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...

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...

Kevin Hart’s Gran Coramino Tequila has officially reached a new milestone. According to a press release shared with AFROTECH™, since its inception in 2022, the ultra-premium tequila company has provided more than $1 million in grant funding to over 100 Black and Latinx small-business owners and entrepreneurs through its Coramino Fund. The fund, powered by the company founded by Hart and 11th-generation tequila maker Juan Domingo Beckmann, has made giving back to the community its main priority from the very beginning, honoring its “vision to celebrate life’s hard-earned moments” by donating $1 from every bottle sold to support underrepresented entrepreneurs in the United States and Mexico. “As an entrepreneur myself, I’ve seen how early financial support can impact the long-term success of the business,” Hart said in a statement. “The Coramino Fund was created to provide support to some of the hardest working people out there — entrepreneurs and small business owners.”   View this...

Carmelo Anthony has launched a cannabis brand that will allocate a portion of its profits towards a good cause. Forbes reports the 10-time NBA All-Star player is launching StayMe7o Cannabis under Grand National, a cannabis-focused agency created in partnership with Lowd Cannabis’ CEO and Founder Jesce Horton and Chief Creative Director Brandon Drew Jordan Pierce. Anthony had connected with Horton when he first moved to Portland, OR, through a mutual friend. “We understand what the value proposition is,” Anthony told Forbes . “I grew up on the Grand National car, we just wanted to tap into something that was very timeless, combining the businesses of all three of us and what we bring to the table.” As for his motivation to enter into the cannabis sector, it was a culmination of remaining a student within the industry over several years and firsthand experience for sports recovery purposes. Among his chosen products were tinctures, CBD formulations, and topicals — all tailored to...

Black woman-owned beauty brand Mented Cosmetics has been acquired by West Lane Capital Partners, Beauty Independent reports. The company, co-founded in 2017 by KJ Miller and Amanda E/J Morrison, offers products that cater to women of all complexions, its website mentions. According to Beauty Independent, Mented Cosmetics’ inaugural product was nude lipsticks created for women of color, which is still one of its best sellers. Mented Cosmetics’ products have since expanded to include mascara, blush, eyeshadow, foundation, and more, which can be seen on its website. Prices range from $16.50 to $30, the outlet says. The brand first relied on direct to consumer (DTC) distribution before landing in retail stores. As of this writing, its products are being sold in Ulta Beauty, Target, CVS and Walgreens but will shift its focus to DTC, the outlet notes. Over the years, the company has raised $9 million in venture capital funding, Crunchbase lists. However, there have been some growing...

Blavity Inc. has assembled a coalition of leaders to drive equity in technology. In a news release, the technology and news media company has shared it has formed the AFROTECH™ Advisory Board. The board will dedicate its focus to workplace equity and ensuring underrepresented employees, founders, and startups can obtain access to capital and economic mobility.   View this post on Instagram   A post shared by AFROTECH (@afro.tech) “Mobilizing this consortium is a crucial move towards amplifying our impact and reach in creating a more equitable tech industry,” Morgan DeBaun, founder and CEO of Blavity Inc., said in a press statement. “Our concerted effort will focus on practical initiatives that not only enhance workplace equity but also promote significant access to capital and opportunities for our community’s members.” The AFROTECH™ Advisory Board includes representatives of Amazon, American Express, Black Economic Alliance, Chewy, GAP, Google, Infoblox, Jordan Brand, Lam Research,...

He made his mark in rap, now Xzibit is looking to do the same in a new industry. The “Get Your Walk On” artist, born Alvin Nathaniel Joiner, will be scaling his interest in the cannabis industry. In 2023, he launched the “Lasagna Ganja” podcast in collaboration with co-host Tammy “The Cannabis Cutie” Pettigrew, CNN reports. The purpose of the podcast was to remove the stigma associated with cannabis use and to educate listeners. When speaking on the overarching goal of stewarding these conversations, he said in an interview on “Beyond the Red Carpet with Ny MaGee,” “I’ve seen the music industry go from millions to a billion-dollar industry. And I’ve also seen cannabis, you know, take on the same journey that maybe alcohol did after prohibition. And the misinformation that can lead us to continue to be left out of things is something that I want to combat. So when I say us, I mean people of color, people who have been incarcerated for cannabis, and now as it turns into this...

A young Black entrepreneur’s tireless work to combat food insecurity is paying off. At age seven, Te’Lario Watkins II launched his business, Tiger Mushroom Farms in central Ohio, according to its website. “The idea of Tiger Mushroom Farms began after I planted cat grass and basil seeds at my 1st Cub Scout meeting,” Watkins wrote. “I enjoyed watering MY plants and was eager to see their growth each day.” He continued, “I began to wonder what else could I grow in Ohio in the wintertime. I remember reading a book about mushrooms. I told my parents and asked them about growing mushrooms. My parents bought me a mushroom kit…and the rest is history.” Nearly nine years after launching Tiger Mushroom Farms and selling his mushrooms at local farmers markets in Columbus, OH, the 16-year-old also has his own nonprofit, according to ABC News. The Garden Club Project’s mission is to eliminate food deserts and motivate children to make healthier food choices. ABC News reports that Watkins has...