Seae Ventures has announced the acquisition of Unseen Capital following the death of Unseen Capital’s founder, Kayode Owens, in 2021. The acquisition will use the strengths and missions of both funds to further serve underrepresented entrepreneurs and marginalized communities. Continuing Kayode Owens’ Legacy Owens, an esteemed investor and entrepreneur, founded Unseen Capital in 2020 to support early-stage healthcare companies led by underrepresented founders. Despite successfully raising $30 million, Owens’ death from cancer in August 2021 left a void in the firm’s leadership. Recognizing the importance of Owens’ mission, Eli Lilly,
In St. Louis, GreaterHealth Pharmacy & Wellness is the Black-owned pharmacy addressing the issue of pharmacy deserts, using inspiration from Walgreens and Amazon. Free Delivery and Telehealth Services Dr. Marcus Howard founded GreaterHealth Pharmacy & Wellness, which provides various services, including free delivery of medications, over-the-counter products, and fresh produce. The hybrid model mimics Amazon’s delivery efficiency and Walgreens’ pharmacy services. Additionally, the pharmacy offers telehealth services, such as medication education, health screenings, and coordination with other healthcare providers. This approach ensures that residents receive timely and convenient care from their
University of South Carolina Gamecocks player Raven Johnson has secured a name, image, and likeness (NIL) deal with Black beauty tech company Parfait. Parfait, powered by AI and facial recognition technology, aims to provide custom wig products that address two major issues: AI biases in tech and the fragmented wig-buying process for millions of Black and brown women. Founded by four women, the company has developed an algorithm to change tech interactions with communities of color. Leading New Standards For Female Athletes According to Andscape, Isoken Igbinedion, co-founder and CEO
Uncle Nearest is the fastest-growing American whiskey brand in history, driving a business worth $1.1 billion, according to Forbes and ISWR data. Uncle Nearest Black woman-owned distillery Uncle Nearest Premium Whiskey was launched in 2016 by Fawn Weaver and quickly ascended to global recognition. The company’s rise is a tribute to Nearest Green, the first-known African American master distiller who taught Jack Daniel the secrets of distilling. Expanding its presence to over 30,000 stores, bars, hotels, and restaurants across 12 countries, the business also has a 432-acre distillery in Shelbyville,
A report from The Alliance for Entrepreneurial Equity has found a troubling decline in venture capital and other forms of funding for Black-owned businesses. While the number of Black-owned businesses are growing, they are severely underrepresented compared to their population making up only 2.5% of all businesses. In recent years, Black-owned businesses have faced challenges in securing funding, a trend that blocks their growth and reflects issues within the American financial landscape. The Alliance for Entrepreneurial Equity’s latest report, a collaboration between the National Urban League and Third Way, illuminates
Celebrity journalist Brownie Marie has launched a new dating app, ‘The Fox Hunters Club,’ for millennial women seeking older men. Marie is best known for her interviews with celebrities in film, fashion, and music over the past decade. Her day job as a tech executive for startups in Silicon Valley and New York City helped her in the launch of the new tech platform. The Fox Hunters Club The Fox Hunters Club is for women seeking relationships with older men; however, it clearly states that it is not an app for sugar
Sundial Media Group (SMG), the parent company of Essence Ventures, has announced its decision to acquire Refinery29 from Vice Media. Refinery29, a prominent women’s lifestyle platform, has faced financial challenges in recent years but remains a key player with its distinct millennial women audience. This acquisition marks a major shift as SMG led by Richelieu Dennis, aims to broaden its reach and influence across the female-oriented digital landscape. Sundial Media Group Acquires Refinery29 Essence Ventures already has several prominent brands under its umbrella, including ESSENCE magazine, AFROPUNK, Girls United, and
The Folklore, a platform known for connecting global consumers with African brands and diasporic fashion, has secured a substantial $3.4 million seed funding. This round was spearheaded by Benchstrength Ventures, with contributions from Techstars, Black Tech Nation Ventures, and Slauson and Co. Connecting brands with Major Retailers In 2022, Folklore underwent a transformation. Originally a shopping platform showcasing primarly African brands, it now aims to enhance how emerging brands integrate into the retail landscape. “[Brands] would come to me for advice on how to expand their footprint, how to get a loan or how
NBA star Chris Paul has teamed up with Goalsetter, a Black women-owned fintech company founded by Tanya Van Court, promoting financial literacy among middle school students in Oakland, California. Addressing the Financial Literacy Gap Goalsetter’s recent study with Ivy League students revealed a gap in financial knowledge, with many failing to answer basic financial literacy questions correctly. “Empowering our youth with the knowledge and tools to secure a financially sound future is not just a commitment, it’s a necessity,” Paul said in a press release sent to AFROTECH. “We owe
Amazon Web Services (AWS), a leading cloud computing platform, is expandng its reach in South Africa’s tech landscape through its Equity Equivalent Investment Program (EEIP). The 18-24 month enablement and acceleration program supports South African Black-owned small and medium enterprises (SMEs) who want to build their AWS business. The EEIP, launched in 2020, has already developed 27 SMEs and is looking to expand its reach to 20 more in its 2024 cohort. AWS targets female and youth entrepreneurs, addressing the gender gap in tech startups. “These SMEs are critical drivers of our economic future,” said Chris
