in Direct Air Carbon Capture (DACC) technology, has raised $3.9 million in seed funding. This funding, co-led by Lateral Frontiers and E4E Africa, will allow the startup to scale its efforts to remove carbon dioxide from the atmosphere, aiding the global fight against climate change. Pioneering Carbon Capture Technology in Africa Founded in 2022 by Martin Freimüller, Duncan Kariuki, and Mike Bwondera, Octavia Carbon is Kenya’s first DACC company. Its machines capture carbon dioxide (CO2) from the air and store it underground to help reduce
Klasha, the fintech company changing cross-border B2B payments between Africa and Asia, has raised an additional $2 million in funding. This latest investment round, backed by existing investors such as Expert Dojo, Alumni Ventures, and Breega, brings Klasha’s total funding to $6.5 million. The new capital will be used to accelerate its expansion into the Asian market, including opening an office in Hangzhou, China, the hub of e-commerce giants like Alibaba. Scaling Payment Solutions for Emerging Markets With a focus on enabling seamless cross-border payments between merchants in Africa and
In a development for South Africa’s renewable energy sector, Grid Africa has raised R50 million ($2.8 million) in equity from Rifuwo Energy Partners. This investment comes at a pivotal time as the nation faces rising energy costs, exacerbated by Eskom’s – a government-owned company that is South Africa’s main supplier of electric power – proposed 36% tariff hike. The fresh funds will fuel the acceleration of solar energy projects across the country, offering businesses a cost-effective alternative to grid electricity. Timing Amidst Rising Energy Costs With South Africa’s state-owned power
The Kenya Revenue Authority (KRA) is exploring technologies like Artificial Intelligence (AI) and Machine Learning to detect and combat tax evasion. This move is part of KRA’s broader strategy to enhance revenue collection through improved efficiency and compliance. AI and Machine Learning to Transform Tax Collection “AI and machine learning will analyze vast data sets to identify tax evasion patterns, optimize resource allocation, and predict future revenue streams,” Humphrey Wattanga, the KRA Commissioner General said according to Kenyan Wall Street. “Integrating these technologies will not only boost tax collection but
Every UK Black History Month, we shine a light on Black British-owned businesses making a difference. This year’s standout is Frobelles, a UK-based dress-up game championing the beauty of afro hair. Created by mother-daughter duo Yvonne Ottley and 12-year-old Alyssa Ottley, Frobelles has over 100,000 users and recently made its debut in the US. The Birth of Frobelles The idea for Frobelles was sparked by a simple question from Alyssa, who was just six years old at the time: “Why don’t any of my game characters have Afro hair like mine?” This question
Registered non-profit organization Darkies in Tech has launched a new website designed to drive inclusion by providing a centralized platform for professionals of color within the South African tech industry. Founded by Ntsako Mgiba in February 2021, Darkies in Tech has become the largest vetted community of its kind in South Africa, with over 450 members, including founders, investors, and ecosystem builders. The community has consistently hosted educational and social events aimed at creating a more inclusive environment for Black professionals in tech. Addressing Exclusion in South Africa’s Tech Scene
Southeast Asian investment network XA Network has expanded to the African continent with the launch of XA Africa. XA Africa aims to connect local founders with international investors, offering both capital and mentorship to help scale their ventures globally. Co-founded by Nitin Gajria, former Managing Director of Google Sub-Saharan Africa, Black Angel Group Co-Founder Jason Scott, and YouTube marketing director Marek Dawidowicz, XA Africa brings a wealth of experience to the continent’s entrepreneurial landscape. Their mission is to equip African startups with the resources and expertise needed to solve critical
Venture capital firm Fearless Fund has announced a seven-figure investment in Zimi, an emerging e-commerce platform. Zimi, co-founded by Audrey Djiya and Peter Nsaka, specializes in inventory management, storage, and logistics to help businesses in emerging markets, particularly Africa, expand globally. This latest investment reaffirms Fearless Fund’s continued commitment to supporting underresourced founders, including women of color, following its year-long legal battle with the American Alliance for Equal Rights (AAER) over its grant program for Black women founders. Fearless Fund Backs Zimi Zimi launched in August with the goal of
Brazil’s Supreme Court has lifted its ban on X—formerly known as Twitter—after its owner, Elon Musk, complied with key legal demands. The decision ends a lengthy standoff between Musk and Brazilian authorities. X Returns for Millions of Brazilian Users Brazil is one of X’s largest markets, with an estimated 22 million users. The platform had been suspended in Brazil since August 30 for not blocking accounts that spread false information and failing to appoint a legal representative in Brazil, which is required by law for foreign companies. According to a
