The Folklore, a platform known for connecting global consumers with African brands and diasporic fashion, has secured a substantial $3.4 million seed funding. This round was spearheaded by Benchstrength Ventures, with contributions from Techstars, Black Tech Nation Ventures, and Slauson and Co. Connecting brands with Major Retailers In 2022, Folklore underwent a transformation. Originally a shopping platform showcasing primarly African brands, it now aims to enhance how emerging brands integrate into the retail landscape. “[Brands] would come to me for advice on how to expand their footprint, how to get a loan or how
Dr. Dionne Mahaffey has developed an AI-powered platform, Behavioral Health Notes, to decrease the time mental health professionals spend recording notes. The Need For Efficiency in Mental Health Documentation The mental health sector has long faced challenges related to clinician burnout, increased by time-consuming administrative tasks. According to a recent report by Accenture, using AI in healthcare could save up to $150 billion annually by 2026, mainly by reducing such inefficiencies. A solution was needed for mental health professionals, where documentation can extend into personal time. Introducing Behavioral Health Notes Dr. Mahaffey, a
NBA star Chris Paul has teamed up with Goalsetter, a Black women-owned fintech company founded by Tanya Van Court, promoting financial literacy among middle school students in Oakland, California. Addressing the Financial Literacy Gap Goalsetter’s recent study with Ivy League students revealed a gap in financial knowledge, with many failing to answer basic financial literacy questions correctly. “Empowering our youth with the knowledge and tools to secure a financially sound future is not just a commitment, it’s a necessity,” Paul said in a press release sent to AFROTECH. “We owe
At 14 years old, Naya Ellis of New Orleans has turned her passion for science into a potentially life-saving invention: a stroke-detecting watch called WingItt. Inspired by her personal family experiences and participation in STEM NOLA, Ellis’ invention has earned her the title of champion in the National STEM Challenge. Developing WingItt: A Life-Saving Technology Ellis’s journey began in the STEM NOLA program, which provides an eight-month-long science, technology, engineering, and mathematics fellowship to high-potential, low-income high school students of color. Initially interested in developing a seizure-detecting device, she shifted her
SunCulture, a Kenya-based company focused on climate technology, recently raised $12 million to expand its solar-powered irrigation systems across sub-Saharan Africa. The funding is part of a larger $27.5 million Series B round. Revolutionizing Agriculture with Solar Power In many countries around the world, climate change and erratic weather have made it increasingly dificult for farmers to maintain consistent crop yields. SunCulture’s solar-powered irrigation systems aim to help farmers efficiently use water and boost their crop yields, even with unpredictable rainfall. These systems are sustainable and cost-effective alternatives to traditional,
Integrating AI in mammography offers a new era in breast cancer detection. However, there are concerns for people of color. The technology, which is becoming increasingly accessible, has the potential to enhance early detection rates beyond the current 87% achieved by traditional mammograms, as reported by The New York Times. AI algorithms are not working at identifying subtle signs of cancer that conventional methods may miss, thereby reducing false positives and unnecessary treatments. The Concerns For People Of Color Despite these advancements, the adoption of AI-enhanced mammography faces significant hurdles. One
Richualist founder Dawn Myers has secured investment from business figures Mark Cuban and Emma Grede on Shark Tank for her hair tool for textured hair. The washday styling tool Myers’ product, The Mint, is designed to detangle, condition, and style curly to coily hair types (classified as 3A to 4C). The hair tool includes six attachments and is designed to simplify and enhance styling. The technology used heats liquid hair products to optimize their effectiveness, addressing the often complicated and time-consuming nature of managing highly textured hair. “You simply load your pod; think
Zuri, a Pan-African beauty startup, has achieved its first institutional tech investment from Launch Africa Ventures. Zuri’s Journey So Far Founded in 2016 by Gisela Van Houcke, Zuri has evolved from Van Houcke selling products from her car to a tech-driven powerhouse. The startup distributes beauty products such as hair extensions and cosmetics while aiming to empower Black women entrepreneurs and customers. Zuri offers a wide range of culturally relevant beauty products distributed through a hybrid model of physical salons, e-commerce, and social channels. The company has also developed a software platform
Nearly 60% of Black small- and mid-sized business (SMB) owners on TikTok say that the app is critical to their business’ existence, a new Oxford Economics report has found. TikTok’s Value For Small businesses Oxford Economics, in collaboration with TikTok, sought to understand the app’s economic value for local communities across the US. It surveyed 1,050 SMBs and 7,500 users in 2023 to gauge interactions and benefits derived from the app. Small and medium businesses generated $14.7 billion in revenues and supported 224,000 jobs on TikTok supported 224,000 jobs, the
In the first quarter (Q1) of 2024, Africa’s startup scene saw another year-on-year and quarter-on-quarter dip in investments – with a notable exception in the mobility and fintech sectors. A drop in funding According to Africa: The Big Deal, Q1 saw $466 million raised through $100k+ deals by 121 startups (excluding exits). This is a 27% decrease from the previous quarter and only half of the amount raised at the same time last year. Techpoint Africa’s analysis of data from Intelpoint notes a 62% drop in African tech startup funding compared
