South Africa-based startup accelerator Founders Factory Africa has officially rebranded as 54 Collective, marking its transition to a venture capital (VC) firm. $150 Million To Support African Startups The rebranding comes after four years of accelerating African startups, during which the organization built a reputation for creating innovation across the continent, according to Empower Africa. Now, with a $40 million fund, 54 Collective is set to invest in early-stage ventures across various sectors. “Today, we are a VC firm with a $40 million fund, and when combined with our $107
R&B artist Brent Faiyaz and his business partner Ty Baisden have invested more than $100,000 in Black women-led STEM companies, according to Billboard. Investing Music Profits Into Black Women-Led Businesses Under their Lost Kids label, Faiyaz and Baisden operate a 50/50 business partnership that reinvests profits from Faiyaz’s music career into various ventures. Their primary focus is on Black women-led businesses, particularly in the STEM fields. “Those projects and his tours are the financial seeds for Brent and me to go out and make individual investments,” said Baisden. The duo’s
Myavana, a pioneering Black-led haircare technology company, has successfully raised $5.9 million in a recent funding round, bringing its valuation to $50 million, according to Forbes. The Atlanta-based startup uses AI to offer personalized haircare solutions, focusing primarily on the needs of Black women. Pioneering AI in Haircare Myavana is the brainchild of computer scientist Candace Mitchell. Mitchell founded the company in 2012 with the aim of revolutionizing personal and professional textured hair care through data-driven science and technology. With a deep understanding of the unique hair challenges of women
African Infrastructure Investment Managers (AIIM) has successfully closed its fourth pan-African infrastructure fund, African Infrastructure Investment Fund 4 (AIIF4). The fund reached its hard cap with $748 million in commitments and an additional $206 million in co-investments, totaling $954 million. “Given the challenging global fundraising environment, we are delighted to have outperformed the targeted fund size,” said Paul Frankish, AIIM’s Head of Strategic Initiatives according to Shoppe Black. “We received strong support from our existing investor base with a high level of re-ups from the supporters of our previous mandates
Intron Health, a clinical speech-recognition startup, recently raised $1.6 million in a pre-seed round led by Microtraction, with participation from several other venture firms. Founded by Tobi Olatunji, the company aims to bridge the gap in speech-recognition tools for speakers of minority languages, those with thick accents, or speech disorders. Bridging the Speech Recognition Gap Voice recognition technology is increasingly integrated into modern living, yet it often fails to serve those with thick accents or speech disorders. Olatunji, founder and CEO of Intron Health, is addressing this issue as he
London-based fintech startup Jarvis has secured £1.8 million ($2.3 million) in funding to transform retirement planning. The funding round was led by Ascension VC and Cornerstone VC, with additional participation from Tokio Marine Future Fund. This capital injection will support Jarvis’s growth and product development as it integrates with the broader ecosystem of pension-related services. Addressing The Retirement Planning Gap In today’s workforce, financial autonomy is on the rise, with the global shift towards self-employment and gig economy work has made traditional workplace benefits like pensions increasingly inaccessible. Projections indicate
CityRock has announced the closing of its $24 million Fund II to support founders from diverse backgrounds. This fund, part of H/L Ventures, will invest in companies within sectors such as climate, healthcare, and the future of work. Expanding Support for Series A Companies CityRock’s new fund marks a step in H/L Ventures’ mission to provide support and investment for its portfolio companies. According to Oliver Libby, co-founder and managing partner of H/L Ventures, the average investment size for CityRock Fund II will be $1 million. The fund, currently being
Mexican fintech company OCN, which offers car rental models for gig workers in Mexico and the US, has successfully raised $86 million in equity and debt. The Series A funding round was led by Brazil’s Caravela Capital, with additional contributions from Collide Capital and Great North Ventures on the equity side, and New York-based i80 Group leading the debt portion. Innovative Solutions For Gig Workers Launched in 2022, OCN provides gig workers with new car rentals on a weekly fee basis, inclusive of maintenance and insurance. Users also have the
The National Park Service (NPS) has awarded $10.67 million to 15 projects across eight states under the Historic Preservation Fund’s Historically Black Colleges and Universities (HBCUs) grant program. This initiative is dedicated to repairing historic structures on HBCU campuses, ensuring that the sites are preserved for future generations. Preserving Historic HBCU Landmarks The grants will support the restoration of several significant buildings, such as Simmons College’s Steward Hall, Delaware State University’s Hope House, and Cheyney University of Pennsylvania’s Melrose Cottage. Simmons College, the only private HBCU in Kentucky, will use
South Africa’s leading digital bank, TymeBank, has successfully raised $77.8 million in a pre-Series C funding round. The round was co-led by African growth-stage investor Norrsken22 and global impact investment firm Blue Earth Capital. This increase of capital brings TymeBank’s total raised funds to over $260 million, marking a milestone in the bank’s growth and expansion plans. Existing investor Tencent, which spearheaded TymeBank’s $180 million Series B round in December 2021, also participated in this round, further increasing its stake to become the third-largest shareholder. Strategic Investments and Growth Launched
