Award-winning African spirits group, Spearhead, has raised $3 million in investment from venture capital firm Pendulum to help deliver their products to the world’s bars. Spearhead, co-founded by UK-based entrepreneurs Chris Federick and Damola Timeyin in 2021, is a multi-award-winning business with an extensive portfolio working with premium brands. The company launched to challenge the cultural basis and the lack of African representation in the spirits industry. Their award-winning Premium African Spirits, Vusa Vodka and Bayab Gin, are made solely from African products and capture Africa’s premium craft and creativity.
Kinly has announced a new partnership with data aggregation platform MX, a financial data aggregation tool, to help the company build and enhance its custom-built financial tools. The Atlanta-based financial tech company, Kinly, is dedicated to helping Black Americans build generational wealth. The platform offers members a range of benefits, including a Visa debit card and early wage access. In addition, it gives members access to financial education to help them improve their economic outcomes. The partnership with MX will see the platform introduce a range of embeddable user interfaces
Black-owned money movement, Zazuu, has raised $2 million in investment funding in a new venture round. The startup, which works to build a more robust remittance for residents in the diaspora, has quickly evolved to become the world’s first cross-border payment marketplace. Zazuu, co-founded in 2018 by Kay Akinwunmi, Korede Fanilola, Tola Alade, and Tosin Ekolie, is on a mission to ease the difficulty of sending money back home, which is currently expensive, slow, and unfair to millions of migrant customers. The platform has helped empower customers by building an
Some of you might have heard about Antler, an early-stage VC firm that invests in some of the most “exceptional” (their words, not mine) founders worldwide. Well, the firm founded by Mark Zuckerburg’s classmate Magnus Grimeland, has a 3-month accelerator program each year. Did Mark and Magnus work together? Not exactly. Magnus might have worked for Mark at TheFacebook, as it was then known, if he weren’t also juggling classes and athletics and caring for his infant son, according to Forbes. Antler, launched in 2017 in Singapore, is striving to combine
On 13 July, coding school Holberton announced that it had agreed to be acquired by the African Leadership Group (ALG). It comes more than a year after Holberton managed to raise $20 million in a Series B funding round led by Redpoint Ventures. Daphni, Imaginable Futures, Pearson Ventures, Reach Capital, and Trinity Ventures also participated in the round, which brings Holberton’s total funding to $33 million. The original promise of Holberton was that it provided students — which it selects through a blind admissions process — with a well-rounded software development education akin to a college education for free.
Amazon’s Alexa Startups has announced the first cohort for this year’s Black Founders Build with Alexa program. Seven North American startups founded by Black entrepreneurs were selected based on their ability to innovate with Alexa and build the next generation of voice, artificial intelligence (AI), and ambient experiences. The application opened in April and will see up to 10 Black-founded startups partake in panel discussions, demo showcases, and mentorship programs. In addition, the initiative, which will span four months, will give all business owners the chance to develop their Alexa skills. The
Marketplace website MinorityBiz has a 51-page directory to find, compare, and hire minority- and Black-owned businesses across the U.S. to service your company’s needs. It’s not the only directory out there that’s trying to shine a light on Black professionals and their ventures. Here is a list of online directories to help you find the right Black-owned business partners for your needs. We will continue to update this list as we find more resources. Official Black Wall Street Official Black Wall Street hosts a variety of local and online consumer products as well as business
Changing the continent’s narrative will entail solving old problems while also harnessing the power of new technologies, says Akintoye Akindele, a serial entrepreneur and investor on a mission to build a new Africa. Akindele is also the chairman of Platform Capital, a venture capital outfit that invests in tech companies across the world, but mostly in Africa. In May 2022, Platform Capital announced an investment in Zuri Health, a company that connects patients with affordable healthcare services via SMS, WhatsApp, and a dedicated app. Speaking ahead of receiving the African
Earlier this year, on February 13th, Sporting Lagos FC played its first-ever football match, which ended in a draw. The club, which currently plays in the Nigerian National League, the country’s second tier, is the brainchild of Shola Akinlade, co-founder and CEO of financial technology company Paystack, which he says was acquired for more than $200 million in 2020 by Irish American financial services company Stripe. Akinlade says he intends for Sporting Lagos to be a platform for community development and social change. But managing a football club in Nigeria is often
Public protests demanding justice for Black people killed by police have brought a reckoning to the business world, with executives forced to resign, companies overhauling internal policies, and employees quitting in protest. For the tech industry, this reckoning has been going on in some form since 2014. The industry, which prides itself on agility, had previously failed to move the needle on workplace diversity and take complaints seriously. While there’s been an improvement over the years, some may argue it’s still failing to take robust action. In October 2019, Pinterest, a giant in the sector,
