Nigerian B2B e-commerce platform Omnibiz has secured $15 million in pre-series A funding. The funding round, led by Timon Capital, included Ventures Platform, Lofty Inc, Chapel Hill Denham, Chandaria, and Musha Ventures. Omnibiz, founded by Deepankar Rustagi, is a distribution platform that works to create a more revolutionized approach to distribution. The platform aims to completely change how the retail ecosystem in developing markets operates by eliminating the disorganization of traditional trading and digitizing the retail chain. “We believe the smart informal retailer – not shopping malls – is the
Black Business Month isn’t over just yet! Amazon has announced that they are testing a new badge that aims to help boost the exposure of Black-owned businesses that buy and sell products through its online store. The initiative, which comes just after the anniversary of the app’s first Black Business Accelerator program, will highlight to customers when a Black-owned business sells a featured offer product. That way, customers can discover, shop, buy and support Black-owned businesses, ultimately helping small business owners expand their clientele and reach a broader demographic. “As part of
Black-owned venture capital firm Brown Venture Group announced that it had received a $1.5 million investment from the Bush Foundation. Brown Venture Group, co-founded in 2018 by Dr. Paul Campbell and Dr. Chris Brooks, is an investment firm committed to investing in BIPOC tech startups and founders. The firm aims to help all startups in its portfolio grow as a brand through investment capital, training, and professional networks. By focusing on excelling in tech entrepreneurship, Brown Venture Group hopes its investments will help bypass many of the racial biases that
Black-owned venture capital firm Microtraction announced a $15 million close of its second fund to further invest in African tech entrepreneurs. Microtraction, founded in 2017 by Yele Bademosi and Kwamena Afful, works to make pre-seed funding for African tech entrepreneurs more accessible. The organization has invested in 36 businesses across Nigeria, Ghana, Kenya, and Rwanda. Their services aim to assist early-stage startups with pre-seed funding and advisory services. According to Microtration, its portfolio companies have raised over $100 million in follow-on funding, valuing the firm’s portfolio at over $750 million
Black-owned real estate tech startup, Rhove, has announced its new partnership with housing changemakers in New Orleans to promote economic inclusion. The partnership, which includes Forward Together New Orleans, The Mayor’s Fund, and The Greater New Orleans Housing Alliance (GNOHA), will provide a grant to fund credit to help 2,000 residents invest in commercial real estate using the Rhove app. Rhove, founded by Calvin Cooper, is a fintech company designed to empower everyone to invest in and own real estate. The company, located in Ohio, is on a mission to
Incredible Health, an award-winning job-matching platform for nurses, has closed an $80 million Series B funding round. The latest funding round was led by Base10 Partners, including investors Andreessen Horowitz and Obvious Ventures. To date, the digital marketplace has hit a staggering $1.65 billion valuation, making its founder, Dr Iman Abuzeid, one of the very few Black female founders spearheading a unicorn company. Abuzeid founded the nurse-hiring startup in 2017 to act as the bridge between healthcare workers and industry hires, matching “the right nurse with the right role at
Tech startup ImIn has further closed $1 million in seed funding to expand its employee scheduling app. Black-led venture capital firm Collab Capital led the funding round. ImIn, founded by Chime Solutions exec Lauren Wilson, is a staffing software platform aimed at helping the call center industry. After seven years of working at her father’s high-volume call center business, Wilson came up with the idea to launch her app after identifying the missed opportunities both companies faced because of a familiar yet widely accepted industry challenge: absenteeism. According to a 2017 US Department
Black-owned digital app, ShearShare, has raised $2.3M in a seed funding round led by Fearless Fund. The round also included Level Up Ventures, New York Ventures, Gaingels, Chloe Capital, Portfolia, Pipline Angels, Bacon Family Trust, and ACV Auctions co-founder Jack Greco. The additional funding brings ShearShare’s total funding amount to $6.2M. Known to many as the “HairBnB,” ShearShare has created an easily accessible mobile app that provides licensed beauty and barbering professionals with flexible and affordable spaces to rent. In addition, entrepreneurs can use these spaces with no-term leases or commission fees.
The pre-seed fund, Visible Hands, has officially launched the second cohort of its “Visionaries Accelerator” program. The initiative, which aims to support overlooked and underrepresented founders, welcomed 51 new founders to its flagship program. The program, which will take place from September to December, will see each company work full-time towards building their business, with financial support from the Visible Hands team. Each founder will receive a starting investment of $25,000. Throughout the program, they will have the chance to earn additional assets of up to $150,000 as they progress.
Billionaire Silicon Valley mogul, Adam Neumann, has bounced back from the spectacular failure of WeWork to become the face behind a $1 billion residential real estate company, Flow. According to Bloomberg, venture capital powerhouse Andreessen Horowitz has pledged approximately $350 million to kickstart Neumann’s newest venture. This investment will be the largest check written for single funding round, in the fund’s history, according to the New York Times – and it’s got everyone on the internet talking. Failing upwards Neumann’s new business venture comes three years after the world witnessed the meteoric
