Morgan Stanley’s recent panel discussion to mark Black History Month—featuring three alumni from our in-house accelerator for women and multicultural entrepreneurs—explored issues of access to funding, the Black wealth gap, and other challenges unique to Black founders. The conversation, entitled “A Founder’s Journey: Lessons in Resilience, Vision and Innovation,” moderated by Executive Director LaToya Wilson – included Tiffanie K. Stanard, founder, and CEO of Stimulus, a relationship intelligence SaaS platform that uses data and analytics to simplify how companies make purchasing decisions. B.J. Wiley Williams, founder and CEO of SoHookd, a wellness
Founder and CEO Chandler Malone’s tech startup ‘Bootup’ has reportedly raised $2.1 million in seed-round from all Black investors. The product was first launched in July 2021 during what was considered the pandemic’s peak where dozens of countries were thrown into lockdown. Bootup, which focuses on sourcing and hiring non-traditionally trained talent for a range of companies, is said to have grown rapidly, increasing revenue 100% month over month from July through November to a seven-figure run rate, while developing relationships with over 80 employers and 125 tech training programs, according
Investors will be with you for a long time – and ending the relationship can be harder than getting a divorce, says June Angelides, a business owner, venture capitalist, and columnist. Before we discuss the business tips she’s shared in her most recent FT column. Here’s a breakdown of who she is for those of you who don’t know. Angelides was raised in Lagos, Nigeria where she had an early introduction to entrepreneurship through her family. Her uncle Ben Murray Bruce founded Silverbird, the first cinema in Nigeria. She recalled in an interview
MarketForce, the retail B2B and end-to-end distribution platform founded in Kenya, has raised $40 million in Series A funding for its merchant inventory financing and expansion across Africa. The firm, which first launched in Uganda in 2018, plans to introduce buy-now-pay-later (BNPL) options to help merchants access fast-moving consumer goods (FMCGs) on credit. It also plans to enter additional markets in East and West Africa. Through its merchant super app RejaReja, informal traders can source goods directly from manufacturers and distributors, make and pay for orders digitally, accept payments for utility
African fintech Flutterwave has raised $250 million in a Series D round that tripled the company’s valuation to over $3 billion in justtwelve months.
Egypt and US-based MoneyHash has just emerged from beta with $3 million in pre-seed funding.
Remedial Health has secured $1 million in pre-seed funding to digitize pharmacies, and stem the supply of fake and substandard pharmaceutical products, starting with Nigeria before expanding to the rest of Africa. Founded in 2020 by Samuel Okwuada, a trained pharmacist and self-taught software developer, together with his co-founder Victor Benjamin – the company is said to be using part of the new funding will be used to extend the startup’s buy-now-pay-later offering, for an even wider reach. Okwuada started his entrepreneurial journey while still at the university, where he built SaaS products,
Kiaan Pillay runs Stitch, which offers a B2B application programming interface (API) focused on fintech infrastructure. The founder has announced that Stitch — one of the prominent players building and operating these APIs in Africa — has raised $21 million in Series A funding. The South African API fintech enables businesses to build, optimize, and scale financial products. With its API, developers can connect apps to financial accounts. This allows users to share their transaction history and balances, confirm their identities and initiate payment Per a statement released by the company, it plans
Duplo, a Lagos-based fintech, is attempting to tackle these inefficiencies by digitizing payment flows for B2B companies, starting with those in this industry. It comes after the company secured a place in Y Combinator last November and is taking part in the accelerator’s current winter batch. The YC-backed startup has also raised a $1.3 million pre-seed round led by early-stage pan-African VC firm Oui Capital to further its growth. A mix of local and international investors such as MyAsia VC, Y Combinator, Flutterwave CEO Olugbenga “GB” Agboola and Mono CEO Abdul Hassan
The company was founded in 2015 by Femi Kuti, Opeyemi Olumekun, and Matthew Mayaki and now – six years later – it has just raised $40 million. Headquartered in Lagos, Nigeria, and Austin, Texas, Reliance Health began operations in Nigeria as a telemedicine-focused startup, Kangpe, it later expanded into a single-fee healthcare provider to better address the complex, evolving needs of patients. Reliance Health operates business-to-business and business-to-customers models. RelianceHMO is the company’s health insurance plan for both sets of customers where individuals can select monthly, quarterly, or yearly health plans. But businesses can