BBG Ventures, the New York-based venture capital firm known for supporting female founders, has raised a new $60 million fund. Co-founders Susan Lyne and Nisha Dua, who launched BBG Ventures in 2014 with a vision of investing in women-led startups, announced that the fund’s focus now includes founders from diverse backgrounds across race, income, and age. Meeting Market Needs in a Challenging Economy Amid a significant decline in venture funding for underrepresented groups, BBG Ventures’ decision to diversify its founder support comes at a critical time. In the first half
Female Founders Fund (FFF), an early-stage investment firm focused on female-founded startups, has successfully returned its first fund, a $5.85 million investment launched in 2014. This milestone positions FFF as one of the few diversity-focused funds to achieve full returns on an inaugural fund. FFF’s Early Vision Yields Strong Returns Founded by Anu Duggal, Female Founders Fund’s initial mission was clear: support female founders at a time when few investors prioritized women-led businesses. FFF’s portfolio includes investments in now-prominent companies like Maven, a healthcare unicorn focused on women’s and family
FanDuel, North America’s online gaming company, announced a $1 million donation to the United Negro College Fund (UNCF) to support students at 11 Historically Black Colleges and Universities (HBCUs) across North Carolina. The funding is aimed at alleviating financial pressures for these students by covering essential needs, including technology, housing, food security, and tuition costs, through UNCF’s Emergency Student Aid program. Supporting Educational Access and Equity The donation ceremony took place on September 29 at Charlotte’s Bank of America Stadium, where representatives from FanDuel and UNCF gathered to mark the
Soul of America, the first Black-owned travel website, marks its 30th anniversary with a mission to empower Black travelers through guides to cities rich in Black culture, history, and businesses. Founded by Thomas Dorsey in 1994, the platform offers travel resources spanning over 150 destinations in the U.S. and abroad, curated to help travelers explore destinations that celebrate and preserve Black heritage. For this milestone, Dorsey and his team have refreshed their popular US City and international travel guides. 30 Years of Building a Legacy in Black Travel Soul of
Moniepoint, a Nigeria-based fintech company, has successfully raised $110 million in a Series C funding round. This raise gives the company a valuation of at least $1 billion for the first time, according to the Financial Times. The financing was led by Development Partners International’s African Development Partners III (ADP III) fund, with participation from investors such as Google’s Africa Investment Fund, Verod Capital, and Lightrock. Strategic Focus on Business Banking and Financial Access Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint originally launched as TeamApt. The company
Fashion tech startup Aesthetic has unveiled its AI platform, Alma, which promises to transform social media shopping by enabling users to identify and purchase clothing directly from social media posts. Often described as a “Shazam for clothes,” Alma uses proprietary AI to analyze visuals and offer direct shopping links, allowing users to easily browse and buy items featured on Instagram and, soon, TikTok. Aesthetic’s New Social Commerce Tool Gains Early Momentum Aesthetic’s launch follows a beta phase, during which Alma drew over 80,000 users to its waitlist. The AI concierge,
MaC Venture Capital, a venture capital firm known for its focus on seed-stage investments, has successfully raised $150 million for its third fund, as first reported by Fortune. This latest fundraising round brings the firm’s total assets under management to $600 million, a remarkable achievement for the five-year-old firm founded by Marlon Nichols, Adrian Fenty, and Mike Palank. Strategic Growth and Investment Focus The infusion of $150 million allows MaC to increase its initial investment size to $2-3 million per startup, up from its previous average of $1.5 million in
African venture capital firm Janngo Capital has closed its second fund at €73 million (approximately $78 million), surpassing its original €60 million target by 20%. Janngo Capital states that fund now positions the venture capital firm as the largest accelerating gender equality in Africa. Investment Focus on Gender Equality and Diverse Sectors Janngo Capital positions itself as a “gender-equal” investor, with 56% of its portfolio companies founded or led by women. Notable women-led investments include the Nigerian B2B platform Sabi and expense management company Expensya. According to Janngo, its investment
Kendall Hamilton, a highly ranked Rocket League player, and his mother, Dr. Gigi, are leading an initiative that has supported young Black gamers in securing over $150,000 in Name, Image, and Likeness (NIL) deals. Together, they founded Game Changer Academy, an organization dedicated to helping young Black gamers use their skills for financial and professional growth. Game Changer Academy: Turning Gaming Skills Into Opportunities Game Changer Academy emerged from Kendall Hamilton’s own journey in competitive gaming according to a press release. Initially, his mother, Dr. Gigi—a licensed psychotherapist and organizational
Earthbond, a Nigerian startup that helps small and medium-sized businesses (SMBs) go solar, has raised $200,000 in pre-seed funding from Madica, an Africa-focused investment firm. The funding will help Earthbond expand its solar services to more businesses, offering a cleaner and more affordable energy option as Nigeria faces rising fuel prices. Making Solar Power More Accessible Founded in 2023 by Chidalu Onyenso, Earthbond connects businesses with solar power providers, including installers and loan options, to make adopting solar energy easier and more affordable. Onyenso, a Harvard MBA and experienced product
