Black Girl Sunscreen (BGS) has achieved remarkable success, earning $1.1 million in just three months on Amazon, according to AfroTech. A Vision Rooted in Necessity In 2016, Shontay Lundy created BGS, a 30 SPF lotion formulated for women of color. Recognizing this gap, she invested $33,000 of her own money to create a product that wouldn’t leave the notorious white residue on darker skin tones. Made with melanated skin in mind, BGS dries completely clear and protects melanin without the white-cast that normal skin care tends to leave, according to
Escala, a CRM platform for Hispanic small and medium-sized businesses (SMBs), has raised $12 million in its latest funding round. This milestone, led by IGNIA and Alaya Capital, marks a step in the company’s mission to empower Hispanic businesses in the United States and Latin America. High Alpha and other investors also participated in the round. Revolutionizing SMB Marketing and Sales Founded by renowned tech entrepreneur Andrés Moreno, also the founder of Open English, Escala offers a marketing and sales platform. The platform addresses critical challenges faced by Hispanic SMBs
Mexican fintech company OCN, which offers car rental models for gig workers in Mexico and the US, has successfully raised $86 million in equity and debt. The Series A funding round was led by Brazil’s Caravela Capital, with additional contributions from Collide Capital and Great North Ventures on the equity side, and New York-based i80 Group leading the debt portion. Innovative Solutions For Gig Workers Launched in 2022, OCN provides gig workers with new car rentals on a weekly fee basis, inclusive of maintenance and insurance. Users also have the
Blapp is changing the way Black-owned businesses connect with their communities and attract new clientele. Blapp: Bridging the Gap for Black-Owned Businesses Jon Laster, a comedian-turned-app developer, created Blapp to help Black-owned businesses thrive. Following George Floyd’s murder in 2020, Laster sought a sustainable way to support his community. “Blapp works by simplifying people’s desire to help,” Laster said according to ABC News. In Blapp, users can see nearby Black-owned businesses—from restaurants to nail salons—on a map or in a list and search for products and services offered by Black business
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
Minka, a Colombian cloud-based fintech startup, has embarked on an expansion plan to bring its innovative financial solutions to Africa. This move aims to replicate its success in Latin America by addressing the continent’s financial inclusion challenges and leveraging the growing digital payments market. Launching in Eastern and Southern Africa On July 2, 2024, Minka officially launched its operations in East Africa, marking its first expansion phase. The fintech company began its journey in Kenya, Tanzania, Uganda, and Ethiopia and plans to expand to Southern African markets such as Mozambique,
Group Black, a media network founded in 2021 to channel ad dollars to Black-owned media, is undergoing significant leadership changes, according to Business Insider. Travis Montaque, co-founder and CEO, has taken a leave of absence, as confirmed by sources close to the matter, although he remains listed as CEO on the company’s website. This development comes amidst a series of high-profile departures from the company’s C-suite, indicating a period of instability for the young enterprise. Key Leadership Changes The leadership turmoil at Group Black began with Montaque’s leave, followed by
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
Girls in Tech Inc., a global nonprofit focused on advancing women in technology, has closed due to insufficient funding. Founded in 2007 by Adriana Gascoigne, the organization aimed to bridge the gender gap in the tech industry, providing resources and opportunities for women and allies worldwide. Despite its significant presence, with 130,000 members in 50 cities and 38 countries, the organization has struggled financially over the past few years. Relocation and Financial Struggles In 2022, Girls in Tech moved its headquarters from San Francisco to Nashville, a strategic shift intended
