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Funding

Black Tech Saturdays (BTS), an initiative propelling Detroit’s Black tech entrepreneurs, has been awarded a $1.2 million grant from the Gilbert Family Foundation. This two-year funding will enable BTS to widen its scope of support through increased access to mentorship, capital, and essential resources for local innovators who participate in its workshops. Investing in Detroit’s Black Tech Community Founded in April 2023 by husband-and-wife team Johnnie and Alexa Turnage, BTS has quickly become a hub for budding entrepreneurs, drawing hundreds each week to its Saturday events.  This grant will be

Moniepoint, a Nigeria-based fintech company, has successfully raised $110 million in a Series C funding round. This raise gives the company a valuation of at least $1 billion for the first time, according to the Financial Times. The financing was led by Development Partners International’s African Development Partners III (ADP III) fund, with participation from investors such as Google’s Africa Investment Fund, Verod Capital, and Lightrock. Strategic Focus on Business Banking and Financial Access Founded in 2015 by Tosin Eniolorunda and Felix Ike, Moniepoint originally launched as TeamApt.  The company

African venture capital firm Janngo Capital has closed its second fund at €73 million (approximately $78 million), surpassing its original €60 million target by 20%.  Janngo Capital states that fund now positions the venture capital firm as the largest accelerating gender equality in Africa. Investment Focus on Gender Equality and Diverse Sectors Janngo Capital positions itself as a “gender-equal” investor, with 56% of its portfolio companies founded or led by women.  Notable women-led investments include the Nigerian B2B platform Sabi and expense management company Expensya.  According to Janngo, its investment

The NAACP has announced the launch of NAACP Capital, a new fund of funds aimed at empowering fund managers and startups focused on closing gaps facing communities of color.  Developed in collaboration with Kapor Capital, Kapor Center, and nine venture fund managers, the fund seeks to raise $200 million to reshape the innovation and investment landscape. Driving Impact Through Inclusive Investing The initiative is part of the #KeepAdvancing campaign, a modernized approach to civic engagement aimed at building a more inclusive economy.  “Investment is the backbone of impact, and impact

On the Oct. 18 premiere of Shark Tank’s 16th season, Destin George Bell, 26, pitched his gamified fitness app, Card.io, securing a $150,000 investment from FUBU founder Daymond John and venture capitalist Rashaun Williams.  The app, which launched in 2022, combines fitness tracking with a social, team-based game experience, transforming outdoor workouts into competitive turf battles.  Card.io has already attracted a following of over 25,000 users across 70 countries. Bringing Gamified Fitness to a Global Audience Inspired by his struggle to stay motivated during the pandemic, Bell created Card.io to

Klasha, the fintech company changing cross-border B2B payments between Africa and Asia, has raised an additional $2 million in funding.  This latest investment round, backed by existing investors such as Expert Dojo, Alumni Ventures, and Breega, brings Klasha’s total funding to $6.5 million.  The new capital will be used to accelerate its expansion into the Asian market, including opening an office in Hangzhou, China, the hub of e-commerce giants like Alibaba. Scaling Payment Solutions for Emerging Markets With a focus on enabling seamless cross-border payments between merchants in Africa and

In a development for South Africa’s renewable energy sector, Grid Africa has raised R50 million ($2.8 million) in equity from Rifuwo Energy Partners.  This investment comes at a pivotal time as the nation faces rising energy costs, exacerbated by Eskom’s –  a government-owned company that is South Africa’s main supplier of electric power – proposed 36% tariff hike.  The fresh funds will fuel the acceleration of solar energy projects across the country, offering businesses a cost-effective alternative to grid electricity. Timing Amidst Rising Energy Costs With South Africa’s state-owned power

US Congresswoman Sydney Kamlager-Dove (CA-37) has secured a $1 million grant from the US Department of Housing and Urban Development (HUD) to support the completion of SoLa Impact’s upcoming tech and entertainment hub.  This center will be located in the heart of the Crenshaw and Leimert Park communities, providing state-of-the-art facilities designed to empower local youth through education and career development. A New Hub for Innovation in Crenshaw SoLa Impact’s second tech center, set to open in 2025, will be housed on the ground floor of Crenshaw Lofts, a 195-unit

CapWay, the fintech startup aimed at tackling financial inequity, has officially shut down.  Founder Sheena Allen announced the closure, expressing pride in CapWay’s mission while also sharing disappointment that the journey ended prematurely.  Allen’s LinkedIn post marked the end of CapWay, a company that strived to serve underbanked communities often described as “banking deserts.”  “Although it has been a while, I am finally making the announcement that CapWay is no longer an active business,” Allen wrote on LinkedIn. Challenges in Fintech Funding and Regulation Founded in 2016, CapWay sought to

Venture capital firm Fearless Fund has announced a seven-figure investment in Zimi, an emerging e-commerce platform. Zimi, co-founded by Audrey Djiya and Peter Nsaka, specializes in inventory management, storage, and logistics to help businesses in emerging markets, particularly Africa, expand globally. This latest investment reaffirms Fearless Fund’s continued commitment to supporting underresourced founders, including women of color, following its year-long legal battle with the American Alliance for Equal Rights (AAER) over its grant program for Black women founders. Fearless Fund Backs Zimi Zimi launched in August with the goal of

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