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Andrea Wallace has reportedly secured funding for an entertainment marketplace. In 2018, Wallace, a professional DJ with a business degree from Grand Valley State University, founded and launched Opnr, an “all-in-one data-powered” solution designed to simplify the booking process for musical talent. According to the company website, it provides concert organizers with data and analytics to help them book the right talent for local events. It also helps musicians showcase their work through an electronic press kit generator that serves as a resume, and through its FAN-CLAIM™ software, they can connect with their local fanbase. According to MLive , Opnr has been used by nearly 12,000 musicians and 800 organizers. “We’ve got pretty good traction,” Wallace said of the company, which is headquartered in Grand Rapids, MI, according to the outlet. Even so, it has not been easy to gain support in funding. “There are plenty of people in Grand Rapids who are super helpful,” Wallace mentioned,...
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...
Chris Paul has entered into a partnership that considers the financial futures of the youth. Goalsetter, a fintech company founded by Tanya Van Court, has shared results from a study it conducted with Ivy League university students revealing a significant lack of understanding when it comes to personal finances. When surveying 1,065 undergraduate students from Harvard University, Stanford University, and the University of Pennsylvania, t he study revealed that the students answered on average only 51% of its financial education questions correctly. The questions were at the high school standard, and the percentage of acuity decreased even further when looking at only underclassmen, with scores of 48%. Furthermore, only 13% of students who took the quiz scored above a C-. To create better outcomes, Goalsetter is committed to targeting financial initiatives towards the youth, and the company is strengthening its efforts through a partnership with NBA player Chris Paul, Oakland Fund...
This Tuskegee, AL-based Historically Black College and University (HBCU) has received a whopping donation. According to a news release, an anonymous donor has donated $20 million to Tuskegee University, which is going toward developing STEM programs and applied research. “This gift will allow us to invest in our students, faculty, programs and infrastructure, enabling us to enhance our academic reputation, enrich the student experience, and continue our work to reach milestones within our strategic plan,” Tuskegee University President Dr. Charlotte P. Morris shared in a statement. “It will provide additional resources for us to implement vital initiatives, further securing the campus, and foster a more dynamic community.” She continued, “We are grateful for this extraordinary act of philanthropy, which will undoubtedly leave a lasting impact on our university and its community. This contribution is a testament to our collective efforts and the enduring trust inspired by the Tuskegee...
Something new is on the horizon when it comes to investing in companies that are often overlooked and underserved, and these Black founders are helping to lead the charge. According to Forbes , Westbound Equity Partners, a venture capitalist firm spearheaded by former nonprofit director Sean Mendy is on a mission to pour millions into companies led by Black, Latin, and diversity-driven founders. “We aren’t investing in underrepresented founders as this altruistic thing,” Mendy told the outlet. “This fund is about investing in the best companies and performance. Explicit impact is what we’re doing on the foundation side.” Since its inception in 2019, the firm formerly known as Concrete Rose Capital has managed to invest in over 40 startups as well as tap into what Mendy says is “the diversity opportunity,” which provides capital to underrepresented founders, especially Black and Latino companies. What’s more, there is a key focus on startups with goals of serving their communities....
Richualist Founder Dawn Myers has scored an investment from “Sharks” Mark Cuban and Emma Grede. On Friday April 5, the founder was featured on ABC’s “Shark Tank.” The purpose of the show is to offer opportunities to entrepreneurs who are looking to start or scale their business by securing funding from its lineup of venture capitalists, its website mentions. The episode starring Myers featured “Sharks” Cuban and Grede, along with Lori Greiner, Kevin O’Leary, and Robert Herjavec. Photo Credit: Christopher Willard Myers was seeking a $150,000 investment in exchange for 10% stake in her company. As AFROTECH™ previously told you, Myers launched The Mint, a hair tool that includes six attachments to detangle and style all hair types, with a special focus on curly to coily types, classified as 3A to 4C. Its technology warms liquid hair products between 130 degrees Fahrenheit and 140 degrees Fahrenheit for deeper penetration into the scalp. Myers said on the show she is currently in talks...
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...
A program is helping a group of Black women restructure their finances. Business Insider reports that the Georgia Resilience and Opportunity Fund is behind In Her Hands, an Atlanta, GA-based guaranteed income program launched in 2022 that gives 650 low-income Black women $850 per month. What’s more, the selected women are supported by the program for two years. Economic relief from the program was used by 45% of participants to pay their bills; almost 30% said they were able to store money for “rainy day” funds; and 27% used it to pay off debt, the outlet notes. Among the 650 participants is C. Harper, who, before enlisting in the program, faced trouble paying her rent. Now, with the help of In Her Hands, the Georgia resident was able to secure permanent housing for her family as well as earn a teaching certificate, which led to “a better job.” According to the Georgia Resilience and Opportunity Fund website, In Her Hands, a $13 million initiative, was launched as a way to provide...
Snoop Dogg has built a history of being instrumental in the cannabis industry, and his latest investment helped in doubling the value of a cannabis startup. Bloomberg reports that Snoop’s venture capital (VC) firm, Casa Verde Capital participated in a Series D funding round of $350 million for Dutchie — a technology platform for cannabis dispensaries. The tech firm’s valuation is now $3.75 billion. The round was led by D1 Capital Partners and other participants included Tiger Global, DFJ Growth, Dragoneer, Gron Ventures and Thrive Capital, according to Bloomberg. The new funding comes in seven months after Dutchie raised $200 million, which brought their value to $1.7 billion. Now the tech platform’s value has doubled in less than a year. As previously reported by AfroTech, Casa Verde Capital has served as a leading VC firm in providing cannabis startups with funding. The VC firm has an extensive portfolio, and Dutchie is one of its prized investments. Its backed Dutchie since 2018...
Emory University is taking things to the next level with the first student-run venture capital (VC) fund. The Peachtree Minority Venture Fund (PMVF) was launched at The Roberto C. Goizueta Center for Entrepreneurship and Innovation at Emory University’s Goizueta Business School (GBS) to support Black, LatinX, and Native American entrepreneurs. This is the first VC fund to have a focus that is strictly dedicated to underrepresented minority founders and will be funded by the Goizueta Business School endowment. Currently, the fund has $1 million in assets that are currently under management, and students are responsible for souring companies, conducting due diligence and making investment recommendations to the Peachtree Investment Committee. The committee — made up of GBS faculty, staff and alumni — utilizes an “evergreen” structure, which means that they recycle all proceeds to be used for reinvestment. “Peachtree Minority Venture Fund will invest in companies that have at least one...
Increasing computer science enrollment for Black, Indigenous, People of Color (BIPOC) students has to start with building community, and nonprofit ColorStack recognizes that. The National Center for Education Statistics reported that of the 79,598 computer science degrees awarded in 2018, only 8.9 percent of them went to Black students, and more than 50 percent went to white students. The lack of diversity bleeds into the tech workforce as well. Less than 10 percent of Google’s national workforce identifies as Black or Latinx, while nearly half of Apple’s global team is white professionals. These statistics are stark. That’s why Jehron Petty launched ColorStack, a nonprofit that runs community building, academic support, and career development programs for Black and Latinx college computer science students across the U.S. ColorStack runs a three-week virtual career-building boot camp, hosts a 12-week computer science program, puts on a three-day computer science summit, and manages...
Nonprofit firm BLCK VC teamed up with Sequoia Capital and Lightspeed Venture Partners to launch a network that supports the next generation of Black investors. There has been an emergence of scout programs in the venture capital sector, which have helped better connect founders, operators, and angel investors (If you’re unsure of what venture capital scouts are, think of them as the bridge between venture funds and promising companies looking for support). Through the BLCK VC Scout Network, Black investors will be able to tap into training, mentoring and networking opportunities. BLCK VC launched this initiative after recently discovering that only three percent of venture capital investors are Black. The firm is working to increase diversity in venture capital, so this new network is a step in the right direction. The BLCK VC Scout Network program will take place over six months, across three phases focused on education, community , and deal flow. Twice a year, BLCK VC will welcome...
The venture capital space is still struggling with its diversity problem, but this student-run equity fund is hoping to use its expansion plan to fix it. University Growth Fund (UGF) — considered the largest student-run equity fund in the country — has partnered up with Ally Ventures to announce that it is expanding its offices to Atlanta in an effort to usher more Black and Brown students into the underrepresented field of venture capital. According to a press release, the equity fund has established a company mission to provide “unique access to the highly-competitive and lucrative career track of venture capital through hands-on experience.” Now stationed in Downtown Atlanta — which is home to 26,000 Black and brown college students — UGF hopes to use its close proximity to the city’s top colleges and universities with diverse student bodies to turn things around for the VC world. “Only 2% of venture capital leaders are Black, making venture capital one of the least diverse...
When Darryl Finkton, Jr. started his career, he worked in the world of asset management. He was “that guy” who made sure that the super-wealthy were able to keep their hard-earned money and to have it work for them and not the other way around. But he realized, at some point, that there had to be more. And with that in mind, he set up a fund which he ended up calling the EPMT Fund (or the End Poverty, Make Trillions Fund ). Darryl Finkton, Jr. — who started in the projects of Indianapolis, IN, and ultimately went to Harvard to study neurobiology — told TechCrunch that his ultimate goal with the fund was to help people who were like him, but didn’t have the luck, the means, or the opportunity to get themselves out of their dire situations. “In my household, we often struggled to make ends meet and put food on the table. More family members than I care to count have died from the dire circumstances that extreme poverty creates,” he said to TechCrunch. “Although I was able to overcome...
Zing Health has a new chief medical officer! According to PR Newswire , Trent Haywood, MD, JD has been named chief medical officer of the Chicago-based provider of Medicare Advantage plans. Dr. Haywood previously served as senior vice president in the Office of Clinical Affairs and chief medical officer for the Blue Cross and Blue Shield (BCBS) Association where he represented the BCBS system on clinical matters that affected over 106 million of its members. During his time with BCBS, he also led the development of clinical programs, medical policy, and technology platforms. “Dr. Haywood is a true clinician executive with deep experience in technology and population health innovation,” said Dr. Eric E. Whitaker , Zing Health’s CEO in an official press release. “During his 20-plus year career in healthcare, Dr. Haywood has focused on improving population health, and his values align perfectly with Zing Health’s mission to address social determinants of health at scale.” Throughout...