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
This article was first published by Lindsey Redd on Medium. Over the past couple of weeks I’ve been meeting with current and hopeful founders who want to become Y Combinator founders. They’re applying to the Winter 2024 batch, and naturally have a ton of questions about our experience applying and being accepted to YC. One of the main questions I get is “What was your interview experience like?” Of course, before there was the interview, there was the application. This is a story in and of itself that I’ll save for
Okra Solar, a technology startup working with local utilities to transform communities, has closed its Series A funding round. Mesh grid technology With 770 million people living without clean, reliable access to power, the tech startup aims to transform off-grid communities with mesh grids. Mesh grids are the fastest-growing technology solution for electrifying off-grid households. With a mesh grid, neighbors are connected, sharing renewable energy 24/7, which allows them to consume more than they would on their own. Each house contains a solar panel, battery and an Okra Pod, ensuring
California is working on passing SB 54, the nation’s first legislation to increase diversity in venture capital. In California, venture capital investments do not reflect the state’s diversity, according to the bill. It states that companies founded or co-founded by women receive far less investment funds than companies founded by men. Additionally, companies founded or co-founded by people of color receive far fewer investment funds than companies founded or co-founded by white people. Black founders have long faced challenges securing funding for their businesses, with VC funding dropping by 36%
Black-led venture capital firm Growth Warrior Capital is launching Elevo, an AI-powered pitch deck generator to help founders secure funding for their startups. Investing in overlooked founders Elevo is the brainchild of Promise Phelon, the founder and managing partner of Growth Warrior Capital. An experienced entrepreneur, Phelon’s track record includes raising $100 million in capital, transforming companies, and successfully navigating exits and acquisitions. Phelon’s early-stage venture capital firm, invests in “dangerous” startups led by traditionally overlooked founders that have the potential to “fundamentally change the way we work, earn, and
Founders Factory Africa (FFA) has raised $114 million in funding to scale its model to better serve founders across the African tech ecosystem. Founders Factory Africa Founders Factory Africa, founded in 2018 by Roo Rogers, Alina Truhina and Sam Sturm, is an African early-stage investor supporting founders across the continent. With a portfolio of over 55 ventures across 11 countries in East, West, North and Southern Africa, they combine capital investment with support for entrepreneurs. They invest up to $250,000 in ventures at idea, pre-Seed and Seed stage for ventures
Black-owned venture capital firm, MaC Venture Capital, has hired finance and operations veteran Jennifer Randle as its first Chief Operating Officer (COO). MaC Venture Capital MaC was launched in 2019 by four founding partners: former Washington D.C. mayor Adrian Fenty, former talent agent Charles D. King, VC veteran Marlon Nichols, and investor Michael Planak. The firm had its first $100 million fund in 2021 in seed-stage funding and a second $203 million in 2022. The team uses their skills and knowledge to support the next generation of tech companies, focusing on reshaping the culture
A UCLA Luskin School of Public Affairs report found gaps in funding given to Black and Latine founders. The school tracks investments made by LA-based venture firms connected to the Annenberg Foundation’s Pledge LA initiative. Pledge LA is a coalition of over 200 venture capital firms and tech companies. Initiated by the Annenberg Foundation and former Mayor Eric Garcetti, the pledge advances access and opportunity for all Angelenos. Each year, PledgeLA anonymizes funding data and presents it at the regional level, highlighting pain points and areas of success for the LA tech scene. What
Endeavor Miami is partnering with venture capital firm DeepWork Capital to funnel more capital into underrepresented early-stage founders. Endeavor Miami and DeepWork Capital Endeavor Miami was founded in 2013, with the support of the John S. and James L. Knight Foundation, as the first U.S. affiliate of Endeavor, an organization supporting entrepreneurs worldwide. According to Biz Journals, Miami’s Endeavor entrepreneurs generated over $700 million in revenues and employed over 5,000 individuals in 2021. Now the organization has partnered with DeepWork Capital, an Orlando-based early-stage venture capital firm that primarily invests in tech and
