Major beauty retailers are boosting small, minority-owned businesses in a bid to support Black women entrepreneurs. As of last year, 17% of Black women in the U.S. were in the process of starting or running new businesses, according to the Harvard Business Review. That outpaces the 15% of white men and the 10% of white women who reported the same. But only 3% of Black women reported running ‘mature’ businesses. And when it comes to the traditional workforce unemployment rate, it remains high among Black women, at 5.5% in March, compared with
Deborah Gladney and Angela Muhwezi-Hall are the sister duo and creators behind QuickHire, a hiring platform that connects workers to service and skilled-trade jobs. In November, QuickHire raised $1.41 million in an oversubscribed round of funding, making Gladney and Muhwezi-Hall the first Black women in Kansas to raise over $1 million for a startup, according to AfroTech. The round is a pretty big deal because Black female startup founders received just 0.34% of the total $147 billion in venture capital invested in U.S. startups through the first half of 2021, according to Crunchbase. QuickHire,
“Anyone can make music on their PC now,” laments DJ Sumbody of Ayepyep, Ngwana Daddy and Monate Mpolaye fame. “You don’t have to go to the studio. You get a program, you do beats. If they can master it, it’s a track, it’s out there. It’s simple now.” While preceding genres and music movements have taken advantage of the ready availability of software that can be purchased or digitally cracked to mimic a physical studio, amapiano has been the most radical departure from established and entrenched ways of making, marketing,
In 2017, Iris Nevins decided to leave her job as a teacher in Florida to attend a bootcamp in the Bay Area – but it was not without its struggles. On a Go-fund Me page – where she asked for support – she said: “I began learning how to code through online tutorials, and 7 months later, I quit my job as an 8th-grade history teacher, left my organization, and moved to the Bay Area to attend a coding BootCamp. “Making such a transition is very costly as I had
There’s a billboard in Detroit promoting The Lip Bar, a business Melissa Butler launched 10 years ago: “Shark Tank told me to quit. 10 years and 2 million units sold. Thanks, Mr. Wonderful.” That moment on the show when “Mr. Wonderful,” whose real name is Kevin O’Leary, and other investors harshly rejected Butler’s products didn’t stop her because she knew the investors were not the customers she was targeting. She has previously told media that she knew her customer base and she was determined to press forward. The Lip Bar celebrated its 10th year of operation with
Nzambi Matee, a 30-year-old who quit her job in oil and gas to work on her passion full-time, has created a lightweight and low-cost building material that is made of recycled plastic with sand to make bricks that are stronger than concrete material. Every day her enterprise, Gjenge Makers, churns out 1,500 bricks made from industrial and household plastic that otherwise would be dumped in the city’s overflowing garbage heaps. In 2021, the team recycled 50 tonnes of plastic but Matee has ambitions to double that amount this year as
CarePoint, a Black-owned technology-driven healthcare startup that seeks to make healthcare accessible, has just raised a $10 million bridge round to accelerate its growth across Africa. How does it work? Patients are able to access care virtually through CarePoint’s MyCareMobile app, which links them to diverse services through teleconferencing, including consultations with their doctors, test results, and 24-hour emergency response. The funding round was led by TRB Advisors and brings the total funding raised by CarePoint to $30 million. It follows an $18 million Series A round announced in November last year.
Black-owned tech firm Better Life Technologies Group, Inc. has been awarded a patent for its wristband smartwatch used for non-invasive detection of glucose and pathogens, including COVID-19. It may have applications for non-invasive cancer detection, according to Black News but POCIT cannot yet confirm this. The glucose diagnostic system will reportedly be able to be worn like a watch and help detect early stages of cancer, and symptoms of diabetes, electrolytes, and much more. “A lot of times, the venture capitalists and angel investors look the direction that everyone is going.
Recently, Esusu, a firm that builds the accountability and systems you need to save more, joined the list of growing Black-led startups that have hit the $1 billion valuation mark and it got me thinking…how many of you know that there are quite a few unicorns that have been led by Black founders or CEOs? So here’s a small but mighty list that might act as a source of inspiration to you. Firstly – a “Unicorn” is a venture capital term used to describe firms that have achieved a valuation of more than
Recent YC graduate Topship has raised a $2.5 million seed round months after concluding the recent YC winter batch with Flexport as its lead investor. Other backers include Y Combinator, Soma Capital, Starling Ventures, Olive Tree Capital, Capital X and True Capital. The individual investors in the round include Immad Akhund, Mercury CEO and Arash Ferdowsi, co-founder of Dropbox. Topship is considered a borderline local and international shipping solution between digital freight and e-commerce fulfillment. It was founded in 2020 during the pandemic when co-founder and CEO Moses Enenwali reportedly noticed a surge in merchants’ needs for
