Arlan Hamilton, the founder of Backstage Capital, has announced her decision to step down as managing partner and take on an advisory role. “After 12 years of being deeply involved in the day-to-day operations, I’ve decided to become a chairperson and advisor,” she said in a statement shared on Instagram. Backstage Capital’s New Chapter As part of this transition, Backstage Capital has formed a strategic partnership with 360 Venture Collective, a woman-founded and led venture firm with an intentionally inclusive investment thesis. Hamilton explained that the collective will acquire a
BBG Ventures, the New York-based venture capital firm known for supporting female founders, has raised a new $60 million fund. Co-founders Susan Lyne and Nisha Dua, who launched BBG Ventures in 2014 with a vision of investing in women-led startups, announced that the fund’s focus now includes founders from diverse backgrounds across race, income, and age. Meeting Market Needs in a Challenging Economy Amid a significant decline in venture funding for underrepresented groups, BBG Ventures’ decision to diversify its founder support comes at a critical time. In the first half
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
Over 100 prominent venture capitalists (VCs) have thrown their support behind Vice President Kamala Harris for the upcoming presidential election. Among these supporters are LinkedIn co-founder Reid Hoffman, Khosla Ventures’ Vinod Khosla, and billionaire investor Chris Sacca. Tech Leaders Rally Behind Kamala Harris The collective, organized under the banner VCsForKamala.org, represents a broad spectrum of tech and business leaders who are advocating for Harris’s vision for America. Their statement emphasizes a commitment to the American dream, entrepreneurship, and technological progress. They also stress the importance of democracy as a fundamental
On July 6, 2024, Serena Williams discussed her journey in founding WYN Beauty at the 2024 ESSENCE Festival of Culture, presented by Coca-Cola. Participating in Beautycon’s “Passion to Profit” panel series, Williams discussed her journey with the vegan makeup brand she launched this year. A Journey Rooted in Passion Williams shared that her interest in beauty began during her childhood in Compton, California. Inspired by her mother’s minimal yet impeccable approach to beauty, Williams developed a fascination with makeup. “You kind of had to be fabulous growing up in Compton,”
Venture capital (VC) investments in Latin America have reached unprecedented levels, outpacing several emerging US tech hubs, according to Revelo. This shift is driven by a growing talent pool and an increasing demand for services catering to the middle class. Revelo’s analysis, using data from the Latin American Venture Capital Association (LAVCA) and the National Venture Capital Association (NVCA), highlights how Latin America is becoming a significant player in the global VC landscape. Growth In Latin American VC Investments The Latin American venture capital market hit its second-highest level on
Seven organizations focused on diversity in tech have announced the formation of the Diversity Data Alliance to address funding disparities faced by underrepresented groups. The alliance comprises All Raise, Diversity VC, BLCK VC, StartOut, 2Gether-International, Vets in Tech, and Somos VC. Standardizing Data for a Unified Approach The Diversity Data Alliance has agreed upon a set of standardized demographic data points to be collected across each member organization. This initiative, which began in the spring of 2023 and saw its implementation in 2024, focuses on capturing demographic information, such as race, gender identity, sexual orientation, educational attainment,
Conducive Capital, a newly formed South African venture capital firm, has launched a $50 million fund for early- and growth-stage tech startups across Africa. Meet The Team The fund is headed by Clive Butkow and Mitchan Adams. Butkow is the founder and former CEO of Kalon Venture Partner and former COO of Accenture South Africa. Alongside Adams, the co-founder of Ozow and current CEO of Aions, the two have collectively invested over R300 million, with an internal rate of return of more than 30% over the past seven years. Their combined expertise is set to invigorate the African
Black Tech Nation Ventures (BTN.vc), a venture firm based in Pittsburgh, has announced the final close of a $50 million inaugural fund. BTN.vc This fund specifically targets software startups led by founders from traditionally underrepresented backgrounds, including Black, Latinx, Indigenous, female, and LGBTQ+ entrepreneurs. BTN.vc’s founding in 2020 resulted from a collaboration between three serial entrepreneurs, Kelauni Jasmyn, David Motley, and Seán Sebastian. The focus addresses the long-standing issue of inequity in funding and anticipates significant returns within the venture industry. “We set up BTN.vc to equip and train a
Nex Cubed has announced a partnership with nonprofit HBCU.vc to support founders from Historically Black Colleges and Universities (HBCUs) and train the next generation of Black venture capitalists (VCs). Nex Cubed is a pre-seed venture accelerator on a mission to invest in and uplift underrepresented founders and underserved communities. They recently announced the launch of a $40 million HBCU Founders Fund aimed to boost startups led by at least one founder who is a HBCU student, alumnus, or faculty. This week, they announced the partnership with HBCU.vc – a nonprofit