SoftBank is selling its Open Opportunity Fund to its chairman and managing partner, Paul Judge, and Marcelo Claure, who is being appointed the fund’s vice chairman and general partner. The Open Opportunity Fund SoftBank Group is a Japanese multinational investment holding company focusing on investment management. It announced the launch of its second fund under the Opportunity Growth Fund this year, rebranded as the Open Opportunity Fund (OOF). Judge took the reins as chairman of the second fund. Claure, who initially launched OOF, previously served as SoftBank’s COO until 2022
London-based fintech startup Jenesys AI has secured $1.1 million in a pre-seed funding round. Founded in late 2022 by Nicolai Thomson and Dr Tosin Dairo, Jenesys elevates the role of bookkeepers and accountants with a conversational AI named “Jack”. The investment round was led by Twin Path Ventures, with contributions from Fuel Ventures, Antler, Hatcher+ in Singapore, and seasoned angel investors from the US and UK. Meet Jack: The conversational AI Jenesys AI’s flagship product is “Jack,” a conversational AI designed to support finance teams. Integrated with platforms like Slack
Lagos-based fashion and beauty e-commerce platform Maka has raised $2.65 million in a pre-seed funding round led by Pan-African venture capital firms 4DX Ventures and Janngo Capital. Other contributors include Palm Drive Capital, angel investor Jonathan Shipman, and executives from delivery platform Wolt. Maka Maka empowers trusted creators to live-stream and sell directly to their audiences. The platform allows shoppers to purchase through live-streams, on-demand videos, or online catalogs. Founded in 2021 by Diana Owusu-Kyereko, former CEO of Jumia Ghana and ex-CCO of Jumia Kenya, Maka originated as an interactive social commerce platform. During the
Digital news platform UrbanGeekz has unveiled UrbanGeekz 50, its inaugural list of Black disruptors who are leaving a mark on the innovation economy. Presented by Atlanta-based MHR International, the list spotlights gamechangers in tech, venture capital, and entrepreneurship and is set to become an annual tradition. Industry gamechangers The largest category on the list is ‘Community Builders & Ecosystem Warriors,’ showcasing founders and leaders such as those from Goodie Nation, Black Women Talk Tech, and The Gathering Spot. The Venture Capital category brings together familiar names for POCIT readers, such
Fearless Fund has filed an appeal against a court ruling that temporarily blocked their grant program for Black women entrepreneurs. The ruling came amid an ongoing lawsuit by the American Alliance for Equal Rights (AAER), which alleged the fund’s grant program was racially discriminatory. The Racial Bias Lawsuit Black-woman-owned venture capital fund Fearless Fund invests in women of color-led businesses seeking pre-seed, seed level, or series A financing. The AAER brought a lawsuit against them in August 2023. Notably, AAER founder Edward Blum is the conservative activist behind the Supreme Court’s affirmative
From dealmakers at significant funds to founding partners of new firms and industry-changing nonprofits, Forbes 30 Under 30 listed young leaders helping to shape venture capital’s future. The list spotlights funders and founders aged 29 or younger as of December 31, 2023. We have compiled a list of some people of color founders who are helping the venture capital industry. Sesana Allen – Associate Investor, Smash Capital Allen is an investor at Smash Capital, a late-stage venture firm backed by former Disney executives and investors from Insight Partners. She sourced the firm’s investment in
Braze has expanded its product grant program, previously known as Tech for Black Founders – now called Tech for an Equitable Future. Braze is a comprehensive customer engagement platform that powers relevant and memorable experiences between consumers and the brands they love. Tech for Black Founders was launched in 2020 to address findings that only 1% of US founders backed by venture capital are Black. Today Braze’s program has 24 Black-founded businesses, including ten women-founded startups, active in the program, totaling $735,00 in annualized Braze product value. Tech For An Equitable
Waspito, a Cameroonian health startup, has secured a $2.5 million seed extension, helping its growth in Francophone African regions. Waspito Waspito is a health-focused social network that aims to integrate the whole health ecosystem into a single platform. Instead of building a platform involving pre-registration and booking consultation meetings, founder Jean Lobe Lobe opted for one where users could instantly connect with doctors. Lobe founded the startup in 2020, just before the COVID pandemic became a global health emergency, aiming to make healthcare accessible. “Going online to book an appointment
Morgan Stanley Investment Management (MSIM) has announced the close of its Morgan Stanley Next Level Fund, aimed at early-stage tech companies led by underrepresented entrepreneurs. The fund has closed at its target size of $50 million of total capital commitments with investors including Hearst, Microsoft, and Walmart. Morgan Stanley’s Next Level Morgan Stanley’s Next Level is MSIM’s impact-focused private equity business. It makes privately negotiated equity and equity-related venture capital investments in primarily stage tech and tech-enabled companies with women or underrepresented founders as part of the founding team. “We
For almost six years, I’ve sat in on investor meetings and made deals with startup teams committed to disruption. I’ve seen entrepreneurship in its greatest form, and as an early-stage investor, I’ve been part of getting exciting ideas off the ground and into the marketplace. Uniquely, my career as a founder-turned-investor has been surrounded by nuanced advocacy for social equity and fair opportunities, driving me to relentlessly champion underrepresented voices and create a level playing field for all. Early in my career, I worked closely with the leadership gender gap
