Kansas City Chiefs quarterback Patrick Mahomes has a new business venture to add to his ever-growing portfolio. According to Boardroom, the three-time Super Bowl champion is taking his love for coffee to higher heights as a lead investor for Throne Sport Coffee, a ready-to-drink coffee beverage company that was launched Thursday (May 16). Putting his money where his mouth is, not only did Mahomes attend a nice chunk of developmental and departmental meetings for the company, but he also had samples of the coffee sent to his home every two to four weeks in 2023 to ensure that he was able to help the Throne Sport family create a “tasty, healthy beverage with mass appeal to compete in a crowded market.” “There were a lot of samples sent and the season worked out well,” Mahomes said. “We won the Super Bowl, so it must have worked. We’ve come up with a great product, and I think people will really enjoy them throughout the entire day, not be jittery, and not be sluggish after the coffee...

Prominent individuals in entertainment are joining forces to provide self-help resources to the Black community. This is being made possible through the inception of ALTR, described as a motivational and self-help app, per the company’s LinkedIn. The platform was co-created by David A. Wilson, founder of TheGrio, and Brandon John-Freso, who serves as the company’s chief technology officer, and is supported through a partnership with Viola Davis and husband Julius Tennon’s JuVee Productions. ALTR serves to provide audiobook miniseries that will tend to “the distinct life obstacles faced in the Black community,” Variety reports. These audiobooks will include topics such as: Mental well-being Feelings of isolation Financial stability Spirituality Personal relationships And more “There is a yearning for solutions and knowledge from our cultural perspectives,” Wilson told Variety. “Our authentic voices are lacking in the existing self-help, wellness and educational platforms, which is...

Back in 2020, Terri Burns made history at GV (formerly Google Ventures) as not only its first Black female partner but also its youngest-ever partner at age 26, as previously shared by AFROTECH™. The promotion came after she joined the investment arm of Alphabet in 2017. Now, the history-maker is spreading her wings to take on building out her own venture. Fortune reports that Burns is launching her firm, Type Capital. “To the next generation of founders… you’re exactly our type,” Burns wrote via Instagram when announcing her new firm. View this post on Instagram A post shared by Terri Burns (@tcburning) According to Fortune, the 30-year-old was moved to start Type Capital after seeing a trend of venture capitalists investing in companies only after seeing fellow VCs show interest first, which she describes as “heat.” Burns aims to change the status quo by taking the lead and pursuing risks “driven by true innovation,” not by other investors. “They’re talking to amazing investors,...

While working in the music industry, many artists make the smart move and don’t limit themselves to only excelling in music. Will.i.am is among such musicians who are the definition of “multi-hyphenate.” As an entertainer, record producer, tech entrepreneur, and founder, the East Los Angeles, CA, native has built an extensive resume for himself. “Investor” is yet another title under his growing list of endeavors. In an interview with the “Drink Champs” podcast, Will.i.am recounted two specific investments he’s made thus far. When asked by host N.O.R.E. whether he’d choose Steve Jobs or Elon Musk — like in a game of “This or That” — Will.i.am was prompted to share how both CEOs have made an impact on his life. “I invested in Tesla in 2006 before Elon took over [the company] — around the same time,” Will.i.am explained on the podcast. He continued, “And then, I was a part of Beats. And then, Apple bought Beats from us. So you’re talking about two companies that changed my life. So, I...

Not having a chance to invest in major players in tech ultimately catapulted Serena Williams into the investment ring. During an interview on Bloomberg’s “The Deal,” Williams recalls a time in her tennis journey when she could have faced less pressure to win on the court if she had placed dollars in companies such as Facebook, Airbnb and Google — all companies valued at more than $100 billion today. “Tennis is all sponsor based, and I would see like some of these sponsors come up, but I’m like, ‘Well I have some little cash, like how did I not invest in Facebook? How can I invest in Airbnb or how did I miss Google? Or like, you know, all these companies,'” Williams said on “The Deal.” “ And I started to ask these questions like, ‘Why am I out here breaking my neck and sweating when I could have invested in these companies and I could still be doing the same thing, but it wouldn’t have to be such dire needs, ‘I’ve gotta win this U.S. Open this year. I’ve gotta pay these bills.’ So, I...

Ethiopian sustainable tech startup Kubik has scored a first for the country. According to a press release sent to AFROTECH™, it has raised $5.2 million in a seed round. Investors include East African venture capital firm African Renaissance Partners, Endgame Capital, and King Philanthropies. It will now further its work in using plastic waste to make affordable buildings and removing waste from the environment. “Kubik’s vision to build safe and affordable living for all speaks directly to King Philanthropies’ mission to catalyze solutions at the intersection of climate and livelihoods,” Kartick Kumar, managing director at King Philanthropies, said in a press release. “Kubik is at the forefront of innovation in Ethiopia and across the African market, and we’re proud to support the tremendous impact they’re making combatting plastic waste and providing safe, durable, and affordable housing.” The funding round makes Kubik the first Ethiopian country to earn a multi-million-dollar...

NBA legend Michael Jordan is enlisting a team of athletic superstars as co-owners of his award-winning tequila company. In a press release shared with AFROTECH™, the NBA Hall of Famer has tapped Serena Williams, Derek Jeter, and a host of other athletes and sports enthusiasts as investors in his award-winning portfolio of luxury tequilas, Cincoro Tequila. “Cincoro has always been special to me because of the authentic friendships we’ve established around enjoying Cincoro and spending time together, designing it, experiencing it, and tasting it. We are constantly striving for greatness,” Jordan, co-founder of Cincoro Tequila, said. “And now that we’re welcoming in some of my closest friends to the business, I’m looking forward to this next era of Cincoro alongside this all-star team.” The company’s new ownership group, Team Cincoro, also includes RedBird Capital Partners Founder and Managing Partner Gerry Cardinale; The Lerner Family, owners of the Washington Nationals; former NFL...

Ashley M. Fox has had dreams of working on Wall Street since she first decided to attend Howard University. Little did she know that this vision would soon propel her into entrepreneurship. After conquering what some would deem the inevitable, Fox not only became the first person in her family to attend and graduate college, but she also landed her dream career of working with one of the largest banks in the world. Still, there was a desire for more. “After about eight months at my job, I felt like I didn’t have the desire to be the best person on Wall Street, I wanted to be like the client,” Fox told A FROTECH™. “I realized that no matter how long I stayed in my Wall Street job, yes, I was making perfect money, but our clients had at least $25 million or more and I felt like I deserved to be on the other end of the table.”   View this post on Instagram   A post shared by Ashley M. Fox (@_ashleymfox) Fox built that table for herself and those who look like her through Empify. “The...

If one were to walk down the hair care aisle of any major big box store, there is a high chance Shea Moisture would be on the shelves. With products like shampoos, conditioners, and oils, the natural hair care line has been serving Black and Brown communities for years. But did you know the brain behind the massive beauty and hairline is Liberian-born mogul Richelieu Dennis? From Humble Beginnings To A Purpose-Driven Mission Dennis attended Babson College and began selling shea butter from his dorm room. By the early 90s, he had leveraged his dorm room sales to start the Shea Moisture line, which would eventually become a part of the parent company Sundial Brands. However, Dennis’ journey was one of hard work, selling his product from a card table in Harlem. Beyond the entrepreneurial spirit, Dennis recognized his product was not just a hustle but a connection to something greater. “But for me, there was this overwhelming sense of responsibility: there were no real products or...

East Chop Capital has closed its funding and will deploy capital to Black investors. According to a press release provided to AFROTECH™, the private equity firm’s founders and HBCU graduates Calvin L. Butts Jr. and Carrington Carter have closed an $11 million fund, which draws equity investments from 93 limited partnerships, including Liberty Financial Services. This brings East Chop Capital’s total raise to $15 million. As previously reported by AFROTECH™, $4 million in 2021 had been raised to support its presence in the global vacation market, which is projected to reach $132.7 billion in 2033, as reported by Future Market Insight. East Chop Capital is poised to achieve a 25% return, taking into consideration the fees or expenses involved in overseeing the fund. With additional capital at its disposal, East Chop Capital is poised to amplify its efforts in the initial round, with plans already set in motion to invest in Florida and Texas. “Fund II is about scale and pattern...

Amid the attack on venture capital investments to Black businesses, Hello Alice has come out on top. As AFROTECH™ previously reported, the fintech platform — created by Elizabeth Gore and Carolyn Rodz — that has helped small businesses through capital, had been named in a class-action lawsuit filed by America First Legal, Mitchell Law PLLC, and Ashbrook Byrne Kresge LLC in October 2023. The company was targeted for partnering with Progressive Insurance Co. to offer up to $25,000 in grants to 10 Black-owned businesses. “We were founded on the principle of equality, with the aim of ensuring that everyone — women, men, people of color, U.S. Veterans, and more — have an equal opportunity to launch their businesses and pursue the American Dream,” Hello Alice shared at the time in a statement on X, formerly known as Twitter. “From Texas to California to Florida to New York, small business owners are the most trusted voice in America and a critical engine of our economic growth. Today our...

Robert F. Smith’s Vista Equity Partners has marked off a new milestone. Axios reports that the private equity firm has raised over $20 billion for its new fund — making the fund its largest to date. As a platform that invests in technology companies, Vista Equity Partners is set to focus on artificial intelligence (AI). According to the outlet, Smith wrote to investors ahead of Vista Equity Partners’ annual general meeting in April about what they can expect soon. “You will also hear more about how we have adopted generative artificial intelligence not just as a tool but as a pivotal component of our value creation and underwriting processes,” Smith wrote, per the outlet. He added, “This has enabled us to identify and capitalize on opportunities, including dramatically expanding TAM [total available market], product innovation, GTM [go-to-market] strategies, with greater precision and speed, ensuring that we stay ahead of the curve in a rapidly evolving market landscape.” Before its...

Never underestimate the power of a good hobby! Following his retirement from the NBA, Dwyane Wade, like many greats who have since left the league, picked up a new golfing habit, which ultimately led him to become a minority owner in the NBA team Utah Jazz. According to Boardroom, the move made in 2021 by Wade continues to get better with time. When he initially joined the ownership group, the former Miami Heat star saw the team at a valuation of $1.75 billion. Today that number has increased to $3.46 billion, per an April 16 Instagram post by Boardroom. “If people are doubting how far you can go, go so far that you can’t hear them anymore,” said Wade on social media at the time of the deal. “Second act activated.”   View this post on Instagram   A post shared by Boardroom (@boardroom) The Sporting News reports that the deal was made possible thanks to a friendship between the majority owner, Ryan Smith, and Wade that began on the golf course. Smith, a billionaire whose fortune was...

Dr. Benjamin Harvey liquidated his retirement accounts to make advancements in the world of artificial intelligence (AI), Forbes reports. Harvey, born in Jacksonville, FL, and raised in a seven-child household, found his love for the field of technology thanks to his father, who worked as a pastor and AT&T project manager, the outlet notes. His father would bring home computers that were not functioning properly, and Harvey took the initiative to learn how to fix them. Foreshadowing his future, he would obtain a computer science degree from HBCU Mississippi Valley State University in 2008. He later scaled his education obtaining a master’s degree and Ph.D. in the same field between 2010 and 2015, his LinkedIn profile mentions. Among his career pathways included a role as chief of operations data science at the National Security Agency (NSA). His observation at the agency would open his eyes to a gap in the market as it pertains to data and analytics. It wouldn’t be until 2021 that...

In less than five years, The Folklore has set itself on a path of consistent evolution. Launched in 2018, founder Amira Rasool created her company as an e-commerce retailer to help African fashion designers gain more economic opportunities . Now, in addition to Africa and the diaspora, The Folklore is catering to more marginalized communities and pivoted to a B2B wholesale platform that’s expanded its services. Moreover, new and existing investors have joined in for its expansion. According to a press release shared with AFROTECH™, The Folklore has raised $3.4 million in a seed funding round, bringing its total amount raised to $6.2 million. As previously shared by AFROTECH™, in 2022, the company raised $1.7 million in a pre-seed funding round — making Rasool one of the youngest Black women to raise over $1 million in a pre-seed round for a fashion and lifestyle brand. The Folklore’s seed round was led by early-stage VC firm Benchstrength, the press release discloses. Fellow...