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
Innovate Africa Fund has launched with an initial $2.5 million to support up to 20 early-stage startups over the next year, addressing challenges such as insecurity, unemployment, and poverty. Supporting Early-Stage African Startups Since 2019, the funding landscape in Africa has shown promising growth, with disclosed exits surpassing $2.3 billion. However, despite raising $17.2 billion overall, early-stage founders often need help to secure the funding necessary to transition from ideation to market fit. Innovate Africa Fund aims to bridge this gap by providing insight-driven capital to help founders accelerate their
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,
Driving Forces, a deep tech and fintech venture capital fund, is closing down despite its healthy performance. Solo general partner Sidney Scott explained the decision on LinkedIn, citing increasing competition in a crowded investment space as contributing factors. The Rise and Shift in Deep Tech Investment Scott launched Driving Forces five years ago, using his experience at Amazon with robotic fulfillment systems and optimization technologies. His $5 million fund, driven by an interest in hard tech and a commitment to innovation, saw success in the company. The portfolio included investments
The Biden-Harris administration and the U.S. Economic Development Administration (EDA) have granted $51 million to the Tulsa Hub for Equitable and Trustworthy Autonomy (THETA). Led by Tulsa Innovation Labs, the initiative aims to enhance the region’s capabilities in autonomous systems through advanced manufacturing and technology deployment. Tulsa’s Legacy of Innovation Tulsa is one of 12 regions awarded funding from the 31 designated “Tech Hubs” last fall. This federal investment leverages Tulsa’s strong history in aerospace and manufacturing to push U.S. leadership inequitable and trustworthy autonomous systems. The city’s focus areas
Queens Borough President Donovan Richards recently unveiled a plan to establish a new diversity tech and innovation center in Long Island City, slated to open in early 2025. Empowering Minority-Owned Startups Partnering with Pursuit, a Queens-based non-profit, the Queens Diversity Tech Hub will occupy a 7,000-square-foot space in the Pursuit building at 47-10 Austell Place. This state-of-the-art facility will serve as a launchpad for up to 50 emerging startups, targeting minority-owned businesses seeking seed and Series A funding. The initiative is set to address the funding challenges faced by startups
NASA has awarded $1.2 million to 23 minority-serving institutions (MSIs), including Spelman College, Fayetteville State University, Hampton University, and New Mexico Institute of Mining and Technology. This funding aims to enhance their science, technology, engineering, and mathematics (STEM), research and technology capabilities while contributing to NASA’s missions. Advancing STEM at Minority-Serving Institutions The awards are part of NASA’s Minority University Research and Education Project (MUREP) Partnership Learning Annual Notification (MPLAN) initiative. Each selected institution will receive up to $50,000 over six months, allowing them to work directly on STEM projects
TestParty, a Black-led, AI-driven software compliance company, has raised $4 million in a seed funding round led by Harlem Capital and the Urban Innovation Fund. Founded in March 2023 by Michael Bervell and Jason Tan, TestParty helps businesses automatically rewrite source code to comply with global digital accessibility regulations. Making websites more accessible Currently, nearly all popular websites fail to meet the Web Content Accessibility Guidelines (WCAG), leaving millions of people who rely on assistive devices unable to engage with the digital world. TestParty aims to bridge this gap by
Every June, Pride Month celebrates LGBTQ+ communities worldwide and honors their contributions to society. It’s also a time to recognize the ongoing struggle for representation, equality, and acceptance. In the tech industry, the LGBTQ+ community is underrepresented, with only 11% identifying as LGBTQ+. A McKinsey and Co. report found that while Black people make up 12% of the US workforce, only 8% are in tech jobs, resulting in a relatively low number of Black LGBTQ+ individuals in tech. Despite these challenges, many Black LGBTQ+ people are paving the way for
Cadana has raised $7.1 million in seed funding this year. Launched in 2021, the startup allows global workforces to integrate payments and payroll management into their systems. Cadana According to the company, the world’s largest payroll platforms and talent marketplaces use Cadana’s APIs to build compliant hiring products in Africa, Asia, and Latin America. Founders Albert Owusu-Asare and Ameer Shujjah, who are originally from Ghana and Pakistan, gained years of experience working at Amazon, Esusu, and Goldman Sachs before founding the company. Although the pair appreciated their version of the
