Black-led venture capital firm Harlem Capital is raising a $150 million fund, according to documents filed with the SEC. Harlem Capital, founded in 2015 by Henri Pierre-Jacques and Jarrid Tingle, aims to change the face of entrepreneurship by investing in 1,000 diverse founders. Harlem Capital’s Funds To Date The new fund, if raised, will be the firm’s third and most significant to date after raising $134 million in 2021 and $40 million in 2019. Its second fund focused on early-stage post-product companies from all sectors but a particular focus on consumer and enterprise tech.
A report from The Alliance for Entrepreneurial Equity has found a troubling decline in venture capital and other forms of funding for Black-owned businesses. While the number of Black-owned businesses are growing, they  are severely underrepresented compared to their population making up only 2.5% of all businesses. In recent years, Black-owned businesses have faced challenges in securing funding, a trend that blocks their growth and reflects issues within the American financial landscape. The Alliance for Entrepreneurial Equity’s latest report, a collaboration between the National Urban League and Third Way, illuminates
Social entrepreneurship non-profit Echoing Green is launching a $15.6 million fund to provide capital to help social innovators grow. The Signal Fund The Signal Fund will serve as a financial tool providing capital to social innovators at critical growth stages, especially founders with overlooked potential for scalable social impact. In 2019, research from Echoing Green and The Bridgespan Group showed that the revenues of Black-led organizations were 24% smaller than those of their white-led counterparts. The unrestricted net assets of the Black-led organizations were 76% smaller than their white-led counterparts. Co-designed with Angel City Advisors
British legal tech company Definely has raised a $7 million (£5.6 million) Series A investment round to advance its GenAI proposition that helps draft, edit, and understand legal documents. Last year, the Microsoft- and Google-backed company released Vault. This tool leverages AI and OCR technology to analyze and extract key information and clauses from an organization’s internal contract repository. Vault then makes this information readily available to users directly within their documents, exactly when and where it’s needed. One Of The 50 Fastest-Growing Tech Companies In The UK Founded by two former
Reddit Co-Founder Alexis Ohanian took to X, formerly Twitter, to thank Snoop Dogg for being one of the platform’s earliest investors during its spin-out and turnaround. Reddit Reddit, a social media platform and online community, ranks among the top 20 most visited sites worldwide and went public in March 2024. American internet entrepreneur and investor Ohanian is best known as the platform’s former executive chairman and co-founder, along with Steff Huffman and Aaron Swartz. He is also the husband of tennis legend and venture capitalist Serena Williams. Huffman and Ohanian began building Reddit for fun while roomates
Through venture capital, Ohio has gave $86 million to early-stage tech companies in women – minority-owned or underserved areas. The money comes from the federally funded State Small Business Credit Initiative Venture Capital program and will be invested in 11 professionally managed funds. Ohio Funding These funds are aimed at investing in companies focused on things such as health care, manufacturing and food technologies. The funds were eligible to apply for between $5 million and $10 million. “These awards will help spur innovation by fostering a diverse entrepreneurial ecosystem and accelerating the
Online resources business Hello Alice recently announced its Series C funding round closure despite facing a controversial class-action lawsuit. The lawsuit alleges their partnership with Progressive Insurance to offer grants specifically to Black-owned businesses was racially discriminatory. Hello Alice’s Commitment to Diversity and Inclusion In October 2023, Hello Alice found itself at the center of a legal battle when America First Legal, Mitchell Law PLLC, and Ashbrook Byrne Kresge LLC filed a lawsuit alleging racial discrimination. This was due to the company’s initiative, which provided $25,000 in grants to 10 Black-owned businesses in
Campus, an community college startup that connects students with top-tier professors from universities such as UCLA, Princeton, and NYU, has raised a $23 million Series A extension round. The community college startup In American higher education, community colleges serve as gateways for students aiming to transfer to four-year universities. However, only 16% of these students achieve a bachelor’s degree within six years. Campus operates on a model that rethinks the approach to college education. It is reportedly the first fully accredited, nationally focused community college built on a network of adjunct professors
Tangent, a technology platform founded by former LinkedIn employee Gary Izunwa and Joe Adams, has secured $1.1 million in funding and officially launched out of beta. Tangent, an employee referral platform aims to make referrals accessible to everyone by increasing tech career opportunities for those from lower socioeconomic backgrounds. A Vision For Inclusive Tech Tangent’s approach centers on starting with tech sales roles, engaging companies like Revolut, Stripe, and Amazon to support the transition of talent from diverse backgrounds into the tech ecosystem. This strategy aligns with the broader vision of Tangent—to democratize access to tech careers and create
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
