Pretty Lux Co, the first Black-owned and woman-owned candle-making studio in Middle Georgia, is igniting a love for science, technology, engineering, and maths (STEM) through the art of making luxury products. Pretty Lux Co. Pretty Lux Co. was founded in July 2023 by Anikitia Abram to offer candles, skin, and hair products that are 100% vegan, cruelty-free, and created with minimal ingredients. Abram told Macon that the idea of Pretty Lux Co. was sparked by a personal journey of seeking solace and understanding during moments of anxiety. This search led
Loop Health has raised over $120,000 in funding as 21-year-old co-founders Joshua Obasohan and Neto Nwogbo set themselves up for a seed round this summer. The Story Of Loop Health According to TechCrunch, founders Obasohan and Nwogbo were college students brainstorming business venture ideas. After having initial plans of starting companies in Nigeria that came with barriers, they pivoted their idea to a market they were already familiar with, the university healthcare space. Then, the duo, both 21, launched Loop Health, a telehealth startup that aims to improve primary healthcare
Food critic and TikToker Keith Lee, also known as “The People’s Champ,” has partnered with Microsoft to amplify Black restaurants further. Lee’s viral food reviews continue to highlight Black and African-American-owned restaurants, and he uses his platform to connect with worldwide food lovers. Striving to place community at the center of his partnership, he is teaming up with Microsoft to help restaurants future proof their businesses with their AI-powered tool Copilot. Lee Partners With Microsoft Lee has partnered with Microsoft to provide restaurateurs with AI tools to help their businesses
Prósperos has successfully raised $3 million in seed funding to advance its mission of empowering Latine communities through innovative financial solutions. This funding round saw investments from FEBE Ventures, BAT VC, Tekton Ventures, and Courtyard Ventures, among others. Revolutionizing Financial Services For Latine Communities Founded in 2023 by Vinay Pai and Salvador Chavez, Prósperos aims to transform the financial landscape for Latine communities in the USA and Latin America. The Prósperos platform provides two bank accounts and cards: one for the account holder in the USA and another for their
University of South Carolina Gamecocks player Raven Johnson has secured a name, image, and likeness (NIL) deal with Black beauty tech company Parfait. Parfait, powered by AI and facial recognition technology, aims to provide custom wig products that address two major issues: AI biases in tech and the fragmented wig-buying process for millions of Black and brown women. Founded by four women, the company has developed an algorithm to change tech interactions with communities of color. Leading New Standards For Female Athletes According to Andscape, Isoken Igbinedion, co-founder and CEO
The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against SoLo Funds, an online lending platform, over its lending practices. According to the CFPB, SoLo Funds used deceptive tactics to ensure almost every borrower paid hidden fees despite advertising zero-cost loans. Misleading Tactics and Hidden Fees SoLo Funds markets itself as a consumer-friendly alternative to high-cost, short-term loans. However, the CFPB alleges that SoLo’s practice of requesting borrowers pay “tips” and “donations” hides the actual cost of their loans. The lawsuit alleges that from March 2018 through December 2022, SoLo received
OpenseedVC has reached the first close of its $10 million fund for operator-led startups in Africa and Europe. Founded by former Octopus Ventures and Oxford Seed Fund investor Maria Rotilu, OpenseedVC is a new solo General Partner (GP) that aims to be the first check for startups. OpenSeedVC: Filling a Crucial Funding Gap According to Sifted, Rotilu is Europe’s first Black solo GP and one of the first female solo GPs in the region. Rotilu’s strategy with OpenseedVC is to back startups even earlier than the pre-seed stage, at a
Viola Davis, journalist Joy Reid, and radio host Charlamagne Tha God are among the partners that have teamed up with The Grio founder David A. Wilson and tech leader Brandon John-Freso to launch ALTR. ATLR pronounced ‘alter’, is a personal development app tailored to the Black community. A Collaborative Vision for Empowerment ATLR aims to provide short-form audiobooks by Black luminaries and authors. It is currently open for early access sign-ups and is scheduled for an official launch in late 2024. The development of ALTR is in collaboration with JuVee Productions, founded by Davis
Rachael Twumasi-Corson, the founder of Afrocenchix, is stepping into a new role as the Managing Director of LIHA BeautyLIHA Beauty. This move comes after her successful tenure at Afrocenchix, where she played an instrumental role in securing $1.2 million in seed funding for the natural haircare e-commerce business. A Vision For African Beauty Twumasi-Corson’s decision to join LIHA Beauty wasn’t part of her initial plan after exiting Afrocenchix. However, the opportunity to collaborate with LIHA’s founders, Abi Oyepitan and Liha Okunniwa—two women she holds in high esteem—was too good to pass up.
A report from The Alliance for Entrepreneurial Equity has found a troubling decline in venture capital and other forms of funding for Black-owned businesses. While the number of Black-owned businesses are growing, they are severely underrepresented compared to their population making up only 2.5% of all businesses. In recent years, Black-owned businesses have faced challenges in securing funding, a trend that blocks their growth and reflects issues within the American financial landscape. The Alliance for Entrepreneurial Equity’s latest report, a collaboration between the National Urban League and Third Way, illuminates
