Black Business Month has officially arrived. To kickstart this month, online marketplace, FLOURYSH, has announced its partnership with e-commerce platform, Shopify, to help elevate 1 million Black-owned businesses, providing them with the necessary tools needed to scale and grow. The FLOURYSH x Shopify partnerships aim to address the lack of access to information, a common setback for aspiring entrepreneurs. According to the press release, Black business owners receive a 120-day free trial on the e-commerce platform. “The partnership came to be because of our continued commitment to providing resources and
Black-owned digital marketplace, Clutch, has raised $1.2 million in a pre-seed investment fund. The funding round which Precursor Ventures led also included Capital Factory and HearstLab. Clutch, co-founded in 2020 by Madison Long and Simone May, is a digital marketplace for emerging brands and creators. According to the outlet, Long and May built the platform to provide a space where creators can launch, market, and grow their side hustles. Clutch works to create a world where authentic, engaging work supports a more sustainable, equitable lifestyle. As a people-first platform, creators
The Black Girl Magic Digital summit, which has returned for its fourth consecutive year of programming, will allow small-business female-owned entrepreneurs to qualify for a prize pool of $100,000 in grants. The summit, produced by Boss Women Media production, aims to educate, empower, and equip Black women. The summit’s goal will be to celebrate and support thousands of global attendees, including a network of corporate professionals, entrepreneurs, and student changemakers. “We are on a mission to provide Black women with the tools and education they need to take the next
Here is our latest roundup of tech headlines from across the African continent. Black-owned digital insurance platform, Lami Technologies, has raised $3.7 million in a seed extension funding round. The funding round, which Harlem Capital Partners led, will help the API platform begin its path to building and distributing an end-to-end digital insurance platform. The additional funding brings Lami Technologies’ overall funding amount to $5.6 million. Lami Technologies, founded in 2018 by Jihan Abbas, is an end-to-end digital insurance and API platform enabling companies across sectors to offer insurance products.
New research by The Plug has revealed nearly 12% of Fortune 500 companies have at least one Black board member who is an alumnus of an HBCU college. The figures released earlier this week highlight the significant role HBCU colleges play in reducing the racial wealth gap and providing more opportunities for Black scholars to excel in their chosen careers. Despite HBCUs making up 3% of colleges and universities in the U.S., it continues to outperform non-HBCU institutions when retaining and graduating first-generation, low-income students. According to the National Science Foundation, almost 18% of Black
Financial group, BMO, has unveiled new plans to invest $650,000 in business hubs based in Madison. This includes two Black-owned business hubs, Urban League of Greater Madison’s Black Business Hub and The Center for Black Excellence and Culture business. The financial firm aims to develop the Madison community and create greater access to opportunities for BIPOC in the banking industry. The investment of $250,000, which will be given to each company across five years, will work to help talented Black people build their careers by providing economic growth and prosperity
Rising TikTok star, Shermann “Dilla” Thomas (@6figga_dilla) has partnered with digital coupon company, Groupon, to celebrate and support National Black Business Month. The annual celebration of Black businesses every August began in 2014 and aims to help ease the strain that minority-owned businesses experience, from macroeconomic challenges such as inflation to workforce shortages. According to the U.S. Census Bureau, approximately two million companies are owned by BIPOC owners. Therefore, August is a time to show Black-owned businesses appreciation by encouraging individuals to shop, share and support their local Black businesses. Rising TikToker,
Ghana-based construction company, LMI Holdings, has partnered with the International Finance Corporation (IFC) to enhance Ghana’s solar technology. The partnership, which will see the IFC loan the company $30 million, will provide dozens of businesses with solar technology and essential infrastructure needed to boost their productivity. The funding will also enhance water development services in the Sub-Saharan African region. LMI Holdings, founded by Kojo Aduhene, is a private power distribution company that works to provide a reliable infrastructure for businesses in Africa. The organization’s commitment to building a 16.8-megawatt rooftop solar plant
Africa-focused VC, Oui Capital, closed its $300 million second fund, Capital Mentors Fund II, targeted at supporting pre-seed and seed stage businesses. The funding round included investors, D Global ventures, Angur Nagpal’s Vibe Capital, One Way Ventures, and Ground Squirrel Ventures. Oui Capital, founded by Olu Oyinsan and Francesco Andreoli, launched its first $10 million fund in 2018. The investment firm aims to bridge the gap between high-growth technology startups in sub-Saharan Africa. It is on a mission to become the first “yeses” entrepreneurs hear as they embark on their startup
Black-owned startup, Qwili, raises $1.2 million in seed funding. The funding round, led by South African venture firm E4E Africa also included Strat-Tech, Next Chymia, Untapped Global, and Codec Ventures. Angel investors Ashwin Ravichandran and Kanyi Maqubela also participated in the funding round. Qwili, co-founded in 2020 by Luyolo Sijake, Thandwefika Radebe, and Tapfuma Masunzambwa, works as a hybrid sales platform to support micro and small merchants in South Africa. The company, which aims to address the lack of access to digital products and services within the African market, has developed a quality and
