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...

Journalist and TV host Elaine Welteroth and tennis-champion-turned-entrepreneur Serena Williams have joined forces to address the alarming maternal mortality crisis in the United States. In April 2024, a Time op-ed from the two mother powerhouses was released in alignment with Black Maternal Health Week. Williams has been open about her first childbirth in 2017 being life-threatening and causing her to undergo four surgeries afterward. Moreover, Welteroth has shared her own experience of feeling unsafe with doctors after becoming pregnant in 2021 — leading her in the direction of midwifery care, which she described as “the best decision I ever made,” per a previous Time piece. Now, the two are taking a step further than just raising awareness. According to the latest Time article, Welteroth has founded Birth Fund, a coalition that works to support families in the U.S. who can’t afford the out-of-pocket costs of midwifery care. The mission behind Birth Fund initially started in...

Serena Williams’ legacy extends far beyond her greatness on the tennis court. Following her retirement in September 2022, Williams focused more of her attention on the investment arena. With over a decade of investment experience, she took a pivotal step in 2014 by establishing Serena Ventures, a venture capital fund specifically designed to champion women and underrepresented founders, according to its LinkedIn profile. “I invest in a lot of companies, early companies, and I’ve always done this. I’ve actually been investing for over 14 years and just been an entrepreneur while I was playing tennis. It’s super important for me to make a plan B while I was doing my plan A,” Williams explained in a TikTok video. The VC endeavor resulted from Williams discovering the evident absence of venture capital directed toward certain demographics, which prompted her to become a vessel for change. As noted on its website, the company’s portfolio comprises 79% underrepresented founders, 54% women...

Tanya Van Court’s Goalsetter has reached yet another milestone since launching in 2019. As AFROTECH™ previously reported, the founder and CEO founded the fintech platform to help youth and families gain access to banking and financial education, including tools, investing, and savings. In 2021, Goalsetter’s mission caught the attention of NBA stars Kevin Durant, Carmelo Anthony, and Andre Drummond, who all invested in the company’s $15 million Series A funding round. Now, Goalsetter has announced that the round isn’t finished just yet. According to a press release shared with AFROTECH™, Goalsetter has closed on a $9.6 million Series A extension round. The new round was led by an affiliate of Edward Jones and MassMutual through its MM Catalyst Fund, the press release details. Fellow investors included Fiserv, Seae Ventures, Webster Bank, Astia Fund, Partnership Fund for New York City, Reseda Group, and InTouchCU. “Our new Series A extension marks a significant milestone for...

A new Black-owned financial institution could emerge west of Texas. The Sacramento Observer reports that the Black-led investment group Redemption Holding Co. (RHC), led by former White House Policy Advisor Ashley D. Bell, wants to acquire Holladay Bank & Trust in Holladay, UT. If planning is approved, the Utah financial institution will be renamed Redemption Bank , per the outlet . What’s more, it would become Black-owned and serve as the only Minority Depository Institution, which offers financial services to underserved populations, west of Texas. As CEO of Black-owned fintech startup Ready Life , Bell helps underserved communities start on the path to homeownership. “All of us require a bank to operate, and the reality was there was no Black-owned bank that we could sit on top of to operate with the way we’re currently constructed,” he told The Sacramento Observer. He continued, “Therefore, we are dependent on other communities and banks to allow us to do that service. So the...

Notable names in sports and music have gathered to make credit building more accessible to the masses. According to a press release shared with AFROTECH™, Tinashe, Quavo, Chris Paul, and Marshawn Lynch are among the investors who participated in Altro’s latest strategic funding round totaling $4 million. The round brings the credit-building and financial literacy platform’s total funding to $22 million. Altro, formerly known as Perch, was founded in 2019 by Michael Broughton. It allows users to strengthen their credit scores through “everyday payment and subscriptions” such as Netflix, Spotify, Amazon Prime, Starz, and more. Additionally, the company offers educational resources even to its baseline free membership model. Resources include Altro’s Convo, consisting of brief audio episodes discussing various cultural and financial subjects, and in-person and virtual networking events and opportunities. Prior, Altro was available in 10 U.S. states. In light of the star-studded round,...

Felix Lloyd’s company is among the 13 Black businesses to catch the attention of billionaire Mark Cuban during his time as an investor on ABC’s “Shark Tank.” Lloyd is former dean of students at the SEED Public Charter School and was recognized as Washington D.C.’s Teacher of the Year. In 2013, he and his wife, Jordan Lloyd Bookey, Google’s head of K-12 education outreach at the time, were inspired to create Zoobean. Initially introduced as a “book-of-the-month business” to connect families, with a focus on “non-traditional genres and interests,” the platform has since transformed into software catered to libraries and educational settings, the company website reads. It now encompasses features such as summer reading programs, simplified reading records, progress tracking analytics, and the option for users to host fundraising events centered around reading. In 2014, the founders were featured on season five of “Shark Tank” with their original business model. The opportunity to...

The Biden-Harris Administration is directing millions of dollars toward entrepreneurs located in North Carolina. On Friday, March 1, Vice President Kamala Harris visited Durham, NC, to shed light on a $92 million plan to invest in historically underserved small businesses and entrepreneurs, according to Technician, North Carolina State University’s student newspaper. Harris was greeted by Gov. Roy Cooper during an event at the city’s historic Black Wall Street, in which she revealed 10 North Carolina women- and minority-led venture capital firms will be given $32 million in federal funds. The financial commitment will be provided through the U.S. Treasury Department’s State Small Business Credit Initiative (SSBCI), and awardees include Nex Cubed (Founders Fund); RevTech Labs (majority female and Latina-owned entrepreneurship center and accelerator); LaVert Ventures (woman-owned AgTech fund); and Latimer Ventures (early-stage venture capital fund). The investment will trigger an...

Longtime friends LeBron James and Drake are investing their dollars in the PGA Tour. As AFROTECH previously told you, the PGA announced $1.5 billion “in immediate and future equity” from the Strategic Sports Group (SSG), which will permit 200 PGA Tour members to become “equity holders” in the newly established PGA Tour Enterprises. The grants will be contingent upon “career accomplishments, recent achievements, future participation and services, and PGA TOUR membership status…” Strategic Sports Group, composed of team owners led by Fenway Sports Group, closed on the investment totaling up to $3 billion. “We greatly appreciate the opportunity to join PGA TOUR players in this important next phase of the PGA TOUR’s evolution,” John Henry, principal owner of Fenway Sports Group and manager of the Strategic Sports Group, said in a news release. “Our enthusiasm for this new venture stems from a very deep respect for this remarkable game and a firm belief in the expansive growth potential...

The state of venture capital (VC) funding for startups in the United States paints a concerning picture for Black entrepreneurs.

Andre Swanston is one of the few Black men to sell a tech company for nine figures. Swanston founded Tru Optik in 2013. He was driven to have a solid work ethic by his father, who ventured from the islands of St. Kitts and Nevis to the United States and worked several jobs to support his family, according to Forbes. The younger Swanston obtained a finance degree from La Salle University and a business degree from the University of Connecticut between 1999 and 2004. He would then secure a job as a financial advisor at Ameriprise Financial and later take on a post at JPMorgan Chase & Co. as vice president of investments between 2010 and 2012, per his LinkedIn. During the early 2000s, he owned nightclubs and restaurants, he shared in a Q&A with TransUnion. He also invested in local advertising to bring more exposure to his businesses. It was then that Swanston made a discovery that would prompt his pivot to the tech industry full time as the founder of Tru Optik. The system is “an...