Online lending marketplace LendingTree published a new study on places with the most Black-owned businesses in the United States, based on the US Census Bureau Annual Business Survey data. Fayetteville, NC was found to have the highest percentage of Black-owned businesses in the US. Other metros in the South — including Washington, DC — join Fayetteville at the top of the list. Pittsburgh, however, ranked the lowest out of the 50 American metros listed, with a mere 1.0% of small businesses being Black-owned — a percentage that falls below the national Black
Buy now pay later (BNPL)—a short-term consumer financing that allows shoppers to purchase products online and pay in installments with nominal or no fees—is sweeping the global e-commerce sector. In Africa, BNPL is beginning to take shape with CredPal, one of the earliest pioneers of buy now, pay later in Nigeria, closing a bridge round of $15 million in equity and debt — the latter constituting a very large chunk of the financing — to expand its consumer credit offerings across Africa. The Y Combinator- and Google-backed CredPal allows individuals
Just 15 at the time of his conviction, Marcus Bullock was sentenced to a penitentiary full of men twice his age. Now he is the founder of Flikshop, a mobile app for people to upload and send digital postcards with photos and messages that make their way to their loved ones currently incarcerated. To use the Flikshop app, users pay 99 cents to send a message and upload a photo that can be sent to prisons and jails across the nation. Bullock also has a Flikshop Angels program that allows people to
Founder of femtech startup Ruby Love, Crystal Etienne, joined forces with her husband, Jean, last year to start VC firm CaJE, a VC that focuses on investing in “soil” rounds, similar to a family and friends investing round. Crystal’s own startup has raised $15 million since it was founded in 2016. She bootstrapped the company from its humble beginnings to over $10 million within two years. But she still felt “cajed” many times while entering the new industry with very little help along the way, but overcame every obstacle. Jean ran his
Melissa Pegus has been chosen as the Managing Director for Techstars Atlanta Powered by J.P. Morgan, the latest accelerator to open up in the city. The new program, backed by an $80 million investment by J.P. Morgan, will support diverse entrepreneurs across the country. While the program is open to founders of all backgrounds, it is designed to provide equitable access to funding and support for Black, Hispanic and Latino, Indigenous American, and Pacific Islander entrepreneurs. In the first half of 2021, Black entrepreneurs received just 1.2 percent of U.S. venture capital funding. Additional data show
If you’re a fan of the Emmy award-winning series Pose, you will already know Angelica Ross as the feisty trans character, ‘Candy Ferocity’. But outside of Hollywood and in 2014, Angelica founded TransTech Social Enterprises; an organization that works to provide education, support, and jobs to trans people facing discrimination in the tech sector. In 2017, she then hosted the TransTech Summit, which is a free event for attendees to be educated on ways to level up in their careers and the industry. Two years ago Angelica told cnet.com, “technology saved my
Y Combinator’s latest batch — W22 — features 414 startups from 42 countries, representing more than 80 sectors. America reportedly has the most representation while India comes in second with 32 startups and Nigeria sits in third, having delivered 18 startups. This is the first time an African country is appearing in the top three. The W22 batch of the Y Combinator programme, which played a role in the early days of companies like Airbnb, Coinbase and Dropbox among others, is currently taking place, and concludes with a demo day end of
alGROWithm, a Nigeria-based growth agency is building Africa’s first growth talent accelerator. While most digital schools and programmes like Decagon, and AltSchool focus on solving the engineering and product talent gaps, growth is largely unattended to but alGROWithm’s GTAP aims to bridge that gap. The Growth Talent Accelerator Programme (GTAP) is a two-phase training programme in partnership with Digital Africa’s Talent 4 Startups Initiative which will help develop world-class growth engineers on the continent. Founded by Bili Sule in 2018, the agency uses growth engineering to design and implement sustainable growth models and strategies for African startups
A Black army vet has started a new capital fund for veterans and businesses in underserved communities. The intiative was started by Alicia Hanf nine years after she left the military in 2012. She founded the Dear Mama Fund to raise $1 billion in capital for investments in Black, brown, female and veteran-led companies. Alicia returned to civilian life to lead the way for veterans to become startup founders, so alongside Dear Mama Fund she also launched the LA chapter of Bunker Labs, helping scale the organization from 10-35 locations in
Startup founders often turn to friends and family for their first bit of funding but for many Black founders, that’s not an option. The “friends and family” round is when people who personally know the founders of a company pitch in money, either as a loan or in exchange for a small ownership stake but for those who may not have many family members or members with little capital – they can’t even ask them. According to the Federal Reserve, the median net worth of Black households in the US is $24,100,
