Penny Jar Capital, the early-stage investment firm backed by basketball star Stephen Curry, has filed paperwork with the SEC to raise a second fund, as first reported by TechCrunch. The filing for Fund II doesn’t list a specific target amount and also submitted a separate filing for a related entity called Fund II Collective. Both filings were made in October, signaling Penny Jar’s commitment to expanding its portfolio. As Penny Jar’s anchor investor and special advisor, Curry helps the firm source investment opportunities and works behind-the-scenes to drive impact for the portfolio
Marcy Venture Partners, co-founded by Jay-Z, has merged with Pendulum Holdings’ investment arm, Pendulum Opportunities, to establish a new firm: MarcyPen Capital Partners. The merger brings together two prominent Black-owned investment firms, combining resources to oversee a total of $900 million in assets, a spokesperson confirmed to TechCrunch. Two Black-owned investment firms Marcy Venture Partners was founded in 2018 by Jay-Z, Jay Brown (Roc Nation co-founder), and venture capitalist Larry Marcus. Known for backing brands like Rihanna’s Savage x Fenty, Partake Foods, and web3 startup Spatial Labs, the firm has
South Africa’s digital lender Tyme Group has raised $250 million in a Series D funding round, pushing its valuation to $1.5 billion and securing its place as Africa’s ninth unicorn. Nu Holdings Backs Tyme’s Global Ambitions The round was led by Nu Holdings, Latin America’s largest fintech company. Nu Holdings, the parent company of Nubank, invested $150 million for a 10% stake, marking its first major bet outside of Latin America. M&G Catalyst Fund contributed an additional $50 million, while existing investors, including Tencent and Gokongwei Group, also participated. Tyme’s
Arlan Hamilton, the founder of Backstage Capital, has announced her decision to step down as managing partner and take on an advisory role. “After 12 years of being deeply involved in the day-to-day operations, I’ve decided to become a chairperson and advisor,” she said in a statement shared on Instagram. Backstage Capital’s New Chapter As part of this transition, Backstage Capital has formed a strategic partnership with 360 Venture Collective, a woman-founded and led venture firm with an intentionally inclusive investment thesis. Hamilton explained that the collective will acquire a
Nigerian fintech startup Billboxx has raised $1.6 million in a pre-seed funding round, aiming to empower African small and medium-sized enterprises (SMEs) with cash flow management solutions. The funding, a combination of debt and equity, was led by Norrsken Accelerator, Kaleo Ventures, 54 Collective, P2Vest, and Afrinovation Ventures. Addressing SME Cash Flow Issues Founded in 2023 by Justus Obaoye and Abdulazeez Ogunjobi, Billboxx offers invoice financing and payment processing services to help SMEs combat cash flow challenges caused by delayed payments from enterprise clients. The platform facilitates upfront payments for
BlackCEO, a training platform for Black entrepreneurs, has announced the launch of its “Extreme Business Makeover” program. This initiative is designed to accelerate the growth of Black-owned businesses, tackling challenges that often hinder scaling to multi-million-dollar revenues. A Revolutionary Approach to Business Transformation The three-day program offers a hands-on transformation for selected Black entrepreneurs. BlackCEO’s team implements business strategies during the program including brand development, marketing automation, AI integration, and public relations execution. Participants leave the program with fully operational business systems in place. “Traditional business programs tell you what
Zimi, a startup simplifying cross-border commerce for international merchants, has raised $2 million in seed funding led by Fearless Fund, with participation from Y Combinator and other investors. Co-founded by Audrey Djiya and Peter Nsaka, Zimi’s platform tackles challenges like shipping, compliance, and payments to streamline global trade. Tackling Challenges in Global Shipping International merchants often face high shipping costs, long delivery times, and complex regulatory requirements. Zimi addresses these pain points by providing US-based localized fulfillment centers, cutting down costs and delivery times while ensuring seamless handling of taxes,
Amazon is stepping up its efforts to close the digital divide with the launch of its AWS Education Equity Initiative, as first reported by Fortune. The program commits $100 million over the next five years to support underserved and underrepresented communities in accessing educational technology. Breaking Barriers With Cloud and AI The initiative, funded through AWS cloud credits, will help educational organizations create and expand digital learning opportunities. Swami Sivasubramanian, AWS Vice President of AI and Data, emphasized to Fortune that AI is a transformative tool, likening its significance to
Moove, the Nigerian mobility solutions pioneer, has announced a partnership with Waymo, Alphabet’s autonomous vehicle division. This marks the first time an African startup has collaborated with a global leader in self-driving technology to manage fully autonomous fleets in the United States. Launching Autonomous Fleets in Phoenix and Miami The partnership will see Moove overseeing the fleet operations, charging infrastructure, and facilities for Waymo’s all-electric autonomous vehicles (AVs), starting in Phoenix in 2025 and expanding to Miami in 2026. Waymo will continue to provide its Waymo Driver technology through the
Former NBA star Metta Sandiford-Artest, formerly known as Metta World Peace, is launching a $100 million venture fund focused on sports technology, digital media, and wellness innovations. The fund, Tru Skye Ventures, is a partnership with ex-Boost Mobile CEO Stephen Stokols and is slated to raise the capital by the first quarter of 2025, according to Sportico. Tru Skye Ventures aims to back early-stage startups, combining capital with expertise in product development, brand partnerships, and growth marketing. Targeting Innovation in Sports and Wellness Tru Skye Ventures has already announced an
