South Africa-based startup accelerator Founders Factory Africa has officially rebranded as 54 Collective, marking its transition to a venture capital (VC) firm. $150 Million To Support African Startups The rebranding comes after four years of accelerating African startups, during which the organization built a reputation for creating innovation across the continent, according to Empower Africa. Now, with a $40 million fund, 54 Collective is set to invest in early-stage ventures across various sectors. “Today, we are a VC firm with a $40 million fund, and when combined with our $107
RUNWAY, a Black-women led financial innovation firm, launched its first in-house integrated capital investment fund. The RUNWAY ROOTED Fund is committed to investing $50 million into businesses, cooperatives, and grassroots organizations that are building wealth in Black communities across select regions in the United States. A New Paradigm in Reparative Finance The RUNWAY ROOTED Fund represents a significant shift from traditional investment models. It serves as a vessel of restitution and revitalization, aiming to address the systemic issues that have long fueled the racial wealth gap. “For too long, the
Over 100 prominent venture capitalists (VCs) have thrown their support behind Vice President Kamala Harris for the upcoming presidential election. Among these supporters are LinkedIn co-founder Reid Hoffman, Khosla Ventures’ Vinod Khosla, and billionaire investor Chris Sacca. Tech Leaders Rally Behind Kamala Harris The collective, organized under the banner VCsForKamala.org, represents a broad spectrum of tech and business leaders who are advocating for Harris’s vision for America. Their statement emphasizes a commitment to the American dream, entrepreneurship, and technological progress. They also stress the importance of democracy as a fundamental
Venture capitalist (VC) Brittany Davis has shared a list of 80 Black-led VC funds in the US, highlighting the growing presence and influence of Black investors. The Black VC ecosystem Despite the increasing number of Black entrepreneurs, only 2% of VC funds are Black-led according to Davis. In return, Black founders in the US only received 0.48% of all venture dollars in 2023, about $661 million out of $136 billion. Realizing she could not find a recent list of Black-led VC funds, Brittany Davis, a General Partner at Backstage Capital,
Intron Health, a clinical speech-recognition startup, recently raised $1.6 million in a pre-seed round led by Microtraction, with participation from several other venture firms. Founded by Tobi Olatunji, the company aims to bridge the gap in speech-recognition tools for speakers of minority languages, those with thick accents, or speech disorders. Bridging the Speech Recognition Gap Voice recognition technology is increasingly integrated into modern living, yet it often fails to serve those with thick accents or speech disorders. Olatunji, founder and CEO of Intron Health, is addressing this issue as he
The African startup ecosystem has witnessed a surge in investment, crossing the $1 billion mark in 2024, according to The Big Deal. This milestone was achieved faster than anticipated, due to several significant deals announced in July. Notably, d.light secured a $176 million securitization facility, and MNT-Halan raised $157.5 million for its expansion efforts. These, along with NALA’s $40 million Series A and other smaller deals, have pushed July 2024 to become the most successful month in African startup fundraising in over a year, amassing nearly $400 million. This figure
CityRock has announced the closing of its $24 million Fund II to support founders from diverse backgrounds. This fund, part of H/L Ventures, will invest in companies within sectors such as climate, healthcare, and the future of work. Expanding Support for Series A Companies CityRock’s new fund marks a step in H/L Ventures’ mission to provide support and investment for its portfolio companies. According to Oliver Libby, co-founder and managing partner of H/L Ventures, the average investment size for CityRock Fund II will be $1 million. The fund, currently being
POSH, the app designed to enhance social experiences, has successfully raised $22 million in a Series A funding round. This milestone was achieved with investments from Goodwater Capital, FirstMark Capital, Companyon Ventures, and Epic Ventures, alongside existing investor Day One Ventures. Pioneering Real-Life Social Experiences Founded by Avante Price and Eli Taylor-Lemire, POSH has already made strides, amassing over 2 million users and facilitating more than $95 million in ticket sales. The app has seen a 1400% year-over-year increase in matching attendees to relevant events, showcasing its growing influence in
Uncover, a Kenyan data-driven skincare brand, has successfully closed a $1.4 million seed II funding round to accelerate the growth of its innovative tech platform, introduce new products, and expand its market presence. This round, co-led by EQ2 Ventures and IgniteXL Ventures, saw participation from notable investors such as Chui Ventures, Samata Capital, and Altree Capital. Driving Personalization Through Data Founded in 2021 by Sneha Mehta (CEO), Jade Oyateru (COO), and Catherine Lee, Uncover has distinguished itself in the beauty industry by focusing on the unique skin care needs of
Protexxa, a cybersecurity startup, has successfully secured $10 million Canadian dollars ($7.2 million USD) in Series A funding, the largest round ever raised by a sole Black woman founder in Canada. Claudette McGowan, a renowned information technology and cybersecurity executive, founded Protexxa with a vision to enhance global cyber defenses through improved personal cyber hygiene. Innovating Cybersecurity with AI-Powered Solutions Protexxa’s flagship platform, Protexxa Defender, uses AI to quickly identify, evaluate, and resolve cyber issues. The platform addresses a need in the cybersecurity landscape, where 90% of cyber attacks are
