Japanese conglomerate SoftBank has recently announced the launch of its second fund under the Opportunity Growth Fund, now rebranded as the Open Opportunity Fund (OOF). The fund aims to raise and invest $150 million in startups led by Black and Latine entrepreneurs. New name, chairman, & access Taking the reins as chairman of the fund is serial entrepreneur and investor Paul Judge, who previously served as a founding investment committee member. Alongside SoftBank and select affiliates, Judge and others have agreed to acquire an ownership stake in the OOF. The
Dr Rashae Barnes, the founder and CEO of Evals Equity Women’s Fund, has announced that September 30 will mark the first-ever National Black Funding Day. The national holiday was registered through National Day Archives. It aims to recognize and honor the accomplishments of Black entrepreneurs in the funding industry, while highlighting the disparities in venture capital grants, and educational resources for underserved communities. Funding for Black founders Black founders have long faced challenges in securing funding for their businesses, and the current economic climate hasn’t helped. Following George Floyd’s murder,
Described as The Amazing Race meets Shark Tank, RoadPitch is the Black-owned program connecting Black tech founders with investors across the US. The brainchild of Barley Sober founder Rohan Brown and electrical engineer Meagan Turner, the program takes Black tech founders on weeklong trips to pitch to investors in cities they aren’t native to. The pair met virtually in 2022 while coordinating StartupBus, a national hackathon on wheels. Getting Black founders in the room “Because of the pandemic, a lot of people have gotten accustomed to sending over a deck
Massachusetts-based Black-led startups are getting a $100 million boost from MassMutual’s second MM Catalyst Fund (MMCF). MassMutual announced that it is adding $100 million to its MMCF. The fund will continue to make investments in startups led by Black and historically overlooked founded-companies in the company’s home state of Massachusetts. MMCF will also invest selectively with fund managers in MassMutual’s First Fund Initiative, which focuses on first-time fund managers from Black, Latine, and Indigenous backgrounds. Building on past success The MMCF has backed 16 companies across various industries since its
Like many tech hubs worldwide, Germany has experienced challenges around diversity, especially within the tech space. Nakeema Stefflbauer is working to make the German tech scene more diverse and inclusive through her latest initiative, FrauenLoop. Through the program, the native New Yorker has spent the past couple of years in Berlin, helping women upscale their skills in tech. Stefflbauer opened up about her journey from New York to Berlin and the many challenges that led her to launch her initiative. The founder, who held many tech positions before her life in Berlin, is
Kayla Austin has received a $25,000 grant from Pharrell Williams to help accelerate her gun safety start-up, My Gun’s Been Moved. Last year, the 19-year-old Howard University sophomore pitched her idea at Pharrell Williams’ Mighty Dream Forum and Black Ambition in Virginia. Her passion was awarded a $25,000 cash prize to help bring her business to new heights. Austin came up with the idea to launch a gun safety initiative at 12 years old after attending a youth program. “So, I found out that majority of shootings involving children and teens happen with a
Dr. Tori Brown, the founder of Fresh Digital Media, is the latest founder to join Apple’s Entrepreneur camp. Fresh Digital Media, founded in 2018 by psychologist and business consultant Dr. Tori Brown, is a social tech enterprise providing business education to children and families. The company works to engage and support communities’ business education and financial literacy using augmented reality (AR), interactive learning content, and music and art entertainment. Dr. Tori Brown will join a cohort of 17 developers as part of Apple’s Entrepreneur camp and gain insight and inspiration from top
According to a new report by Harvard researchers, overlooked Black businesses that added a ‘Black-owned’ label to their online shop saw a significant increase in sales last year. Many tech platforms, including Yelp, Amazon, and Instagram, have introduced a new feature with the aim of helping Black-owned businesses get the spotlight they deserve – but do they actually work? Since the feature has been rolled out, many have questioned whether it works or would prove problematic for smaller businesses in the future. However, Harvard says this feature has proved to be highly beneficial for Black-owned
Tech powerhouse Google has shared how it is working towards racial equity to celebrate Black History month. From prioritizing product inclusion to partnering with Black businesses and highlighting Black history – Google has spent the past few years highlighting the culture and the work of Black innovators. Showcasing Black creators Last year, Google partnered with three non-profit organizations to launch the Image Equity Fellowship. The project supported 20 Black and brown artists through their artistic journeys. The tech giant helped them receive unrestricted funding, mentorship support, and workshops to help them
The winner of the Invesco QQQ Legacy Classic Startup Pitch Competition has finally been announced. Out of 200 startups who applied to participate in the competition, only one has made it to the finishing line. Child-friendly music app, Healthy Hip Hop, has officially been crowned the winner of the startup pitch competition. The platform, founded in 2019 by Roy Scott, is an educational app aimed at children, infusing hip-hop culture with innovative technology. Last year, Michael B. Jordan announced that the Invesco QQQ startup pitch competition had returned for its second year in partnership
