HyperionDev, a leading South African startup, has raised R95 million (approximately $5 million) to expand tech education. This latest financial infusion is part of a broader R595 million ($31.1 million) investment to accelerate the company’s expansion within South Africa and internationally, particularly in the United Kingdom. Strategic Expansion and Educational Innovation With the new capital, HyperionDev plans to broaden its reach by entering new markets and increasing tech education accessibility across its platforms. A portion of the funds will also support the expansion of the HyperionDev Academy and its scholarship programs. “This
Gran Coramino Tequila, the premium tequila brand co-founded by Kevin Hart and Juan Domingo Beckmann, has disbursed over $1 million in grants to Black and Latine entrepreneurs across the United States to date. The Coramino Fund Since its inception in 2022, Gran Coramino has dedicated a portion of its sales to the betterment of underrepresented business owners, committing $1 from every bottle sold to this cause. The Coramino Fund, established in partnership with the Local Initiatives Support Corporation (LISC), has now dispersed over $1 million in grants. This funding has reached over 100
Online resources business Hello Alice recently announced its Series C funding round closure despite facing a controversial class-action lawsuit. The lawsuit alleges their partnership with Progressive Insurance to offer grants specifically to Black-owned businesses was racially discriminatory. Hello Alice’s Commitment to Diversity and Inclusion In October 2023, Hello Alice found itself at the center of a legal battle when America First Legal, Mitchell Law PLLC, and Ashbrook Byrne Kresge LLC filed a lawsuit alleging racial discrimination. This was due to the company’s initiative, which provided $25,000 in grants to 10 Black-owned businesses in
MyFiLi is a new AI-powered edtech platform designed to transform how families, schools, and nonprofits engage with financial literacy. The Urgent Need for Financial Literacy Currently, consumer credit card debt in the U.S. has hit an all-time high of $1.79 trillion, and savings account balances average just $4,521. MyFiLi.com addresses this gap by providing tools and knowledge that help users navigate the complex nature of financial management. According to BlackNews, Founder and CEO Joseph Green‘s mission is to empower everyone to develop a healthy relationship with money. “By making financial literacy education accessible,
Primary Venture Partners has partnered with over 25 leading New York-based venture firms and startups to introduce the Factor Fellowship. This program will tackle the diversity, equity and inclusion (DEI) challenges head-on by connecting the city’s VC-backed startups with top talent from underrepresented groups. Addressing Diversity in Venture Capital and Startups The data on diversity within the venture capital and startup landscape shows that only about 13% of venture capital decision-makers are women. Funding for Black founders also declined in 2023, failing to reach the $1 billion mark for the first time since 2016.
Pennsylvania-based convenience store chain Sheetz is under scrutiny following a federal lawsuit filed by the U.S. Equal Employment Opportunity Commission (EEOC). The suit accuses Sheetz of employing racially discriminatory hiring practices through its criminal background screening process, affecting Black, American Indian and multiracial job candidates since at least 2015. Disproportionate Impact on Minority Applicants According to the lawsuit, Sheetz’s hiring practices have disproportionately screened out minority applicants. Statistics reveal that while white applicants were denied employment due to their criminal records in about 8% of cases, the denial rates for Black applicants were significantly higher at
TLcom Capital, a venture capital firm that partners with African entrepreneurs, has successfully closed its second fund, TIDE Africa Fund II, reaching $154 million. TLcom Capital From fintech to healthcare, TLcom has remained focused on seed to Series A investments, supporting transformative businesses like Andela and FairMoney through multiple funding rounds. With a majority-female leadership team, the firm not only champions gender balance but also backs initiatives like FirstCheck Africa to support women-led startups. TLcom’s approach involves partnering with entrepreneurs from the outset, aiming to build ventures that can deliver substantial returns. TIDE Africa Fund
Diagon, a new startup founded by former Tesla supply chain expert Will Drewery, aims to revolutionize equipment procurement for small businesses using technology and industry insights. Drewery learned a lot about buying high-tech equipment while working for Tesla, a company famous for its innovative electric cars. After years of handling big purchases for Tesla factories, Drewery decided to use his skills to help smaller companies through his new venture, Diagon. Co-founded with Shri Muthu, a former engineering VP at Snackpass, Diagon aims to share Drewery’s insider knowledge to help businesses
Sundial Media Group (SMG), the parent company of Essence Ventures, has announced its decision to acquire Refinery29 from Vice Media. Refinery29, a prominent women’s lifestyle platform, has faced financial challenges in recent years but remains a key player with its distinct millennial women audience. This acquisition marks a major shift as SMG led by Richelieu Dennis, aims to broaden its reach and influence across the female-oriented digital landscape. Sundial Media Group Acquires Refinery29 Essence Ventures already has several prominent brands under its umbrella, including ESSENCE magazine, AFROPUNK, Girls United, and
American Student Assistance® (ASA), a nonprofit dedicated to transforming how students explore careers and prepare for the future, has announced a significant investment of $25 million. The nonprofit targets funds and companies with diverse founders and early-stage firms focusing on career education, postsecondary pathways, and workforce development. The move aims to expand access to essential skills and resources, helping middle and high school students navigate their career paths and achieve long-term success. A $25M Investment ASA’s investment strategy began in April 2022, and since then, it has directed over $40
