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Funding

Venture capital firm, LatinxVC, has opened applications for the third cohort of LatinxVC fellows.  The eight-week program prepares participants for a successful analyst, associate, and senior associate role at a venture capital firm. In addition, the program will equip Latinx candidates with the tools needed to succeed and break into the investment world.  LatinxVC was founded in 2019 by Rami Reyes, Maria Salamanca, and six other Latinx professionals. It works to grow the number of Latinx professionals in venture capital by helping them develop their careers and network.  Their eight-week program

B2B startup Vori has raised $10 million in Series A funding. The funding round was led by Silicon Valley-based venture fund, The Factory, and included participation from Greylock, E2JDJ, MKT1, and Mollie Stone’s Markets.  Vori, founded in 2019 by Brandon Hill, Robert Pinkerton, and Tremaine Kirkman, is revolutionizing the grocery industry with its B2B operating system. Vori’s platform is committed to enhancing retailers’ inventory workflows by digitizing traditionally labor-intensive processes.  Their work unlocks the data required for grocery retailers, brands, and distributors to effectively address food access and food waste

Business accelerator program, Comcast RISE, has dedicated $1 million to supporting Philadelphia BIPOC-owned businesses.  The program, which was initially launched in 2020 as a response to help small business owners of color who were impacted financially by the COVID-19 pandemic, will award more than 100 Philadelphia small businesses owned by women and people of color with $1 million in grants.  According to a press release, Comcast RISE has distributed over $16 million in grants to early-stage businesses, and $75 million in in-kind support for marketing and technology services, impacting more than 9,500

Black-owned SaaS startup, Stimulus recently closed a $2.5 million seed round. The funding round was led by Black Ops VC and included Genius Guild, Morgan Stanley, Northwestern Mutual Future Ventures, REFASHIOND Ventures, Bronze Valley, The BFM Fund, Plain Sight Capital, Penn Medicine, and a few angel investors.  Stimulus, founded in 2017 by Tiffanie Stanard, is a relationship intelligence (SaaS) platform that uses data insights and relationship-building tools to help companies make the best purchasing decisions while assisting them in optimizing, nurturing, and growing their supplier ecosystems.  The company’s mission is to help businesses

Backstage Capital, one of the first venture capital firms to pave the way for hundreds of underrepresented founders, has announced Bank of America as the latest investor in its Opportunity Fund I.  The investment firm, founded by Arlan Hamilton, has been investing in underestimated founders since 2015. As a result, the platform has one of the largest portfolios of underrepresented founders in venture capital. Their portfolio comprises 200 companies led by women, people of color, and LGBTQ+ founders.  According to a press release, Bank of America recently announced that it had

Marceau Michel, fund manager at Black Founders Matter, is no longer with the fund after being issued an offer to resign.  According to emails shared with TechCrunch, Michel was given until June 7 to resign. However, after refusing to step down, the team offered him several alternatives to further encourage his existence. Despite this, Michel refused to hand in his resignation.  The fund, first launched in 2008, announced the launch of its 25 by 25 pledge earlier this year to encourage investment firms to support BIPOC women founders. However, according to

Talent x Opportunity has announced the launch of its third cohort. The initiative, designed to support artistic geniuses with the tools they need to scale and grow, welcomed a new set of founders for this year’s program.  The TxO program, founded by venture capital firm Andreessen Horowitz (known as “a16z”), works to help accelerate the growth and impact of upcoming tech companies. They select elite entrepreneurs and prepare them with the ideal tools to build and expand their companies.  Here are five founders joining the TxO community in Fall 2022. 

Lagos-based utility company, Beacon Power Services, has closed a seed round of $2.7 million. The funding round led by Seedstars African also saw venture capital firms Keeple Africa Ventures, Factor[e], and Ordiun Capital Management participate in the funding round.  Beacon Power Services, founded in 2013 by Bimbola Adisa, is a leading provider of data and grid management solutions for Africa’s power sector. The platform, established to address Nigeria’s inadequate electricity supply, aims to enhance energy access for Africa’s cities significantly. Beacon Power’s primary goal is to improve the quality and duration of electricity

Miami-based cybersecurity startup, Lumu, has closed an $8 million investment round. The funding round led by Panoramic Ventures also included SoftBank Group’s SB Opportunity Fund, KnowBe4 Ventures, Land Bess, a former Zscaler, and Tom Noonan, former CEO at Internet Security Systems.  Lumu, founded in 2019 by Ricardo Villadiego, is a cybersecurity company that helps businesses identify and isolate cyber-compromise in real-time. The platform identifies and isolates potential threats, attacks, and adversaries affecting enterprises. As more nation-state criminal groups continue targeting everything from business IP to government secrets, Lumu’s services have proven to

Black-owned digital marketplace, Clutch, has raised $1.2 million in a pre-seed investment fund. The funding round which Precursor Ventures led also included Capital Factory and HearstLab.  Clutch, co-founded in 2020 by Madison Long and Simone May, is a digital marketplace for emerging brands and creators. According to the outlet, Long and May built the platform to provide a space where creators can launch, market, and grow their side hustles. Clutch works to create a world where authentic, engaging work supports a more sustainable, equitable lifestyle. As a people-first platform, creators

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