Posts in Tag

fundraising

Female entrepreneurs of color remain among the most disadvantaged in raising capital, despite growing efforts to support diversity in entrepreneurship, according to The Funding Divide report. Persistent Challenges in Fundraising The report, published by DocSend and Dropbox, found that racially diverse, all-female startup founding teams spent the longest time raising capital. In 2023, they spent an average of 25 weeks fundraising in 2023, a 67% increase from 2022.  Despite this extended effort, they secured an average of only $460,000, the lowest amount among all demographic groups.  In contrast, racially diverse,

Black-led venture capital firm Growth Warrior Capital is launching Elevo, an AI-powered pitch deck generator to help founders secure funding for their startups. Investing in overlooked founders Elevo is the brainchild of Promise Phelon, the founder and managing partner of Growth Warrior Capital. An experienced entrepreneur, Phelon’s track record includes raising $100 million in capital, transforming companies, and successfully navigating exits and acquisitions. Phelon’s early-stage venture capital firm, invests in “dangerous” startups led by traditionally overlooked founders that have the potential to “fundamentally change the way we work, earn, and

Kenya-based MyDawa, a technology-based service enabling consumers to purchase authentic, high-quality medicine, health, and wellness products, has raised $20 million in funding.  They raised money from private equity investor Alta Semper Capital to expand its regional reach and product offerings to become an all-in-one health platform for users. The growth plans will be steered by MyDawa’s new CEO Priscilla Muhiu. “Alta Semper’s ambition matches that of MyDawa, and it brings the drive, connections, and clout to succeed,” co-founder Neil O’Leary told TechCrunch. MyDawa’s Story MyDawa aims to ensure that every

Unshackled Ventures, an early-stage venture capital firm for immigrant founders, has closed its third fund with $35 million. This adds to the $35 million the firm, founded by Manan Mehta and Nitin Pachisia, has already deployed to 80 companies.  Unshackled Ventures has also provided over 200 founders with visa sponsorship, immigration support, and a community of resources. Unshackled Ventures The first and only early-stage venture capital fund focused on retaining foreign talent in the U.S., Unshackled Ventures invests in visionary immigrants and has built a place for them to successfully launch a

Nigeria-based fintech startup, Anchor has received over $1M in investment to help expand its workforce and services.  The startup fund program is backed by fund program, Y Combinator, and other venture capital firms, including Byld Ventures, Luno Expeditions, Niche Capital, Mountain Peak Capital, and angel investors such as the founder of SeamlessHR, Emmanuel Okeleji.  Co-founded in 2021 by Segun Adeyemi, Olamide Sobowale, and Gbekeloluwa Olufotebi, the banking-as-a-service platform, allows consumers to embed accounts, cards, payments, lending, and other financial features to their products within minutes.  “We’re now seeing a new development where businesses want to

In a recent TikTok video, former Beauty and Style Editor at Essence magazine, Blake Newby, opened up about her journey into venture capital after spending many years working within the editorial and digital realm. After one year as Beauty and Style Editor at Essence magazine, Newby has set her sights on a new journey: helping small Black beauty brands excel to new heights.  “So, as of Friday, I am no longer a Beauty and Style Editor. I know that I have detailed the volatility of the editorial industry – I’m

Nigerian B2B e-commerce platform Omnibiz has secured $15 million in pre-series A funding.  The funding round, led by Timon Capital, included Ventures Platform, Lofty Inc, Chapel Hill Denham, Chandaria, and Musha Ventures.  Omnibiz, founded by Deepankar Rustagi, is a distribution platform that works to create a more revolutionized approach to distribution.  The platform aims to completely change how the retail ecosystem in developing markets operates by eliminating the disorganization of traditional trading and digitizing the retail chain.  “We believe the smart informal retailer – not shopping malls – is the

Black-owned venture capital firm Microtraction announced a $15 million close of its second fund to further invest in African tech entrepreneurs.  Microtraction, founded in 2017 by Yele Bademosi and Kwamena Afful, works to make pre-seed funding for African tech entrepreneurs more accessible.  The organization has invested in 36 businesses across Nigeria, Ghana, Kenya, and Rwanda. Their services aim to assist early-stage startups with pre-seed funding and advisory services.  According to Microtration, its portfolio companies have raised over $100 million in follow-on funding, valuing the firm’s portfolio at over $750 million

Digital investment platform, Stackwell Capital, has raised $3.5 million. The funding round was led by Michael Gordan, president of Fenway Sports Group, Jeremy Sclar, and The Kraft Group. Venture capital firm Shea Ventures, SSC Venture Partners, Shorehaven Wealth Partners, and Theo Epstein, a consultant to Major League Baseball, also participated in the funding round.  Stackwell Capital, founded in 2021 by Trevor Rozier-Byrd, is a digital investment platform created to eliminate the racial wealth gap by empowering a new community of Black investors. In addition, the platform works to provide Black

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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