Black-owned startup The SMART Tire Company (STC) is calling on Black celebrities, investors, and engineers to help disrupt the global tire market industry at $300 billion. SMART tires: TIME’s Best Inventions STC is best known for its space-age tires, which are changing the way vehicles perform on and off the road. The tires were initially designed for NASA’s Mars Rover program, but STC was founded to commercialize this advanced tire technology as part of the FedTech NASA Startup Program. The company’s inaugural product is a high-performance, airless bicycle tire made
Two brothers, Adrian and Ronnie Wright, have launched the XB app to change how residents can discover and connect with Black-owned businesses in their area. The Journey Of XB The journey began with a Facebook group named “Black Portland,” created by Adrian in 2015. It was seen as a place of reconnection for the Black community in Portland, which faced numerous challenges during the 1980s. These included difficulties in securing mortgages and increasing crime rates in Black neighborhoods. “Displaced residents relocated eastward, while newcomers, often employed by major corporations, gravitated
SheMatters has recently secured a significant $2 million investment to launch its symptom tracker app. Founded by Jade Kearney (CEO) and Marguerite Pierce (COO), SheMatters is a pioneering digital health platform dedicated to improving maternal mortality in minority communities. The Symptom Tracker App The Symptom Tracker app is a new tool designed to empower expecting and new mothers in tracking vital signs and symptoms associated with serious complications. These complications could include preeclampsia, eclampsia, and Hemolysis, Elevated Liver enzymes and Low Platelets (HELLP) syndrome. This technology is especially crucial for
MeVitae, a UK-based Diversity, Equity, and Inclusion (DEI) startup, has successfully secured a $1.8 million (€1.7 million) seed round spearheaded by Apex Black. MeVitae Founded by Oxford University alumni, Neuroscientist Riham Satti and Computer Scientist Vivek Doraiswamy, MeVitae specializes in offering a comprehensive DEI ecosystem of HR tools. These tools, developed from a blend of AI ethics and neuroscience perspectives, are designed to detect and mitigate biases, to enhance smarter, faster, and fairer hiring decisions. “Growing up, I never considered that my gender or skin color might impede opportunities. It
Black-owned London-based startup Koalaa has recently closed a significant funding round of $1.2 million (£925,000) for its world-first soft prosthetic arms. Koalaa Established in 2020 by Imperial College alumnus Nate Macabuag, Koalaa has been dedicated to addressing three critical challenges faced by the limb difference community worldwide. These are access, affordability, and comfort, with their creations crafted from breathable fabric, offering a lightweight alternative to conventional prosthetics. Macabuag was named as part of the Forbes’ 30 Under 30 Europe Class of 2021. His design through Koalaa has proven to especially
Uncle Nearest, the top-selling Black-owned spirits brand globally, is close to reaching unicorn status with a valuation nearing $900 million. Uncle Nearest Premium Whiskey Black and woman-owned distillery Uncle Nearest Premium Whiskey was launched in 2016 by Fawn Weaver and has quickly ascended to global recognition. Uncle Nearest’s rise is a tribute to Nearest Green, the first-known African American master distiller, and to the resilience and vision of its founder. Fawn Weaver navigated the brand through an industry where only 0.48% of all venture dollars went to Black founders last year.
Partech, a global technology investment firm, has closed its second Africa-focused fund, Partech Africa, at over €280 million ($300 million). Partech Africa The achievement surpasses its initial target of €230 million, marking Partech Africa as the largest fund dedicated to African startups. Partech Africa partners with entrepreneurs who combine technology and operational excellence to address large opportunities across the continent. The African startup landscape experienced a downturn in investment activities in 2023, with venture capital inflows decreasing to between $2.9 billion and $4.1 billion. This contrasted the $4.6 billion to
Startup SocialCrowd has announced the securing a $1.6 million pre-seed funding round to expand its team and focus on customer acquisition. SocialCrowd Founders Raphael Akinsipe and Paul Doran are on a mission to optimize the world’s labor force through data and automation. The platform automatically tracks employee progress toward goals, reminds them of the work they have left, and rewards them instantly. Key to SocialCrowd’s appeal is its real-time tracking capability, which integrates seamlessly with existing productivity apps. “Many of our customers have large blue-collar shift teams; their staff was
Women-led healthtech companies in Africa secured $52 million in funding in 2023, compared to just $2 million the year before, a report has found. The report by Salient Advisory shows findings on investment activity covering grant, equity, and debt investment for African healthtech startups in 2023. A Surge In Funding For Women-Founded Companies According to the 2023 Roundup Investments in African Healthtech report, gender financing gaps in African healthtech ecosystems narrowed in 2023. In 2022, women-founded companies received a mere $2 million, just 1.4% of all investment, but the following
To mark Black History Month, a new game titled “Guess, Jerry!” has made its debut on the App Store. Created by Microsoft Senior Software Engineer Michael Curd, the app pays tribute to Jerry Lawson, who shaped modern video gaming. Father Of Video Game Cartridge Jerry is an AI buddy inspired by video game legend Jerry Lawson, who was often named the “Father of the video game cartridge”. Lawson was one of the first prominent African American figures in the gaming industry. As chief hardware engineer for Fairchild Semiconductor, Lawson steered
