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A venture capital firm founder has launched a lawsuit against PayPal, alleging that the company’s diversity and equity program excluded her because she is Asian. Nisha Desai, the founder of Andav Capital, claims she applied for consideration in a $530 million financial commitment PayPal announced in 2020 to support Black- and minority-owned businesses , TechCrunch reported. However, she asserts that she was overlooked due to her Asian heritage, as the program primarily focused on supporting Black- and Hispanic-led enterprises. “Funds majority-owned by individuals of other races, including Asian Americans, are not given equal consideration,” Desai stated in the New York lawsuit, per the outlet. “Worse, PayPal and its senior management have repeatedly trumpeted the program’s focus on race, bragging in statements and press releases that PayPal’s program is for some races and ethnicities and not others.” Desai claims that PayPal has violated Section 1981 of the Civil Rights Act of 1866,...
Metta Sandiford-Artest, formerly known as Metta World Peace, has entered the world of venture capital by launching his own VC firm. The former Los Angeles Lakers player expanded his focus to the VC sector after retiring from the NBA in 2017 after 17 seasons in the league. According to Sportico, Sandiford-Artest pursued a deeper understanding of private equity and finance by enrolling in digital analytics courses and working toward a master’s degree at the University of California, Los Angeles (UCLA). “I told people that I didn’t want my face to add value,” Artest told Sportico. “I wanted that to be my word and my (mind). That took a long time. There’s just so much that goes into that, especially how people perceive you. You’ll go into a meeting (before) and they’re just waiting to talk basketball.” In December 2024, Artest launched Tru Skye Ventures — in partnership with former Boost Mobile CEO Stephen Stokols. The collaboration builds on their existing business relationship, which...
BET+ and Braze to Provide 1:1 Mentorship Guidance in Branding, Email Advertising, and Engagement Strategies to Select Companies through First-ever Partnership In 2023, startups founded by Black entrepreneurs in the US received less than 0.5% of venture funding, and woman-founded startups just 2.2% . To help address this imbalance, Braze, a leading customer engagement platform, has developed Tech for an Equitable Future, a product grant program. The initiative is designed to help underrepresented founders accelerate their company’s growth with the use of Braze technology, increasing their chances at securing future VC funding. The innovative initiative selects 20 startups from APAC, EMEA, and North America with founders from underrepresented backgrounds—including Black and women entrepreneurs. These businesses will receive 12 months of free access to Braze technology, as well as a range of supporting resources aimed at driving business growth and scalability. Each company will...
Nicole Dove stresses the importance of adapting to the times in a world where technology is ever-evolving. As the director of security engineering at video game company Riot Games, Dove has always been passionate about cybersecurity. While many people fear what may come due to AI technology, she embraces what’s next by perfecting her craft and encouraging others to explore the available career options within the field. “So many people are interested in working in cybersecurity but have no idea what the opportunities entail,” Dove told AFROTECH™. For her, it was all about finding her way into the field because cybersecurity was not her initial interest. “I love helping people WIN. Winners never quit, and quitters never win,” she wrote. “Seeing the light bulb go off when someone is inspired by my journey and can see himself in my shoes is really where the heart work is for me.” Dove has 20 years of experience in audit, operations, and cybersecurity. At Riot Games, she leads a team of...
Monique Rodriguez is turning a new leaf. Rodriguez is the founder of organic and natural haircare line Mielle Organics, which she founded in 2014. As AFROTECH™ previously told you, her company achieved early success scaling from her garage into major retailers, including Target, Walmart, and CVS, among others. By 2021, the company had been worth over $100 million. Although this achievement stands as a remarkable milestone for Rodriguez, her path to securing investments hasn’t always been paved with ease and success. Inc. Magazine reports she bootstrapped her business for the first seven years and then shifted her attention to securing capital. However, in the process she was met with rejections and unexpected changes to term sheets. In fact, a group of investors once presented her with a $2 million deal for 40% stake in the company, which she turned down. “I knew in my spirit that they were not the right investors, but I felt that because I wanted to continue to grow my business, I...
Equity Alliance, led by former Time Warner CEO Richard Parsons, has announced that it has closed a $28.6 million fund, which they say they will use to invest in other woman-led and minority-led funds. According to The Wall Street Journal, the “fund of funds” is aiming to provide both a professional network and a mentoring program for the funds it intends to back. “It’s easier to open doors,” Parsons said to the outlet. “What we have to figure out is how to take this favorable mentality that is existing and create mechanisms that enable us to deploy capital in a successful way, so we make a lasting change in the economic spectrum.” Equity Alliance notably invested in Esusu, a Black-owned fintech company. As AfroTech previously reported, Esusu reached a $1B valuation in January 2022, and they said they wouldn’t have been able to do it without the support of Equity Alliance. “It’s like chatting with people you know have your best interest at heart,” said Abbey Wemimo, Esusu’s...
There are many myths about Silicon Valley, but AfroTech’s Black Tech Green Money is here to get to the bottom of it. As the founding managing partner of Plexo Capital, an institutional investment firm that was incubated and spun out of Google Ventures (GV), Lo Toney knows what it means to be on both ends of the table, whether it’s being a venture capitalist (VC) or operating a startup. “There are a lot of similarities,” he said during the episode of Black Tech Green Money (BTGM) podcast. “We think about it all the time, both in terms of how we operate and communicate the message of Plexo Capital, but also what we look for in other early-stage firms in general partnerships that we want to invest into.” When it comes to what they’re looking for in a startup, he further explained that the market size, along with the problem that is solved, the solution and how it will fit into the overall competitive landscape are some of the key elements that encourage a VC to invest. “Most...
Johnson C. Smith University (JCSU) will soon get a huge gift on behalf of Bank of America. According to a press release, the banking institution has pledged $10 million to what is considered one of the leading private liberal arts Historically Black Colleges and Universities (HBCUs) in the South. The funds are a part of Bank of America’s Mayor’s Racial Equity Initiative in the Charlotte, NC region. It includes the company’s larger, $1.25 billion, five-year commitment to create more economic opportunities and push the advancement of racial equality within local communities. “Education is a gateway to a better life,” said Kieth Cockrell , President of Bank of America Charlotte in an official statement. “Our long-term relationship with JCSU has set the foundation for this critical moment – a collective partnership among the public and private sectors working to eliminate existing barriers by providing unique opportunities to JCSU students. Together, we will grow a strong pipeline of...
If you’re looking for a manual on access to capital for your business, AfroTech has you covered! On the latest episode of Black Tech Green Money, host Will Lucas sat down with the Co-Founder and General Partner at Equal Ventures, Richard Kerby. Kerby, who holds experience as an investor at Venrock, where he led seed-stage and Series A stage venture capital (VC) investments in 6Sennse, Amino Apps, Beckon, Burner, Luxe Valet and Salsify, first discussed the characteristics of a good VC and how to know if a gig is a fit for one’s personality and profile. He also broke down what VC is truly all about and the mindset one must have to enter into the business. “Venture Capital is about investing in and supporting early-stage entrepreneurs, and so that means that you’re finding companies that are hopefully diamonds in the rough,” said Kerby. “You’re also trying to figure out if that investment is a good fit for your investment profile, and then, you’re making the investment, and while you...
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...
Black woman-owned Uncle Nearest Premium Whiskey is breaking ground in new territory! Uncle Nearest Premium Whiskey is on the right track as the fastest-growing American whiskey brand in U.S. history. Now, the company has announced that it just closed a $2.1 million deal to acquire an additional 53.12 acres of land on Highway 231 North which is in close proximity to its Nearest Green Distillery. According to PR Newswire, the land will not only bring the distillery’s total acreage to 323.12, but will also extend its building to over half a mile along the highway. Thanks to this expansion, Uncle Nearest will be able to utilize 100 acres to plan and grow its very own non-GMO organic corn, known as the “Field of Dreams.” The sole purpose of the corn will be to create the brand’s premium, award-winning whiskeys and continue the Uncle Nearest Premium Whiskey reign as the most awarded whiskey or bourbon for the fourth consecutive year. Currently, they hold the title for 2019, 2020, and 2021...
Uncle Nearest Premium Whiskey , the fastest-growing and best-selling Black-owned spirit brand in all of U.S. history, has just announced a multi-million dollar initiative to give back to its fellow spirits brands. According to a press release, the award-winning whiskey brand has launched a $50 million venture fund designed specifically to invest in rapidly growing, minority-founded and owned spirit brands. The announcement was deliberately timed to commemorate the 100th anniversary of the destruction done to Black Wall Street in Tulsa, OK. “On June 1, 1921, an entire community of wealthy and successful African Americans was wiped out in a matter of hours. We are talking about 35 square blocks known as Black Wall Street,” Uncle Nearest founder/ CEO Fawn Weaver said in a statement. “As an African American, learning about that history broke my heart because we, as a people, were really onto something in Tulsa, Oklahoma. We were lifting one another up and creating wealth within our own...
Several Marketing-Technology firms have decided to take practical steps toward empowering Black entrepreneurs. Executives from Amplitude, Branch, Braze, mParticle, and Radar have joined forces to offer their technologies free-of-charge to Black-founded businesses that have bootstrapped or raised less than $30 million in VC funding, and employ less than 150 people. Will Crocker, VP, Customer and Partner Marketing at Braze told MarTech Today that mParticle’s CEO Michael Katz reached out to him with the idea in early June 2020. “We wanted to figure out what we could do within our expertise to give back to the larger community,” Crocker told MarTech Today. “Our mission is to create an eco-system that provides technology to empower these Black entrepreneurs, and we just want to level the playing field.” In their announcement on Braze’s website, Myles Kleeger, the President & Chief Customer Officer at Braze said: “Before Braze can make an impact on the world, we have to first start by...
Last Friday, Citi announced the Citi Impact Fund , a new initiative that uses $150 million of its own capital to support U.S.-based companies. The Fund will represent a “double bottom line” business investment, or an investment that yields dividends while also driving change. Citi’s initiative will support companies that play a major role in addressing societal issues across four key areas : workforce development, financial systems, infrastructure, and sustainability. Companies that are advancing in the four key disciplines and that have already undergone rounds of funding can receive support from Citi for as much as $10 million. A portion of the Citi Impact Fund will be allocated for seed funding that is exclusively earmarked for companies led or owned by minorities and women , which Edward Skyler, Citi’s executive vice president of Global Affairs, describes as a “pool of often overlooked, high potential entrepreneurs.” Citi, and other companies, such as Harlem Capital, a New...
Harlem Capital, a venture fund that was established in 2015, has just celebrated a significant funding milestone. The firm, whose goal is to help minority and women entrepreneurs, has raised now over $40 million, far exceeding its initial funding goal of $25 million . Harvard Business School graduates Henri Pierre-Jacques and Jarrid Tingle founded the firm four years ago, aiming to “ change the face of entrepreneurship .” They saw a need to increase more seed funding for minority entrepreneurs in order to provide them with better traction in later-stage, more expansive funding rounds. Their ultimate goal is to invest in 1,000 founders over the next two decades . In a recent interview produced by Cheddar U , Pierre-Jacques and Brandon Bryant, venture partner, discussed Harlem Capital’s impact in addressing low percentages of female-founded venture capital investments. Pierre-Jacques indicated that while more minority women are obtaining funding, more change is needed. “ Until you can...