Less than 1% of investment went to teams of Black entrepreneurs, according to the Extend Ventures report which also noted that across the 10-year period “a total of 10 female entrepreneurs of Black appearance received venture capital investment (0.02% of the total amount invested)… with none so far receiving late-stage funding”. Despite these odds, young Black women founders in the UK are helming businesses and driving innovation in areas as diverse as beauty, e-comm, and real estate, and total a total of 16 Black women have raised funding. Both inside
Bloom — not to be confused with the Robinhood-like app for teenagers in the US — is a fintech firm that offers a “high-yield” savings account, free FX, and adjacent digital banking services so customers can save in a stable currency, the dollar, and spend as they go in local currencies. The company, which was founded by Ahmed Ismail, Youcef Oudjidane, Khalid Keenan, and Abdigani Diriye in late 2021, today, announced that it is part of Y Combinator’s Winter 2022 startup batch after receiving early admittance last July. Bloom, which only launched last week from stealth, raised a pre-seed
DrugStoc, described as Nigeria’s leading health tech platform, is focused on improving access to quality and affordable pharmaceuticals for healthcare providers and professionals on the continent. Africa’s pharmaceutical market is primarily known for its broken supply chain and chaotic distribution channels, which affect the delivery of quality medicines, affordability of pharmaceuticals, and efficient healthcare delivery for health workers. Each year, at least 150,000 Africans die from substandard and counterfeit medications and an even more significant number due to lack of access to affordable medicines. Launched in 2017, DrugStoc currently has
TechLit Africa redistributes recycled technology to build computer labs in African schools. With 4,000 students and 20 teachers, the organization has built 10 computer labs in rural Kenya and is currently working on the next 100 computer labs. Cheboi, who grew up in a poor rural village in Kenya, landed a full scholarship to study computer science at Augustana College in Illinois and later built a school in Kenya, Zawadi, where she started TechLit Africa. When speaking about her startup, she says: “I grew up in rural Kenya, Mogotio. The
Taking a trip down memory lane has gotten Nas in a bit of trouble and he’s now facing a new lawsuit with none other than Hip-Hop photographer Al Pereira, who also went into a legal battle with Kyle and Kendall Jenner back in 2017. Pereira has reportedly filed over 450 copyright infringement lawsuits since 2015. After Nas posted a picture of himself, Tupac, and Redman from July 1993 to his Instagram, Pereira filed a lawsuit against him in February for sharing it without permission or licensing the work, according to
Joshua Mundy and Quawn Clark founded Pivot Technology School, a fast-growing Tennessee-based EdTech startup and Isaac Y. Addae, an assistant professor at Tennessee State University, joined the duo as chief strategy officer shortly after. The tech training school is a “Black-owned, fully remote technology education hub that supports minorities interested in technology careers.” Its mission is to “empower minority students with in-demand technical skills, in an industry that historically lacks racial diversity, and build a 100 million dollar business.” The company trains “minorities to get into tech roles and are working with corporate
Uganda is one of the countries creating ripples in high-profile tech programs like the Y Combinator accelerator and Google’s $50 million Africa Investment Fund, launched in October last year targeting early and growth-stage startups. The growth of Uganda-based startups comes at a time when the startup ecosystem in Africa has until now been dominated by Nigeria, Kenya, South Africa and Egypt – countries that continue to receive the bulk of venture capital and other forms of investment. In December 2021, SafeBoda, Uganda’s multi-service and digital payment technology platform, became the
Founders Denis Asamoah and Jay Cheng are the founders of Buzzup, a platform that provides an alternative medium for creatives to connect and ultimately monetize their most engaged fans. The startup launched its alpha version to a small cohort of creators back in January. The initial phase lets creators share their top followers who are generating “buzz” on their Instagram page by pulling publicly available API data from the Meta-owned platform. Buzzup has reportedly already raised $500,000 with investments from creators (many of whom are Buzzup’s earliest users) and is
Raising venture capital is a daunting experience for Black women as both the UK and US startup ecosystems fail Black entrepreneurs with innovative ideas. Furthermore, it’s clear that an entrepreneur’s ethnicity can affect their access to VC in the UK, with Black founders receiving just 0.24% and Black female founders receiving 0.02% of the total venture capital invested over the past 10 years. And before 2021, only 93 Black female founders in the US had raised $1 million or more in venture capital, according to ProjectDiane, a biennial report on the
Sudo Africa, an API platform that enables you instantly issue physical and virtual cards with more control and flexibility at scale, has raised $3.7 million in pre-seed funding. What makes the startup different from others? While banks take weeks or months to give cards, Sudo Africa claims to just take days. In partnership with licensed card issuers, the company’s infrastructure allows itself and any developer or merchants that come on its platform to issue virtual and physical cards to their customers. And on the platform lets businesses control and program cards to
