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
American rapper and lead MC of hip hop group The Roots, Tariq Luqmaan Trotter, also known as Black Thought, recently announced his journey into venture capital. According to HipHop DX, the lyricist has joined early-stage tech venture firm Impellent Ventures as a general partner. Black Thought will work alongside the team to help recruit and encourage entrepreneurs to help them continue growing their new business while giving them the tools they need to build a longstanding business. His role as a partner at Impellent Ventures will help him elevate Black entrepreneurs
As the financial downturn continues to daunt the world and we slowly move towards another recession, venture capital funding has dropped significantly, ultimately affecting the progression of early startup businesses. Entrepreneur McKeever “Mac” Conwell shares his tips on how startup businesses can survive, grow, and expand during these turbulent times. Black-owned VC firm, RareBreed, founded in 2021 by McKeever “Mac” Conwell, is a pre-seed fund that invests in early pre-seed tech companies. It also allows angel investors to become limited partners for more significant funds. So not only does it
Black-owned venture capital firm, Backstage Capital, has cut 75% of its operational staff due to fundraising and growth challenges, both externally and internally. Backstage Capital, founded by Arlan Hamilton in 2015, was one of the first VC firms to dedicate their services to minimizing the funding disparities in tech by investing in high-potential founders of color, women, and LGBT members. The firm, which Hamilton built from the ground up while homeless, invested in over 170 start-up companies led by underrepresented founders. The decision to downsize its team came just three
Black-owned venture capital firm, MaC, has raised $203 million for its second fund, building on the initial $110 million they secured in seed-stage funding last year. The firm focuses on investing in underrepresented founders of color. The highly resourceful team uses their skills and knowledge to support the next generation of tech companies, focusing on reshaping the culture and providing resources to underrepresented communities. MaC was launched in 2019 by four founding partners: former Washington D.C. mayor Adrian Fenty, former talent agent Charles D. King, VC veteran Marlon Nichols, and
London-based venture capital firm, Octopus Ventures, has launched its first £10 million ($12 million) pre-seed fund to support fresh startups in the fintech and health sectors. The firm, founded in 2007, works to fill the growing gap in early pre-seed funding for European founders. Kirsten Connell and Maria Rotilu, veterans of Seedcamp and Uber, will lead the company’s first-ever investment fund. They will bring their extensive experience and knowledge of growing firms from the beginning to the job, enabling them to work closely with start-ups in their early years. Octopus
Tyson Clark, a general partner at Alphabet Inc.’s venture arm GV and one of Silicon Valley’s most prominent Black startup investors, has died at the age of 43. GV CEO David Krane just issued a statement about the team losing the father-of-three, writing, “With great sadness, we share the news that Tyson Clark, our friend, and GV general partner, passed away yesterday due to sudden complications from a health issue. We are stunned and shattered by this loss. “The GV team extends our deepest sympathies to Tyson’s family and loved ones.
Marcy Venture Partners, the venture firm co-founded in 2018 by Jay-Z, has just closed its second fund with $325 million in capital commitments. The firm describes itself as having a “consumer, culture and positive impact” investment strategy. The team has so far written checks to at least 21 companies, including Rihanna’s lingerie company Savage X Fenty. Earlier this year, they also began investing in crypto projects, supporting Bitski, a San Francisco-based startup NFT marketplace, and investing more recently in spatial LABS (sLABS). This tech incubator focuses on metaverse and blockchain-based
Former NFL player Gerome Sapp’s fintech startup, Rares, has just earned $4 million in a seed funding round. MaC Venture Capital led the round on October 11, and other participants included Cake Ventures, Portfolia Rising America Funds I and II, Evolution VC, W Fund, and Gaingels, according to a press release. Launched in April of 2021 by the former NFL player, Rares offers its users fractional ownership through “rare, high-priced sneakers.” The platform’s mission is to give back to the Black community by providing access to the sneaker market “by
In the US, accelerators like Techstars and Y Combinator are the most active investors in Black founders, followed by early-stage investors like Backstage Capital and Kapor Capital that focus on diverse founders. As we already know, Black founders often get a small portion of the pie when it comes to investment – which is why it’s essential to highlight the VCs dedicated to investing in minority communities and those who have a history of supporting under-appreciated groups. We’ve sifted through a list created by the Black Founders list of VC firms across the US that
