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Africa’s health-research landscape has been steadily growing as of recently, but in order to keep this momentum going healthcare must become decentralized. For Ghanaian medtech startup Redbird, its company believes there is a better way to make medical testing in the country an easier process for both patients and doctors by introducing a simple health monitoring system. By partnering with pharmacies, Redbird is able to bring Ghanaian doctors proven rapid test technology for chronic and acute conditions that allow them to give patients a more convenient way to monitor their health wherever they are, its website reports. In order to continue Redbird’s vision of making modern healthcare more efficient, the startup has just announced a raise of a $1.5 million seed investment that will ultimately help scale the company. Participating investors in the round include Johnson & Johnson Foundation, Newton Partners (via the Imperial Venture Fund), and Founders Factory Africa, according to...
Cincoro, Michael Jordan’s spirit company, is making large strides. As AFROTECH™ previously reported, the tequila company was founded in 2019 by Jordan in partnership with NBA team owners Jeanie Buss of the Los Angeles Lakers, Milwaukee Bucks’ Wes Edens, and Boston Celtics’ Emilia Fazzalari and Wyc Grousbeck. Since then, it has won numerous awards and attracted notable investors, including Serena Williams, Derek Jeter, Michael Strahan , Fenway Sports Group Co-founder Tom Werner, and RedBird Capital Partners Founder and Managing Partner Gerry Cardinale. “Michael introduced me to the brand, and I’ve been an avid fan of Cincoro Extra Añejo since it launched in 2019. I’m honored to support Cincoro in its next era,” said Jeter in a press release. Williams commented: “Being part of Cincoro isn’t just about business —it’s about championing a legacy of greatness. I love Cincoro. Just as I’ve strived for excellence on the court, I recognize the dedication and drive behind Cincoro, and I’m...
New changes are underway at LeBron James’ media company. Bloomberg previously reported that the SpringHill Co., owned by James and Maverick Carter, had been in talks for several months with Fulwell 73, a British television, music, and film company known for “The Kardashians” and “Carpool Karaoke .” Sources close to the discussions mentioned plans for unscripted and live programming, with both parties aiming to leverage their resources across Europe and the United States. Now, it has been confirmed that the two companies will merge, however without any money being exchanged. The merger will instead be supported by a $40 million investment toward future growth from entities such as Fenway Sports Group, RedBird Capital Partners, UC Investments, Nike, Epic Games, Main Street Advisors, and Eldridge Industries, according to Variety. “We didn’t want to stand still and ultimately just be a production company where more and more you are in the services business. We’re producers for hire,”...
Charles Barkley isn’t putting his eggs in one basket. Barkley is currently working under TNT, widely known for his contributions as one of the co-hosts of “Inside the NBA.” His future at the network was in question after it was announced TNT would lose their rights to the NBA, as AFROTECH™ previously reported. However, all is well with Barkley who will not only remain with TNT — despite claiming to have left a minimum of $100 million to do so — but is leveling up in the media landscape with the launch of production company Round Mound Media. Variety reports the media company, in partnership with EverWonder Studios, will feature original documentaries, live telecasts, and scripted content. “Round Mound Media is about creating an outlet for my vision to share compelling, original stories meant to captivate audiences across the world,” said Barkley, according to the outlet. “I’ve always looked for projects and relationships that will allow me to be authentic, and hopefully to build my...
Roland Parrish is reportedly the second-largest Black franchisee of McDonald’s, per The Dallas Morning News. The Dallas Business Journal mentions he owns 24 locations across Dallas, TX, including at the Dallas-Fort Worth International Airport. This was accomplished across his more than 30 years at the fast-food company. Journey To Franchising Parrish’s journey to franchising was planted while in college. Carrying his experience as an All-American in track and field, he would continue sports while attending Purdue University’s business school in 1971, the schools website mentions. He continued to fair well in sports, being named Most Valuable Player twice during his college years. He was able to translate his discipline in sports into his academics, and he received guidance from Dr. Cornell A. Bell, the former director of the school’s Business Opportunity Program (BOP), who doubled as his mentor. “I spent more time in the libraries than on the track during my time on campus,” Parrish...
NBA legend Michael Jordan is enlisting a team of athletic superstars as co-owners of his award-winning tequila company. In a press release shared with AFROTECH™, the NBA Hall of Famer has tapped Serena Williams, Derek Jeter, and a host of other athletes and sports enthusiasts as investors in his award-winning portfolio of luxury tequilas, Cincoro Tequila. “Cincoro has always been special to me because of the authentic friendships we’ve established around enjoying Cincoro and spending time together, designing it, experiencing it, and tasting it. We are constantly striving for greatness,” Jordan, co-founder of Cincoro Tequila, said. “And now that we’re welcoming in some of my closest friends to the business, I’m looking forward to this next era of Cincoro alongside this all-star team.” The company’s new ownership group, Team Cincoro, also includes RedBird Capital Partners Founder and Managing Partner Gerry Cardinale; The Lerner Family, owners of the Washington Nationals; former NFL...
A long-time factor for a medical test for kidney transplant evaluations has been rectified, which has lessened a massive barrier for Black patients in need of a new kidney. Previously, the eGFR (estimated glomerular filtration rate) test that is used for kidney transplant waitlist evaluations included race and outdated studies that inaccurately showed that Black patients’ kidney function was different than other racial groups and underestimated the extent of their illness, according to ABC News. Today, race is no longer taken into consideration. This came after reassessment from the National Kidney Foundation and the American Society of Nephrology in 2020, which determined race had no connection to kidney function. As a resulted, the Organ Procurement and Transplantation Network enacted the update in 2023. “That really was problematic, but it was very widely accepted,” said Martha Pavlakis, former chair of the kidney committee with the Organ Procurement and Transplantation Network,...
The phrase “NEPA took the light” is something that you hear quite often in Nigeria. The acronym stands for the National Electric Power Authority, the former name for the company that keeps the power running in the country. Now, named the Power Holding Company of Nigeria, electricity cutting off sporadically continues to be an ongoing issue. In 2014, Beacon Power Services (BPS) founder and chief executive officer Bimbola Adisa launched his company to help improve electricity access in not only Nigeria but across Africa, TechCrunch reports. A report says that in 2020, 77 percent of Sub-Saharan African countries had no access to electricity, having to turn to alternatives like generators. After eight years invested in providing energy management software and analytics for utilities, BPS has recently raised $2.7 million, according to the outlet. “Africa is home to the fastest growing cities in the world, but when most people think of energy access in Africa, they think of the rural...
A group of Black women is passing the torch to another group of Black women to push founders who like them to the forefront, and we love to see it. In a press release provided to AfroTech, it was announced that Black Women Talk Tech (BWTT) has acquired Minneapolis-based community organization and pre-accelerator, Black Female Founder s ( #BFF) . “Our communities overlapped so the acquisition made sense to bring more resources and connections to more Black women founders. We’ve known Erin Horne McKinney for years and before this acquisition, she’s always been a big supporter of Black Women Talk Tech,” BWTT said in a statement provided exclusively to AfroTech. BWTT boasts a worldwide collective of Black women tech founders who understand the challenges faced by their own as they navigate the industry while affirming the value of innovation each founder brings to the table. And, the merger plans to strengthen that even further. “We are all about collaboration and this partnership adds...
When used for good, technology can be life-changing! According to NPR, the first sickle cell patient to be treated with CRISPR gene editing is still thriving nearly a year following her trial of the experimental treatment. “I’m doing great,” shared 36-year-old Victoria Gray in an interview of an update of her status since undergoing the treatments. Thanks to the technology that genetically modified her blood cells to keep them working, Gray is now free from complications that have taken over her life since birth.
To expand its horizons, Equinix has acquired West African telecommunication service and network solutions provider, MaineOne. TechCrunch reports the $320 million acquisition is projected to close in the first quarter of 2022. The news follows a year after Equinix acquired GPX India for $161 million and Bell Canada for $780 million back in June 2020. Now, Equinix firmly believes its newest acquisition in Nigeria, Ghana, and the Ivory Coast will be a preliminary step to solidify its presence as an African digital infrastructure company. “The acquisition of MainOne will represent a critical point of entry for Platform Equinix into the expansive and rapidly growing African market. MainOne’s leading interconnection position and experienced management team represent critical assets in our aspirations to be the leading neutral provider of digital infrastructure in Africa,” said Charles Meyers, the president and CEO of Equinix, in a statement, according to TechCrunch. “MainOne’s...
Billionaire Michael Jordan has marked himself as a shrewd investor. Now, the National Basketball Association (NBA) legend is investing in his passion for luxury collectibles. WatchBox, an e-commerce platform for collectible luxury watches, has secured a $165 million round of equity capital, according to a press release. It was led by The Radcliff Companies and The Spruce House Partnership. Other participants include CMIA Capital Partners and NBA stars such as Michael Jordan, Giannis Antetokounmpo, Chris Paul, Karl Anthony Towns and Devin Booker. “Our investors and partners hail from a wide range of industries, from consumer to technology, finance and professional sports, yet we are all bound by our love of watches. When we founded WatchBox, our vision was to build a brand that would engender trust so that we could unite a passionate network of enthusiasts. With that foundation we are now able to use technology to create the best customer experience in the industry,” said Justin...
Designed to make Africa’s payment system as simple as a phone call, MFS Africa has coined the title of the continent’s largest digital payment gateway. According to TechCrunch, the fintech has received funding totaling $100 million in a Series C round distributed between $70 million equity and $30 million debt. The round was led by private equity fund AfricInvest FIVE alongside Goodwell Investments and LUN Partners Group. CommerzVentures, Allan Gray Ventures, Endeavor Catalyst, Endeavor Harvest, and ShoreCap III also participated in the round. The recent funding marks a new chapter for founder and CEO Dare Okoudjou, who has never had funds reciprocated from their personal acquisitions and investments by fintech on the continent. The London-based company was backed by the principle of making the transaction of money simple and easier for Africans. Combining over 320 million mobile money wallets throughout over 35 African countries and 700 corridors, the payment giant facilitates the...
Inclusive e-commerce beauty brand thirteen lune, backed by Diddy, Gwyneth Paltrow, and more, has closed a $3 million seed round led by venture capital firm Fearless Fund. “We are delighted to welcome thirteen lune into the Fearless Fund family,” says Arian Simone, President and Chief Executive Officer of Fearless Fund, according to Essence. “Nyakio has created a groundbreaking space to foster inclusivity in the beauty and wellness industries and we are excited to support the brand as they continue to scale over the next few years.” As a Black woman founder, receiving funding does not come easy. In fact, only 93 Black women have received venture capital funding over $1 million as of December 2020. Nyakio Grieco — founder of thirteen lune — learned firsthand how difficult raising money can be as an entrepreneur. She was fortunate to collect funds from friends and family to debut her brand into the market. The new funds marks a hopeful step forward to create a new landscape for more...