Sundial Media Group, under Essence Ventures LLC, has announced its decision to acquire Refinery29 from Vice Media. This acquisition marks a major shift as Essence Ventures, led by Richelieu Dennis, aims to broaden its reach and influence across the female-oriented digital landscape. Sundial Media Group Acquires Refinery29 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. Essence Ventures, known for its commitment to serving the cultural and lifestyle needs of women of color through Essence
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
Tech entrepreneur Andre Swanston has become Connecticut’s first Black majority owner of a professional sports team. Meet Andre Swanston Swanston’s path to this milestone is a testament to his relentless work ethic, instilled by his father, an immigrant from St. Kitts and Nevis. Swanston ventured into the financial sector after obtaining a finance degree from La Salle University and a business degree from the University of Connecticut. He held positions at companies such as Ameriprise Financial and JPMorgan Chase & Co. However, his ambitions extended beyond the financial world. During the
In Baltimore, a new social shopping platform, Xclusit, is transforming consumers’ engagement with Black-owned businesses. Vincent Johnson’s Journey Vincent Johnson, an Ellicott City-based entrepreneur and the CEO of Xclusit, crafted the platform to empower Black businesses. Johnson, a Vanderbilt University graduate with a master’s in divinity, initially focused on Black economics. His passion for entrepreneurship led him away from pursuing a PhD, instead dedicating himself to developing tech solutions that support Black-owned businesses. His journey in the tech world began with his first app, Coupify. Still, through direct engagement with
Brennan Nevada Inc., reportedly New York’s only Black woman-owned PR and media agency for tech companies, has partnered with SoLo, the US’s largest Black-owned personal finance company. Building Brennan Nevada Inc Founded by Brennan Nevada Johnson in 2021, the agency has quickly established itself as a formidable force in the industry. Johnson, a descendant of Carter G. Woodson, the founder of Black History Month, channels her heritage into her work, emphasizing the promotion of Black and BIPOC stories in the tech world. Johnson’s background in journalism and experience in a
Billionaires Mark Cuban and Michael Rubin agreed to invest $300,000 in Black-owned AI startup Bot-It, on a recent episode of ABC’s Shark Tank. Founded by Maurice Bachelor and Joel Griffith, Bot-It lets users automate online tasks like booking appointments, making restaurant reservations, and even securing concert tickets. Bot-It Bot-It is a new service that introduces web automation to everyday people without requiring any coding or technical skills to set up. Bachelor conceived the idea after seeing a friend struggle with completing an online task, and after searching the internet for
The StoryGraph, a Black woman-owned cataloging web platform for books, took to X, formerly Twitter, announcing they have had to take their platform offline to upgrade its servers. The StoryGraph The StoryGraph, founded by Nadia Odunayo, is a competitor of Amazon-owned social cataloging platform Goodreads as it uses a freemium model, with some features only available in a subscription plan. Founded in 2019, StoryGraph was initially a side project for tracking books. After studying at Oxford University, Odunayo went into the world of software engineering but, in 2019, decided to work
Morgan Stanley Investment Management (MSIM) has announced the close of its Morgan Stanley Next Level Fund, aimed at early-stage tech companies led by underrepresented entrepreneurs. The fund has closed at its target size of $50 million of total capital commitments with investors including Hearst, Microsoft, and Walmart. Morgan Stanley’s Next Level Morgan Stanley’s Next Level is MSIM’s impact-focused private equity business. It makes privately negotiated equity and equity-related venture capital investments in primarily stage tech and tech-enabled companies with women or underrepresented founders as part of the founding team. “We
