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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...
When a company begins to grow and expand, it often needs significant capital to support its operations and scale. This is where venture capital funding rounds like Series A, B, and C come into play. Most commonly something startups engage in, these rounds represent distinct stages in a company’s journey, each with its own objectives, investor types, and implications for the business. Why Startups Use Series Funding Series A, B, and C funding rounds are primarily associated with startups because these companies often have innovative ideas but lack the financial resources to scale independently. Startups typically rely on outside investments to accelerate growth, develop new products, and gain a foothold in competitive markets. Unlike established companies, startups usually cannot rely on steady revenue streams or traditional bank loans to fund their expansion. Venture capital funding, offered during these series rounds, fills this gap. In exchange for equity, startups secure the...
Kerry Washington has invested in Spill, the Black-owned social media platform designed to provide a safer and more inclusive environment for diverse communities to engage with and discuss culture in real time. “In a digital world where marginalized groups, especially Black, Brown, and LGBTQIA folks, rarely feel prioritized, Spill stands out,” Washington said, according to TechCrunch. “I’m proud to be part of this community as both a user and an investor.” Founded in 2022 by Alphonzo Terrell and DeVaris Brown after the two had worked at Twitter, Spill raised a $2.75 million seed extension in 2023 and has over 200,000 active users. In addition to serving as an investor, Washington actively participates in the Spill community by hosting “Tea Parties,” which are live video conversations, and engaging with users on topics like voter registration. “She’s incredibly accessible and knowledgeable, especially around these topics and is not scared in any way, shape, or form about really...
Today’s job market is an interesting one. From significant tech layoffs to other companies experiencing hiring surges, jobseekers are caught in a crossfire of what to do and whom to trust. A part of that trust factor is often ambiguity around salary. Some organizations have done a great job of being more transparent about salary expectations, while others have remained discreet about job and salary expectations. In some cases, states have proposed laws to protect job seekers from wasting their time and energy on job processes that don’t meet their minimum requirements. However, some companies have thought of other ways to avoid those laws (In short, it’s giving fraud).
Grandma and ‘nem always told us, “there’s nothing new under the sun.” When it comes to racial biases and prejudices in the workforce, there’s a draining repetition of occurrences that never surprises Black and Brown folk. This phenomenon around racial biases against people of color is pervasive in the world, but it rears its ugly head in the job space quite frequently. From wage and payment gaps to a lack of professional development, Black and Brown people consistently face challenges that show great inequity in business and entrepreneurship. Carta — an ownership and equity management platform — releases a yearly report that explores the demographics and trends that highlight these issues, with some focus points on the ecosystem of venture capital and startup organizations. This year’s report from Carta explored some new assessment points like expanded geographic data, the effects of parenthood related to gender, and investor-specific demographics.
When discussing trailblazers in the fintech space, Tanya Van Court is a name that is expected to come up in conversation. The Goalsetter founder has been working tirelessly as a leader to not only spread knowledge of the importance of financial literacy but also backing initiatives that directly support Black and brown communities. As previously reported by AfroTech, Goalsetter and Robert F. Smith launched One Stock. One Future. — an initiative to spearhead financial freedom for the next generation of Black and LatinX Americans. With the success behind her platform, Van Court is also no stranger to the whirlwind of a journey that attaining financial wellness can bring. After seeing her own fair share of how the lack of financial education can leave a devastating impact, she’s a believer that there’s still room to turn in the right direction toward the ultimate goal of financial freedom. “There is no shame in realizing that perhaps you aren’t as well equipped as you thought you were,...
Throughout her time as a business maven and investor, Serena Williams has always worked to find new ways to play a role in advancing the Black community. Her mission has yet to falter with the announcement of her latest tech investment. According to a press release, Williams has invested in Karat — a cloud platform for companies to conduct technical interviews. Specifically, her financial support is for the growth of the tech startup’s Brilliant Black Minds program. As previously reported by AfroTech, the program works to help more engineer positions be filled by Black talent. The mission is to take the current five percent of Black engineers in the tech industry to double digits, according to Karat’s website. “The technology industry is focused on solving some of the world’s biggest challenges that impact all of us. My focus is ensuring the solutions to those challenges are developed by all of us,” Williams said in the press release. “There has never been a shortage of brilliance...
Serena Williams and Kerry Washington are sharing their insight on equity and ownership for free.99. According to Essence, the two have partnered with Carta, an ownership and equity management platform, for its campaign — Equity 101. The launch includes ten fintech lessons focused on equity and investing, as well as videos from Williams, Washington, Alex Rodriguez, Ashley Graham, Tan France, and Steve Nash, in which they “help debunk major concepts that have stood in the way of achieving financial freedom. ” Each of the celebrities involved in the campaign own equity as investors or venture capitalists. As previously reported by AfroTech, Williams founded her VC firm Serena Ventures in 2014 to provide opportunities to women and underrepresented founders and it has since gone on to invest in 43 companies , 25 marked as “diversity investments.” AfroTech has also reported on Washington continuously having her hands in the startup world including her investments in brands such as Aurate,...
It’s the battle of the 1990s rappers on VERZUZ, as Fat Joe faces off against Ja Rule. While there’s some question as to who will emerge victorious, tonight, what’s clear is that despite his various controversies, the man born Joseph Cartagena has overcome plenty of legal battles to get a $4 million net worth, according to Celebrity Net Worth. As he told Forbes Magazine, he did so by keeping his eye on the prize, and by addressing the issues as they came up without allowing them to get out of control. “I’m known to be hands-on 100%,” Fat Joe said to the outlet. “I don’t know any other way to be, than a leader by example. When I came up in Hip Hop, there was no such thing as a Puerto Rican rapper doing Hip Hop for many mainstream people, so I was the ship, the captain, and the crew. The new artists that I have, need to see me in action and feel my energy and drive to know what it takes to be successful. A hit record is only a part of that puzzle.” Let’s take a look at how Fat Joe...
Tired of yelling for a representative when chatting with bots when you call in for customer service at your favorite companies? This CEO is working to change that. Deon Nicholas, CEO of Forethought, says that his three-year-old startup is built differently. For his company, he uses artificial intelligence software rather than automated decision trees. “We know you’ve been burned,” said Nicholas. “But that wasn’t artificial intelligence. It was a lot more artificial than it was intelligent.” The San Fransisco-based company offers a tool called Agatha that works with service agents to help them triage support tickets and resolve them on its own through the use of an AI software that gets smarter at anticipating solutions over time and using natural language processing. So far, the company reports that they have resolved more than 500,000 claims automatically and investors have noticed, per Forbes. In an announcement on Wednesday (Nov. 25), Forethought shared that it’s raised $17...
Jay-Z and Beyoncé are masters at making power moves when negotiating business deals. According to Forbes , the power couple’s combined net worth is estimated at $1.4 billion. In the age of technology, streaming, and digital downloads, Beyoncé and Jay-Z have not only been able to adapt to the way the world buys music, but they’ve also skillfully used their influence to create lucrative business deals. Their business savvy speaks volumes and their net worth is proof. Here are some points behind some of the duo’s business deals: Don’t Overlook Second Best Jay-Z has a thing for partnering with companies that are extremely well-known, but don’t quite hold the number one position in their respective fields. For example, in 2003, Jay-Z made history with a Reebok deal. His signature shoe, the “S. Cater,” collection ended up being the fastest-selling shoe in Reebok history. He also promoted his autobiography, “Decode,” via Bing in 2010. Then in 2013, Jay-Z released his 12th studio album,...
We’re used to seeing Andre Iguodala, the 6’6″ swingman, dominate the basketball court, but get ready to witness him transition his skills into the investing industry. The Philadelphia Business Journal announced that Iguodala will be joining the Comcast team as a venture partner for its Catalyst Fund located in San Francisco Bay. The news of Iguodala joining Comcast comes immediately on the heels of his trade from the Memphis Grizzlies to the Miami Heat. The Catalyst Fund is designed to invest in African American, Latinx, and female founders. To date the fund has provided support to more than 70 startups by either directly investing or pairing with accelerator programs, according to its website. Iguodala isn’t new to the world of investing. In fact he and his business partner, Rudy Cline-Thomas founded F9 Strategies. According to Bloomberg Business , the pair holds $25,000 to $150,000 worth of stakes in more than 25 startups including Walker & Co. , Mayvenn , and more. Iguodala...
It’s National Equal Pay Day, and Hired.com just released its report on the gender pay gap across industries. Women in the workplace have historically been compensated less than their male peers for doing the same job — 60 percent of these men are paid more than women now. According to the study, the technology industry has a 3 percent wage gap which is a 1 percentage point improvement from two years ago. San Francisco had the smallest gender wage gap, followed by New York, Seattle, Boston, and Los Angeles. San Francisco’s booming tech scene plays a large part in its shrinking wage gap; however, it may not be the best city for women in tech. A separate study by SmartAsset found that Washington, D.C. ranks as the city with the best pay for women in tech with women making 95 percent of what men do. The survey also said that D.C. has more tech women workers and those employees have more income after housing costs. Although tech’s wage gap is making improvements , this progress may only...
America’s gender pay gap compensates women 80 cents to the dollar of their male counterparts — but for women working in startups, the equity gap is much worse. According to a study released Monday by Carta , a California-based company that helps startups manage their cap table and valuations, women in tech are 35 percent of equity-holding employees, but hold only 20 percent of employee equity. Carta analyzed nearly 180,000 startup employees at more than 6,000 companies and more than 15,000 founders. It is common for startup employees to accept less pay in exchange for equity, in hopes that they will hit the jackpot when the company gains more success. Carta’s study showed that female equity-holding employees earn about 47 cents to the dollar of males equity-holding employees. “Women are consistently undervalued,” said EnrichHer CEO and Founder Roshawnna Novellus. “We often expect even less [pay] because we want to be included in the story and that perpetuates why there is a...