A new Black Business Hub has opened in South Madison, Wisconsin. Spearheaded by the Urban League of Greater Madison, the $25.5 million facility aims to provide resources and space for Black-owned businesses and entrepreneurs to thrive. A Hub for Business Growth and Community The Black Business Hub, located on South Park Street, held its ribbon-cutting ceremony on August 24, 2024. marking the completion of a project that began more than two years ago. The facility features four floors of retail, office, coworking spaces, and a commercial kitchen. Madison 365 reports
Sigo Seguros, a digital-first auto insurance serving Hispanic and Latine communities, has secured $10.5 million in Series A funding. Making Auto Insurance Easier and More Affordable Founded in 2019, Sigo specializes in non-standard auto insurance. Drivers in need of this insurance are often pushed to broker-run brick and mortar agencies, whic typically charge higher fees. Sigo offers a fully digital Spanish-language service that allows customers to obtain insurance in minutes through a mobile platform. “Immigrant and working-class communities struggle to buy auto insurance, whether it’s because of a lack of
Kredete, a Nigerian fintech platform, has raised $2.25 million in seed funding, enhancing its ability to serve African immigrants in the U.S. The funding round, led by Blockchain Founders Fund (BFF), also included investors like Techstars, Tezos Foundation, Polymorphic Capital, among others. Kredete’s mission is to help African immigrants build credit while simplifying remittances, transforming how they send money home. Addressing Financial Barriers for African Immigrants Kredete’s innovative approach has attracted a user base of over 300,000 and processed transactions exceeding $100 million. The platform allows immigrants to send money
In recognition of World Suicide Prevention Day 2024, it’s important to highlight the growing mental health needs within Black communities. Studies show that Black adults are 20% more likely to experience serious mental health issues, such as depression and anxiety, compared to the general population. Despite this, only about 25% of Black individuals seek mental health care, largely due to stigma, cultural barriers, and lack of access to culturally competent providers. In response, several apps and startups are working to close this gap, offering tailored support to meet the mental
Chpter, an AI-powered conversational commerce platform, recently secured $1.2 million in pre-seed funding to drive the growth of its business. Chpter’s platform helps businesses sell more efficiently on popular social platforms such as WhatsApp, TikTok, and Instagram by automating conversations, marketing, and payments. Making social media sales easier As social commerce continues to grow in Africa—where e-commerce is projected to reach $46 billion by 2025—many businesses face challenges managing customer interactions and conversions, according to Chpter. To address these challenges, Mesongo Sibuti (CTO), Kuria Kevin (CPO), Mark Kiarie (COO) and Tesh Mbaabu (CEO) partnered to build Chpter. Chpter’s
Mirriad, a leader in virtual product placement technology, has launched The Diverse Media Alliance, bringing together content companies like Bomesi, Canela Media, LatiNation, Ntertain’s Neon16, and The Shade Room. This alliance aims to create a more equitable media landscape by helping brands better invest in and track their diverse media campaigns. Addressing the Gap in Diverse Media Investment Despite the surge of pledges in 2020 to invest more in diverse media, actual spending in this area remains disappointingly low. The Diverse Media Alliance aims to address this gap by helping
New York Giants defensive end Kayvon Thibodeaux has been named a venture partner in The Collectiv, a new $20 million venture capital fund focused on early-stage sports tech companies and emerging leagues. Strategic Investment for Life After Football Thibodeaux’s partnership with The Collectiv reflects his broader ambition to establish a strong business presence while still actively competing in the NFL, as first reported by Spotico. The fund, which aims to raise $20 million over the next six months, includes a consortium of athletes, sports executives, and industry leaders from major
Vista Equity Partners (Vista), under the leadership of Robert F. Smith, has acquired JAGGAER, a global leader in enterprise procurement and supplier collaboration software. This acquisition comes on the heels of Vista’s recent milestone—a record $20 billion raised for its eighth flagship fund, marking the largest fundraising in the firm’s history. A Strategic Acquisition in the AI-Driven Procurement Space JAGGAER, known for its AI-enabled procurement solutions, serves over 1,400 customers worldwide, offering a platform that optimizes sourcing, spend management, and supply chain visibility. This acquisition aligns with Vista’s strategy of
Kenyan HR tech startup, Workpay, has successfully raised $5 million in a Series A funding round, spearheaded by Norrsken22. This new investment will bolster Workpay’s expansion across Africa, enhance its AI-driven performance management tools, and stabilize its financial services, TechCrunch first reported. The funding follows a $2.7 million pre-Series A round in 2023. Strategic Funding to Accelerate Growth Founded in 2019 by Paul Kimani and Jackson Kungu, Workpay has quickly positioned itself as a leading workforce management platform in Africa. The cloud-based solution offers a suite of HR services, including
Blacks United in Leading Technology (BUiLT), a nonprofit committed to increasing Black representation in tech, has launched an initiative to protect and restore jobs for Black professionals in the industry. The move comes as a direct response to widespread layoffs that have disproportionately impacted Black technologists, with over 240,000 jobs lost across the sector in 2023 alone. The BUiLT REIT Program: A Lifeline for Black Technologists The BUiLT REIT (Retaining Employability In Tech) program, backed by a Google commercialization grant awarded in March 2024, aims to equip Black professionals with
