A new R300-million ($15.6 million) Seed Fund of Funds has been launched to provide crucial early-stage capital for South African tech startups. This initiative, backed by the SA SME Fund, the Department of Science and Innovation (DSI), the Technology Innovation Agency (TIA), and impact investor E Squared Investments, aims to fund at least 50 technology-driven startups. The fund seeks to address a gap in South Africa’s venture capital landscape, which has historically favored later-stage investments. By focusing on seed capital, it will help budding entrepreneurs transition their ideas into viable
BlackDoctor.org (BDO) has introduced an AI-powered chatbot, designed to offer culturally relevant health guidance to Black Americans. This new feature provides round-the-clock support and draws from BDO’s repository of over 17,000 articles, ensuring that users receive tailored information related to chronic conditions, mental health, and healthy living. As a leading platform offering health content specifically for Black communities, BDO’s chatbot stands out for its focus on culturally sensitive, condition-specific support. Tailored Health Information At Your Fingertips The BlackDoctor Chatbot claims to be the first of its kind, offering personalized, culturally
The first-ever NBA Africa Triple-Double Accelerator Demo Day has crowned four African startups as champions. The event, held in New York City at the NBA headquarters, saw four standout companies—Festival Coins, Salubata, HustleSasa, and UBR VR—win financial awards and mentorship opportunities to help scale their businesses. Top Startups Rise from Over 700 Applicants The NBA Africa Triple-Double Accelerator, launched in April 2024, aims to fuel growth for African startups operating in sports and creative industries. By providing capital, mentorship, and connections, the initiative supports early-stage companies that focus on event
Lorenzo Lewis, a Black entrepreneur born in prison, has overcome challenges to build a $20 million company focused on mental health advocacy. Despite facing tremendous challenges, including his own incarceration at 17, Lewis now leads a $20 million company, inspiring others through his story of resilience and success. From Incarceration to Entrepreneurship Despite facing difficult circumstances early in life, Lewis pursued higher education, earning degrees in Human Services and Public Administration. After his release, he founded The Confess Project of America (TCPA), a nonprofit organization aimed at breaking the stigma
Carver Bancorp, one of the nation’s oldest and largest Black-owned banks, has announced Donald Felix as its new president and CEO, effective November 1, 2024. Felix, a 25-year veteran of the banking industry, steps into this leadership role following a challenging year for the institution, which included a hostile takeover attempt. The announcement, made September 16, 2024, comes as Carver looks to stabilize and grow under Felix’s guidance. A New Chapter in Leadership Donald Felix succeeds Craig MacKay, who served as interim CEO since October 2023 following the departure of
A group of former Revolut employees has launched LiveFlow, an AI-driven accounting startup that aims to streamline financial workflows while ensuring accountants remain central to the process. As enterprise software increasingly automates manual accounting tasks, LiveFlow seeks to strike a balance between technology and human expertise. Founded by Lasse Kalkar and Anita Koimur, both of whom held senior positions at Revolut, LiveFlow raised a $13.5 million Series A led by Valar Ventures, with plans to expand in the U.S. The startup leverages AI to automate the synchronization of financial data
Vista Equity Partners, led by billionaire Robert F. Smith, is partnering with Blackstone to acquire Smartsheet, the popular enterprise work management platform. The all-cash deal values Smartsheet at approximately $8.4 billion, marking one of the largest recent acquisitions in the software space. Under the terms of the agreement, the two firms will pay $56.50 per share, a 41% premium to Smartsheet’s 90-day average stock price. Smartsheet’s Continued Growth With New Partners Smartsheet has been a key player in the enterprise work management sector, serving millions of users, including 85% of
Governor Gavin Newsom signed Assembly Bill (AB) 1511 into law that mandates state agencies develop plans to increase advertising spending in media outlets serving California’s diverse populations. The legislation, authored by Assembly member Miguel Santiago (D-Los Angeles), aims to address historical underfunding by directing state advertising dollars to these essential media outlets. Expanding State Support for Diverse Media According to the Latino Media Collaborative, California is home to more than 300 ethnic media outlets, which serve as critical sources of information for the state’s diverse communities. However, many of these
Hispanic Heritage Month, celebrated annually from September 15 to October 15, honors the history, culture, and contributions of Hispanic and Latine communities in the US. It began as a week-long event in 1968 under President Lyndon B. Johnson and was extended to a month by President Ronald Reagan in 1988. The dates are significant because they coincide with the independence anniversaries of several Latin American countries, including Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Mexico, and Chile. In keeping with this year’s theme, “Inspiring Innovation and Empowering Communities,” here are
Southwest Michigan has seen the debut of its first Black-owned venture capital firm, Kalamazoo Forward Ventures (KZFV). With a $50 million commitment from limited partners, KZFV aims to empower underrepresented founders, startups, and innovators in Kalamazoo and beyond. The firm, led by a group of seven influential men from Michigan, focuses on bridging gaps for those who have traditionally lacked access to capital. A Mission to Uplift Marginalized Entrepreneurs Kalamazoo Forward Ventures’ founding members are Eric L. Wimbley, CEO of First Line Risk Management; Jamauri A. Bogan, CEO of Bogan
