South Africa’s leading digital bank, TymeBank, has successfully raised $77.8 million in a pre-Series C funding round. The round was co-led by African growth-stage investor Norrsken22 and global impact investment firm Blue Earth Capital. This increase of capital brings TymeBank’s total raised funds to over $260 million, marking a milestone in the bank’s growth and expansion plans. Existing investor Tencent, which spearheaded TymeBank’s $180 million Series B round in December 2021, also participated in this round, further increasing its stake to become the third-largest shareholder. Strategic Investments and Growth Launched
On July 6, 2024, Serena Williams discussed her journey in founding WYN Beauty at the 2024 ESSENCE Festival of Culture, presented by Coca-Cola. Participating in Beautycon’s “Passion to Profit” panel series, Williams discussed her journey with the vegan makeup brand she launched this year. A Journey Rooted in Passion Williams shared that her interest in beauty began during her childhood in Compton, California. Inspired by her mother’s minimal yet impeccable approach to beauty, Williams developed a fascination with makeup. “You kind of had to be fabulous growing up in Compton,”
In a recent viral TikTok video, user Monte Washington challenged the narrow stereotype of “Black jobs” by showcasing the diverse and successful careers of Black professionals. This video emerged as a response to controversial comments made by former President Trump during a presidential debate, where he claimed immigrants were taking jobs from Black and Hispanic people. “They’re taking Black jobs now, and it could be 18, it could be 19 and even 20 million people,” Trump said during his debate. This statement, perceived by many as racially charged, spurred a
Dwight Jackson, a 27-year-old Black man, has filed a lawsuit against the Shinola Hotel in Detroit, Michigan, after he found changing his name on a resume led to a job interview. According to Detroit News, the lawsuit alleges that Jackson was initially denied a job interview due to his real name but was subsequently offered an interview after changing his name on his resume to “John Jebrowski.” This act led Jackson to take legal action, claiming that the hotel’s hiring practices violated the Michigan Elliott Larsen Civil Rights Act. “John
Operation HOPE and OpenAI CEO Sam Altman have launched an AI Ethics Council to help ensure marginalized poplations and people of color are included in the AI developments. The announcement comes amid criticisms of OpenAI, Meta, and other major players in the AI space lacking diversity on their boards and decision-making bodies. A Historic Partnership According to a press release, OpenAI’s partnership with Operation HOPE, a leading nonprofit dedcated to financial literacy for underserved communities, began with a listening tour at Clark Atlanta University in spring 2024. During this tour,
Female entrepreneurs of color remain among the most disadvantaged in raising capital, despite growing efforts to support diversity in entrepreneurship, according to The Funding Divide report. Persistent Challenges in Fundraising The report, published by DocSend and Dropbox, found that racially diverse, all-female startup founding teams spent the longest time raising capital. In 2023, they spent an average of 25 weeks fundraising in 2023, a 67% increase from 2022. Despite this extended effort, they secured an average of only $460,000, the lowest amount among all demographic groups. In contrast, racially diverse,
Earlybird AI, a B2B startup that assists job seekers using innovative multilingual, voice-first AI technology, has raised £625,000 ($800,000) in pre-seed funding. The investment comes from diverse backers, including Google, Resolution Ventures, and Ada Ventures. Tackling Unemployment With AI Earlybird AI addresses a pressing issue: nearly 11 million people in the UK are unemployed, and the unemployment rate rose to 4.4% between February and April 2024. Founded by Claudine Adeyemi-Adams and Boris Bambo, the platform improves employment support by directly engaging participants through simulated voice-powered connections. Adeyemi-Adams, who experienced homelessness
Seae Ventures has announced the acquisition of Unseen Capital following the death of Unseen Capital’s founder, Kayode Owens, in 2021. The acquisition will use the strengths and missions of both funds to further serve underrepresented entrepreneurs and marginalized communities. Continuing Kayode Owens’ Legacy Owens, an esteemed investor and entrepreneur, founded Unseen Capital in 2020 to support early-stage healthcare companies led by underrepresented founders. Despite successfully raising $30 million, Owens’ death from cancer in August 2021 left a void in the firm’s leadership. Recognizing the importance of Owens’ mission, Eli Lilly,
Black Americans are more likely than the wider U.S. population to use virtual multichannel video programming distributors (vMVPDs) like Hulu, Sling, and YouTube, as well as free ad-supported TV (FAST) services like Tubi and Pluto TV. A recent Horowitz Research report highlights that content targeted at Black audiences is a key factor driving this trend. Black audiences Want Black content The new annual FOCUS Black report reveals that over 3 in 5 Black households consider content geared toward Black audiences vital. “With retention being a challenge in the SVOD and
DeCarlos Love has been named CEO of Thrive AI Health, a new AI health startup funded by OpenAI Startup Fund and Thrive Global. Writing for TIME, Sam Altman, the founder of OpenAI, and Arianna Huffington, the founder of Huffington Post and Thrive Global, explained that Thrive AI Health will offer a hyper-personalized AI health coach. Thrive AI Health Thrive AI Health aims to build AI-powered assistant tech to democratize access to expert-level health coaching to improve health outcomes. The startup will use generative AI to hyper-personalize and scale behavior change
