The New York City Economic Development Corporation (NYCEDC) has announced the launch of the Venture Access Alliance. Comprising over 70 investors, the Alliance aims to build a more inclusive tech startup ecosystem in New York City. A more inclusive startup ecosystem New York City is the second largest tech ecosystem in the world. Over 30% of businesses in the city are minority-owned, and there has been a noticeable surge in Black-owned businesses. The Alliance is part of NYCEDC’s broader Venture Access NYC program, which aims to increase diversity in the city’s startup
Research from Extend Ventures revealed that only 0.24% of funding went to Black founders in the UK in the last decade. Additionally, a report conducted by Cornerstone VC also found that only 1% of founders who receive seed funding identify as Black and only 3% of VC-funded founders identify as Black. To celebrate and amplify Black founders in UK tech this Black History Month, we have compiled a list of resources and funds available. Black Seed Black Seed is a community-led by Black founders, for Black founders, based in Brixton,
The California Senate Bill 54 (SB 54) has been signed into law by Governor Gavin Newsom, requiring venture capital firms in the state to report the diversity of the founders they back annually. This is the first piece of legislation in the US that aims to address racial disparities in the venture capital (VC) landscape. There is currently no official data on how VC firms invest their money founder and tech activist who helped ideate and draft SB 54, Allison Byers said. She added that California is responsible for 36%
Wicked Saints, a Black woman-led video game studio, has secured $3.5 million in seed funding. The funding round, co-led by Riot Games and Oregon Venture Fund, brings the studio’s total funding to $4.6 million Jessica Murrey, Wicked Saints’ founder and CEO, also joins the small group of Black women founders who have raised over $1 million. Learning Real-World Skills Through Gaming World Reborn is Gen Z’s take on Pokémon Go, offering a unique blend of storytelling, real-world activism, and location-based play. The studio’s flagship game, “World Reborn,” merges the digital
Editi Effiòng’s Nollywood action-thriller, The Black Book, has claimed the top spot worldwide on Netflix after leaders in Nigeria’s fintech startup space came together to fund the film. The Black Book The Black Book claimed the top spot worldwide just five days after its debut on Netflix, also making it the first ever number-one African film on Netflix. Vanguard reported that from September 18 to 24, the film accumulated 5.6 million views and 11.6 million watch hours. The movie, which traces the story of a mourning father seeking justice following
BLCK VC, a nonprofit for Black investors, has appointed two-time founder and investor Robert Gordon IV as its CEO. BLCK VC BLCK VC is a nonprofit organization that equips Black investors with the access, education, and community they need to accelerate their venture capital (VC) careers. Typically, Black entrepreneurs receive less than 2% of overall dollars each year in VC funding. Additionally, by the end of 2022, adverse market conditions led to a 36% drop in overall VC dollars, but Black entrepreneurs saw a 45% decrease in the financing. BLCK
A federal court has temporarily blocked Fearless Fund’s grant program for Black women entrepreneurs amid an ongoing lawsuit by the American Alliance for Equal Rights. The decision reverses last week’s ruling by US District Judge Thomas V. Thrash, ultimately denying the conservative group’s allegation that the program was racially discriminatory. The Lawsuit Against Fearless Fund Fearless Fund invests in women of color-led businesses seeking pre-seed, seed level or series A financing. The American Alliance for Equal Rights, founded by Edward Blum, brought a lawsuit against Fearless Fund in August 2023.
Latine communities start more businesses per capita than any other racial group in the United States. Latine or Hispanic-owned businesses also contribute over $800 billion annually to the nation’s economy. However, they often face challenges accessing the capital, resources, and support needed for the businesses to thrive. For example, in 2022, Latine and Hispanic founders received just 1.5% of venture capital funding, a drop from 2.5% the previous year. So, this Hispanic Heritage Month, we have compiled a list of resources to empower Latine tech founders nationwide! Resources For Tech Founders SoftBank
African venture capital (VC) firm Enza Capital has closed $58 million across its two funds and announced the launch of its Founder Partner Program. Enza Capital Enza Capital is a multi-stage venture fund that backs startups and founders using technology to solve meaningful problems across Sub-Saharan Africa. The Nairobi-headquartered firm invests in and partners with technology companies building in the fintech, logistics, health, human capital, and climate-smart sectors. The firm began its VC journey in 2019 when it launched an early-stage fund to find, back, and help build category-defining startups
A federal judge in Georgia ruled that Fearless Fund, a venture capital fund for women of color, can continue offering a grant program only to Black women entrepreneurs. On Tuesday, the judge refused to issue an injunction blocking the program after a lawsuit alleged it engaged in “explicit racial exclusion”. The Lawsuit Against Fearless Fund The American Alliance for Equal Rights, founded by Edward Blum, brought a lawsuit against Fearless Fund in August 2023. It targeted the fund’s Fearless Strives Grant Contest, which awards Black women who own small businesses
