CB Insights released its latest list of the world’s most promising startups, including a number of companies founded by people of color. CB Insights collected the company’s investors, headcount growth, and commercial relationships to identify 345 of the most promising private startups from their database of 1 million companies. The industries include fintech, AI, insurtech, generative AI, and retail tech. We have compiled a list of some people of color-owned startups featured. Airbase – Thejo Kote Thejo Kote founded Airbase in 2017 and has been its CEO since then. Airbase develops a modern
Shekel Mobility, a B2B marketplace and management system for auto dealers, has secured over $7 million in funding, comprising $3.2 million in equity and over $4 million in debt. Small and medium-scale dealerships comprise nearly 82% of the African car dealership market, according to Benjamindada.com. Many of these dealers struggle with offering affordable prices for used cars due to insufficient financing options. In most sub-Saharan Africa, the figure for automotive transactions is less than 2%. Shekel Mobility aims to change that. Shekel Mobility Shekel Mobility empowers auto dealerships to realize
Editi Effiòng’s Nollywood action-thriller, The Black Book, has claimed the top spot worldwide on Netflix after leaders in Nigeria’s fintech startup space came together to fund the film. The Black Book The Black Book claimed the top spot worldwide just five days after its debut on Netflix, also making it the first ever number-one African film on Netflix. Vanguard reported that from September 18 to 24, the film accumulated 5.6 million views and 11.6 million watch hours. The movie, which traces the story of a mourning father seeking justice following
Today marks 75 years since more than 800 passengers from the Caribbean travelled to the UK onboard a ship called the Empire Windrush. These passengers had been recruited to help rebuild Britain after WWII and became known as the ‘Windrush generation.’ Windrush Day has been celebrated in the UK every year since 2018, and it has become a time to appreciate the cultural, social, and economic contributions that were made to the UK. One such contribution can be seen in fintech app Pardna. What is Pardna? Pardna, or pardner, is
Female and Latinx-founded fintech company, Mendoza Ventures, has taken a massive step in its move to invest in underrepresented startups. Bank of America’s Investment Mendoza recently achieved a first close on its third $100M fund to further their work to support startups founded by diverse founders. The fund, led by Bank of America (BofA), included Grasshopper Bank alongside multiple other investors. The anchor funding comes from BofA’s commitment to making capital much more accessible to founders often overlooked by investors. “Mendoza Ventures is at the forefront of supporting innovation and
The idea of running a business is exciting, but there is no denying that being a startup founder can be an overwhelming experience. From managing finances to staying on top of social media trends, many business owners wear multiple hats to keep their business functioning. According to The Plug’s analysis of Census Bureau data, approximately 10% of businesses that employed less than 20 people were forced to close in 2020. Likewise, statistics have shown that 45% of entrepreneurs have reported feeling stressed, which has led to mental health issues such as anxiety or depression.
Serena Williams is making big moves in the venture capital world. After announcing earlier this year, that she would be stepping away from tennis, Williams has embodied the phrase ‘put your money where your mouth is, by investing over $100 million in early-stage startups. Ugandan-based fintech, Numida, is the latest business to benefit from investment from Serena Ventures. The fintech recently raised $12.3M in a pre-series A funding round led by Serena Ventures. Participation included the Pan-African VC fund, Launch Africa, Breega, Soma Capital, Y Combinator, and MFS Africa. What is
Funding for African startups has hit a new record between January and June. According to reports, the African market is the first to see more than a single digit of growth which was extremely unpredictable considering the slowdown globally. Venture capital deals within the African region reached a striking $3.5 billion in six months, with no other continent coming marginally as close to Africa’s startup funding growth. Of the 300 companies that benefitted from this funding, 27% were led by female founders or had at least one female founder. This is
Byld Ventures, a $15 million fund launched this May, has eyes for startups mainly across Egypt and Nigeria due to the partners’ experiences in those markets. Byld Ventures reached its first close almost in June and a second close at $10 million last month. It expects to achieve its final close by year’s end, according to TechCrunch. Over a dozen athletes have backed the fund as well as the Dubai government and several unnamed institutional LPs. The early-stage fund — which has made four investments: Ceviant, Apata, Thepeer and Anchor — consists of four
Y Combinator’s summer (S22) batch is notably different to its previous ones. Firstly, this batch kicked off with an in-person event – the first since the winter 2020 batch. Secondly, the summer cohort includes 240 companies, significantly fewer than the 414 companies in the winter 2022 cohort. And third, only eight startups in Africa got into the accelerator this summer compared to 24 from the previous batch, representing a 60% reduction. While the region represented about 6% of the entire winter batch, it’s 3% for this batch. When YC went
