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Aruwa Capital Management, one of Africa’s few woman-led private equity firms, has secured $35 million for its second fund to invest in inclusive, impact-driven businesses across Nigeria and Ghana, according to a press release. Aruwa Capital Fund II drew backing from major institutions, including the Mastercard Foundation Africa Growth Fund (MFAGF), Visa Foundation, British International Investment (BII), and Nigeria’s Bank of Industry (BOI), the fund’s first local institutional investor, based on the release. It also attracted capital from global family offices and others with a target of $40 million. However, that number has since changed to $50 million, with a hard cap of $60 million. “In the midst of the current challenging fundraising environment, we are excited to have raised 90% of our target fund size for Fund II and to be upsizing due to strong investor interest,” said Adesuwa Okunbo Rhodes, founder and managing partner of Aruwa Capital Management, in a press release via her...
Symphonic Capital has launched its inaugural fund targeting overlooked founders in fintech and health care. Symphonic Capital’s Inception Sydney Thomas, who always displayed an “entrepreneurial spirit,” founded the venture capital (VC) firm in 2022. Having already dedicated years to being a serial investor, her work in venture capital began in 2016. It was during that time that she observed a common pattern: Many firms placed broad bets on numerous founders, accepting that most would fail in hopes that a few would yield outsized returns. However, she believed it was possible to have a more refined approach that would put more early-staged founders in a better position. “While it is still incredibly risky to work in early stage, a way to actually de-risk your investment is to have a much more structured and focused support strategy with those companies that increases the likelihood that they graduate from pre-seed to seed, and increases the likelihood that they graduate from seed to...
Growth Warrior Capital has raised new funding to support enterprise companies being fueled by artificial intelligence (AI). The operator-led venture firm, which invests in early-stage Enterprise AI companies, was created by Promise Phelon, a former Silicon Valley tech CEO with more than 15 years of experience as an angel investor. According to a news release shared with AFROTECH™, her career trajectory has led to an expansive network , some of whom have now invested in Growth Warrior Capital’s first fund, which totals $26 million. Limited partners include Ho Nam and Han Kim (Altos VC) and well as Seth Levine and Brad Feld (Foundry). Amazon Catalytic Capital, Bank of America, Bessemer Venture Partners, Pivotal Ventures, and more are also listed as limited partners. “My goal is to be the first VC fund of significant scale run by a woman of color,” Phelon, founder and managing partner, said in a news release. “We have the backing of VC industry legends, and their support is proof of...
The efforts of a financial institution created to fund underserved farmers is being put on pause. According to a news release, the U.S. Department of Agriculture (USDA) announced in October 2024 the launch of the Southern Farmers Financial Association (SFFA), a bank that would make it easier for underserved farmers to access funding. Black farmers, in particular, face greater challenges in securing loans and often encounter discriminatory practices, Civil Eats mentions. To create better outcomes, Southern Farmers Financial Association r eceived $20 million in funding through former President Joe Biden and former Vice President Kamala Harris’ Inflation Reduction Act, which would support lending and outreach, hiring full-time staff, and attracting private sector capital. “Every farmer needs affordable financing. Farmers must have reliable and consistent access to capital to be successful,” USDA Under Secretary for Rural Development Dr. Basil Gooden said in a news release. “For too...
Stefanie Thomas-Martin has been promoted after spearheading a $50 million investment vehicle. The Wall Street veteran, who holds an MBA from the Ross School of Business at the University of Michigan, joined Zeal Capital Partners—a Washington, D.C.-based venture capital firm focused on early-stage technology businesses —as its managing director in 2023. Before that, she was a founding member and investor at Impact America Fund (IAF), where she helped grow the company’s assets under management from $7 million to $110 million, as AFROTECH™ previously reported. Thomas-Martin was entrusted with leading the VC firm’s $50 million Barclays Black Formation Investment (BBFI) vehicle, which funds Black-led companies leveraging services and technology to bridge wealth and skills gaps. She not only successfully led the initiative but also launched its first scout program to train the next generation of venture capitalists. Her efforts have led to her promotion from managing director to partner,...
Hip-Hop icon RAKIM is aligning himself with artificial intelligence (AI). According to a news release, the rapper, who released the studio album “G.O.D.’s Network” in 2024, is now the founder of the fintech platform Notes Technology, which will benefit artists by providing them access to loan and credit providers to fund creative projects, AI-powered education around financial literacy and entrepreneurship, and fintech tools to manage capital and income. By merging music, finance, and technology, Notes seeks to empower artists with the tools they need to succeed and maintain control over their careers. “With Notes, getting ‘paid in full’ is beyond just the money, it’s also about the knowledge and understanding of the urban music game from a position of being conscious of how it all works as a business, and how to leverage that to thrive and succeed as independent urban music artists and creators,” RAKIM said in a statement shared on the company website. Notes Technology’s other...
Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. Venture capital has transformed over the last 15 years from a little-known industry to one of the most sought-after fields, thanks to the rise of iconic tech companies and the media spotlight on their stories. Movies, television, and digital media have brought the narratives of this once-obscure sector to screens worldwide. The first major story to captivate global attention was “ The Social Network” in 2010, chronicling Mark Zuckerberg’s journey from founding Facebook (now Meta) in his Harvard dorm room to building one of the world’s largest companies, with a market cap of $1.5 trillion. The allure of startups also made its way to the small screen with the hit HBO series “ Silicon Valley ”. Over six seasons, the show followed Richard Hendricks and his fictional startup , Pied Piper, portraying the highs and lows of launching, scaling, and exiting a startup. Each week, viewers gained insights into...
A Michigan-based venture capital fund focused on investing in businesses owned by people of color has joined forces with a renowned investment firm, paving the way for expanded growth and a more significant impact for both organizations. According to Crain’s Grand Rapids Business, the New Community Transformation Fund has partnered with Michigan Capital Network, which will manage fund’s, daily operations, and offer strategic guidance. Discussions between the two Grand Rapids firms began months ago. Paul D’Amato, CEO and managing director of Michigan Capital Network, said it “made sense” for both organizations from the start of the process. “We share their goal of creating access to capital for people of color because we know that business growth, entrepreneurship and capital investment strengthens our economy and makes our state more attractive to other businesses looking to relocate,” D’Amato said, Crain’s Grand Rapids reported. Through the affiliation, which gives the venture...
NBA star Giannis Antetokounmpo has launched a venture capital firm. According to Bleacher Report, the Milwaukee Bucks player has introduced Build Your Legacy Ventures (BYL). The venture capital firm, backed by institutional investors and tech veterans, aims to funnel investments into the sports and entertainment sectors. As noted in a press release, the firm will be “driven by the Antetokounmpo family’s dedication to fostering innovation and entrepreneurship.” “I’m incredibly energized to launch BYL Ventures as a way to give back and support the next generation of visionaries,” Antetokounmpo, founder and general partner of BYL Ventures, said in the release. “This fund is not just about capital; it’s about forging partnerships and opening my network to accelerate the growth trajectory for companies. I want to help other entrepreneurs, especially those who have faced barriers, to grow and succeed. BYL Ventures will be focused on finding people with big dreams and helping them make...
As the 2024 AfroTech conference approaches, anticipation builds for the impactful discussions that will celebrate Black excellence in technology. This year, Capital One, a tech leader committed to fostering diversity and innovation, is taking center stage with an exciting workshop on technology and product management. At the helm of this dynamic session will be two visionary leaders, Alexandra “Alex” Wood, Vice President of Product, and Jared Jordan, Managing Vice President, both of whom are driving the future of tech at Capital One. Their leadership exemplifies the company’s commitment to nurturing Black talent and pushing boundaries in the tech landscape. Meet the Leaders: Alex Wood and Jared Jordan Alex Wood and Jared Jordan bring diverse experiences and unique perspectives to their roles at Capital One. For Wood, the journey to Capital One wasn’t a linear path but rather a discovery of passion. “Like every good daughter of an immigrant, I wanted to be a doctor or scientist, but...
The NAACP has launched a “fund of funds” to scale impact within communities of color. According to a news release, NAACP Capital was formed with the support of Kapor Capital, the Kapor Center, and nine venture fund managers. It seeks to raise $200 million to fulfill its goal of investing in fund managers connected to sectors such as education, healthcare, and finance, with a focus on supporting underserved communities. Beyond capital, the initiative aims to close racial equity gaps and increase diversity within the tech industry. As part of this mission, resources and support will be provided to fund managers and founders. “As an ever-evolving legacy organization, the NAACP knows that innovation is borne out of inclusivity. Impact investing has the power to drive historic financial returns and uplift overlooked communities,” NAACP President and CEO Derrick Johnson said in a statement. “Right now, deeply entrenched systemic barriers are curtailing the innovative progress necessary to...
MaC Venture Capital has closed its third fund. According to a press release shared with AFROTECH™, the venture capital firm, launched in 2019 by former Washington, DC, Mayor Adrian Fenty and seed-stage venture capitalist Marlon Nichols , has raised $150 million in its third investment fund. Returning investors in this round include Boston College, Fairview Capital, the Los Angeles Fire and Police Pension, the Michigan Department of Treasury, Stepstone, the Teachers’ Retirement System of Illinois, and the University of Michigan. This investment brings MaC Venture Capital’s assets under management to $600 million, making it one of the largest seed-stage firms in Los Angeles, CA, and North America, per the release. “We’re grateful that we’ve grown so quickly in recent years, emphasizing that our investment framework succeeds in finding untapped potential in dynamic founders,” Fenty said. “During a time when the fundraising market looks troubling for early-stage startups, we continue to...
A new venture capital firm is on the block with significant capital at its launch. According to WWMT-3 TV, Kalamazoo Forward Ventures (KZFV), reportedly the first Black-owned investment fund in Southwest Michigan, has launched with $50 million in capital, derived from limited partners. The firm has as its purpose to arm underrepresented founders residing in Kalamazoo, MI, as well as startups. “We came up with that fund by thinking about what we want to accomplish in the community, the ecosystem, and the funds started growing as the ideas started growing,” Eric L. Wimbley, CEO and founder of First Line Risk Management and managing partner of KZFV’s venture capital fund, explained, according to the outlet. Jamauri A. Bogan, CEO of Bogan Developments and KZFV general partner, commented: “It’s our job now as investors to this community and this ecosystem to now get that capital to folks who traditionally never have it.” Also a part of the group is Bobby J. Hopewell, who was the former...
The AFROTECH ™ community continues to push the mission and discussion of inclusivity in the tech space. As we gear up for AFROTECH™ Conference 2024, let’s dive into a session of the past. View this post on Instagram A post shared by AFROTECH™ Conference (@afrotech.conference) On the Executive Stage at the 2023 AFROTECH ™ Conference, Kapor Capital’s founding partners Freada Kapor Klein and Mitch Kapor were part of the panel “Closing The Equity Gap: C reating Wealth and Fostering Justice in Startup Investing” — titled after their book, released in March 2023. Alphonzo Terrell, co-founder and CEO of social media platform Spill, moderated the panel, addressing equity gaps in the startup landscape and how to build a more inclusive future. Klein and Kapor shared that the company has invested more than $106 million into over 170 companies, 62% of which are women-led or underrepresented founders , according to their website . In addition, Kapor Capital has achieved an internal rate of...
A multi-million-dollar investment towards Black farmers is underway. As AFROTECH™ previously reported, the Black Farmer Fund, created by Karen Washington and Olivia Watkins, raised $11 million in September 2023 to support Black-owned agricultural systems through wealth-building opportunities. Since then, the New York-based nonprofit has reached its target goal in a second fund, which will deploy $20 million in capital to improve the Black food system, a press release states . It will specifically target food businesses in the Northeast region and provide support in the form of “low-interest loans and gifts.” The intention is for the awarded businesses to enable Black growers to strengthen their presence in the market and gain greater authority in the supply chain. This is timely when considering Black farmers have been faced with various challenges throughout the decades, which includes discrimination that has led to the denial of low-interest loans, grants, and further assistance,...