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
California-based VC firm, L’Attitude, has launched its new fund to support early-stage Latino founders. The investment firm raised $100 million from big-name investors, including Bank of America, Trujillo Group, Barclays, Cisco, Royal Bank of Canada, and a “strategic anchor investment” from JPMorgan Chase. According to the outlet, Latino business owners have grown 34% over the last decade. Yet, despite this, 72% of Latino entrepreneurs face funding shortfalls, with a large majority relying on personal savings, and only 1.8% are venture-backed. L’Attitude, founded in 2019 by Kennie Blanco and Sol Trujillo,
Africa-focused VC, Oui Capital, closed its $300 million second fund, Capital Mentors Fund II, targeted at supporting pre-seed and seed stage businesses. The funding round included investors, D Global ventures, Angur Nagpal’s Vibe Capital, One Way Ventures, and Ground Squirrel Ventures. Oui Capital, founded by Olu Oyinsan and Francesco Andreoli, launched its first $10 million fund in 2018. The investment firm aims to bridge the gap between high-growth technology startups in sub-Saharan Africa. It is on a mission to become the first “yeses” entrepreneurs hear as they embark on their startup
Black-owned startup, Qwili, raises $1.2 million in seed funding. The funding round, led by South African venture firm E4E Africa also included Strat-Tech, Next Chymia, Untapped Global, and Codec Ventures. Angel investors Ashwin Ravichandran and Kanyi Maqubela also participated in the funding round. Qwili, co-founded in 2020 by Luyolo Sijake, Thandwefika Radebe, and Tapfuma Masunzambwa, works as a hybrid sales platform to support micro and small merchants in South Africa. The company, which aims to address the lack of access to digital products and services within the African market, has developed a quality and
Vice President Harris has announced new public and private sector that aims to align the government with a coalition of companies and foundations to address economic disparities. The initiative, spearheaded by solutions firm Next Street, will see a community of investors make significant contributions to BIPOC businesses by connecting them with investments made by the Biden-Harris administration. A collective commitment The EOC consists of executive leaders from giant companies, including Bank of America, Capital One, Goldman Sachs, Google, Mastercard, Netflix, PayPal, and more. In addition, the community has already invested
Black-owned serverless startup, Baselime, has raised $1.5M in pre-seed funding. The funding round, which Sequoia Capital led, also included venture capital firms Antler, Forward Partners, and Octopus Ventures. The London-based company, founded in 2021 by Boris Tane, works to reduce the challenges developers often experience. Businesses can embrace automated observability ecosystems through their platform, which is highly beneficial for remote teams. The platform also claims to offer highly flexible technology at a reduced cost by encouraging developers to run applications and manage servers on behalf of customers without needing to
Africa-focused investment firm, Persistent Energy, has raised $10 million in its Series C funding to help support the renewable energy sector in Africa. The funding round, led by Kyuden International Corporation and FSD Africa Investments, also saw private investors Kotaro Tamura, BK Ventures BV, and DPI Energy Ventures participate. Persistent Energy, founded over a decade ago, is a pioneer investor in Africa’s renewable sector. The investment firm works to support and build businesses that can “scale sustainably.” They provide financial capital for startups and allow their team members to work
Award-winning African spirits group, Spearhead, has raised $3 million in investment from venture capital firm Pendulum to help deliver their products to the world’s bars. Spearhead, co-founded by UK-based entrepreneurs Chris Federick and Damola Timeyin in 2021, is a multi-award-winning business with an extensive portfolio working with premium brands. The company launched to challenge the cultural basis and the lack of African representation in the spirits industry. Their award-winning Premium African Spirits, Vusa Vodka and Bayab Gin, are made solely from African products and capture Africa’s premium craft and creativity.
