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Serena Williams will ramp up efforts to support marginalized entrepreneurs. The retired tennis legend has invested in at least 85 companies, some of which fall under her venture capital firm, Serena Ventures. The firm’s portfolio is made up of 79% underrepresented founders , including 54% women, 47% Black, and 11% Latino founders, as AFROTECH™ previously reported. Fortune noted her portfolio now includes decacorns — companies valued at over $10 billion — and more than 14 unicorns, which are businesses worth more than $1 billion. An alarming statistic on how little venture capitalists allocated money to women motivated Williams to become a serial investor. “I learned that less than 2% of all VC money went to women,” Williams shared via TikTok, adding that she thought it was a misquote. “I thought, ‘Well, they can’t be real.’ Like, we’re talking about trillions of dollars, and what do you mean less than 2% of that goes to women?… I learned that when I first started investing,” she...
Black Unicorn Factory has set a historic precedent in equity crowdfunding. Black Unicorn Factory (BUF) is a business development accelerator and equity crowdsourcing platform established by Johnny Stewart in 2012. Through BUF’s Follow Me for Equity app, it uniquely allows individuals to secure stock in pre-IPO companies by simply becoming a follower of a company through the app. “Stop following for free and earn equity,” actor Anthony Anderson said in a promotional video for the company. BUF’s target audience is underserved communities who are being left out of opportunities in the venture capital space. “It is disheartening to observe that the venture capital industry only allocates funds to a mere 1% of businesses led by individuals from underrepresented communities. At BUF, we firmly believe that this disparity cannot persist, and we are committed to providing an alternative to the discriminatory practices prevalent in the traditional venture capital landscape,” a statement on...
Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. Companies and products are often designed with younger generations, like Gen Z and Millennials, in mind. However, this emphasis often causes the industry to overlook older generations who also need technology tailored to their needs. One would think this would be an obvious market, given that Gen X and Boomers hold more wealth than younger generations. That wealth alone makes them an attractive customer base because they can afford the products and services being developed. Even so, there hasn’t been much focus from tech investors or founders on creating solutions for this demographic. How often have you come across a founder or investor saying, “We’re building this for Gen X or Boomers”? Rarely, if ever. This is a massively overlooked opportunity. One reason for this lack of attention is that the tech industry is perpetually focused on the future. Rarely does it look to the past. When developing...
South Africa’s first Black-owned bank has hit unicorn status, POCIT reports. Tyme Group, founded in 2019, is majority-owned by billionaire Patrice Motsepe, notes Bloomberg. The platform was designed to make digital banking more affordable and accessible, and it has been an overwhelming success with online and physical banks throughout South Africa and the Philippines. According to TechCrunch, it has attracted 10 million users since its inception and reached an additional 5 million users through its Philippine brand, GoTyme. GoTyme allows users to create an account via its bank app. Customers can then receive an ATM debit card instantly and retrieve it at a kiosk. Tyme Group says it has allocated $600 million in financing to support small businesses and has raised $400 million in customer deposits. Now it is seeking to extend its reach in new markets, which include Vietnam and Indonesia by 2025. This will be made possible in light of a $250 million round led by digital bank Nu...
Ismail Ahmed, who is behind the first Black-founded fintech company to reach unicorn status in the U.K., has secured additional funding, Bloomberg reports. In 2009, Ahmed launched Zepz, formerly WorldRemit, and was inspired by the high transaction fees from sending his loved ones money to East Africa. The venture also followed his experience working on a transfer project as part of the United Nations Development Programme, which led him to discover corruption in the UN’s Somalia remittance programme, The Guardian mentions. “My boss said if I went and submitted the dossier, I would never be able to work in remittances again, and I took that threat very seriously. I lost my job to uncover the fraud,” he told the outlet. While working through the legal case, Ahmed decided to attend London Business School, a move that would provide him with the blueprint for the company — originally called AfricaRemit. Furthermore, he would receive a financial award for his mistreatment as a result of...
Afro Unicorn Founder April Showers is taking her business to the gaming space. Showers launched Afro Unicorn, a character brand founded in 2019 to empower Black girls and women. As AFROTECH™ previously mentioned, its products include apparel items such as leggings and shirts and party favors such as plates, napkins, balloons, decorations, and pinatas. The brand also carries apparel for babies, accessories, and bags, among others. Showers ensured that her product was marketed in various shades to reflect the multitude of complexions among Black consumers. In addition to showing inclusivity in how Black people are portrayed, the founder wants others to know that Afro Unicorn is more than a brand. “My main goal for Afro Unicorn™ is to ensure Black girls and women feel unique, divine, and magical,” Showers said in a news release. She added, “Afro Unicorn™ is more than a line of products. It’s a movement to make sure Black people are represented and have a seat at the table. I’m grateful...
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...
Founder Fawn Weaver’s Uncle Nearest is on the brink of reaching unicorn status, Fortune reports. As AFROTECH previously mentioned, Weaver leads the Black-owned whiskey company created in 2016 to commemorate Nathan “Nearest” Green, a formerly enslaved man who taught Jack Daniel how to make whiskey. The company has made significant strides in the spirits industry and is currently available in over 30,000 stores, bars, hotels, and restaurants in 12 countries, per Fortune. The company also boasts a 432-acre distillery located in Shelbyville, TN, which attracted 200,000 visitors in 2023, and has expanded to include an estate in Cognac, France, which encompasses “over 100 acres with Charente River frontage and a unique island.” A part of the company’s continued success has been its ability to secure funding from individual support. Weaver previously mentioned to AFROTECH that the company has raised $225 million that way, its total since launching. “I’ve never sent a pitch deck,” Weaver...
When DJ Khaled released his single “God Did,” no one likely thought Sean “Diddy” Combs would soon come out with an announcement about a call to do God’s work. Well, he did, and with a sense of conviction from his Instagram post, the Bad Boy Entertainment founder is on a mission to “save the Black race.” While what that exactly means is unclear, the most interesting thing about his mission and work is his declaration to buy Disney.
Over the years, Serena Williams has proven that she’s the GOAT. Her prowess on the tennis court — a court from which she recently retired — has earned her a $240 million net worth, which has made her one of the richest self-made Black women in the world. But that’s only the beginning of the Serena Williams story. Today, the tennis player-turned-multihyphenate has made her money work for her. As AfroTech previously reported, Williams teamed up with another GOAT — basketball star Kevin Durant — to invest in Happy Viking, a plant-based superfood company owned by Williams’ beloved sister and fellow tennis GOAT, Venus. “Happy Viking has raised $2 million in an investment round led by Venus Williams, Serena Williams, Kevin Durant and Rich Kleiman’s 35V, Peloton Vice President of Fitness Programming Robin Arzón, professional golfer Michelle Wie West, soccer champion Megan Rapinoe, tennis star Reilly Opelka, and basketball stars Isaiah Hartenstein and Collin Sexton,” reads the press release...