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Aruwa Capital Management, one of Africa’s few woman-led private equity firms, has secured $35 million for its second fund to invest in inclusive, impact-driven businesses across Nigeria and Ghana, according to a press release. Aruwa Capital Fund II drew backing from major institutions, including the Mastercard Foundation Africa Growth Fund (MFAGF), Visa Foundation, British International Investment (BII), and Nigeria’s Bank of Industry (BOI), the fund’s first local institutional investor, based on the release. It also attracted capital from global family offices and others with a target of $40 million. However, that number has since changed to $50 million, with a hard cap of $60 million. “In the midst of the current challenging fundraising environment, we are excited to have raised 90% of our target fund size for Fund II and to be upsizing due to strong investor interest,” said Adesuwa Okunbo Rhodes, founder and managing partner of Aruwa Capital Management, in a press release via her...
There are clubs that no amount of charm or charisma can get you into. The kind where wealth isn’t enough if it isn’t old, where opportunity depends not on merit but on access, and where the real decisions are made behind velvet ropes and closed boardroom doors. For far too long, the world of professional sports ownership has been one of those clubs. This is where Jaia Thomas and Diverse Representation enter the chat. What started as a digital directory for Black agents and publicists has evolved into a movement to radically shift the face of power in sports and entertainment. Through events like the recent Black Ownership in Sports Symposium in Atlanta, GA, Founder and CEO Thomas is not just asking for a seat at the table. She’s building new tables altogether. The symposium brings together current and aspiring Black owners, investors, and leaders to discuss tangible pathways into one of the most exclusive spaces in business. Paxton Baker was one of the speakers at this year’s...
John W. Rogers Jr. had the confidence to make history at 24 years old because he was an investor at 12. As AFROTECH™ previously told you, it would be his father, who made the decision to ensure Rogers received stocks for Christmas and his birthday instead of toys, which included $200 worth of shares from companies such as General Motors and Commonwealth Edison. His father also played a role in him connecting with Chicago, IL’s first African American stock brocker, Stacy Adams, who became a mentor and role model. While both his parents worked as lawyers — his mother even made history as the first Black woman to graduate from the University of Chicago Law School — not to mention his grandfather, he never felt pressure to follow a similar footprint and was trusted to make his own decisions. Ariel Investments Rogers went on to pursue education at Princeton University, earning a degree in economics by 1980. He then spent two and a half years as a stock broker at William Blair and,...
Symphonic Capital has launched its inaugural fund targeting overlooked founders in fintech and health care. Symphonic Capital’s Inception Sydney Thomas, who always displayed an “entrepreneurial spirit,” founded the venture capital (VC) firm in 2022. Having already dedicated years to being a serial investor, her work in venture capital began in 2016. It was during that time that she observed a common pattern: Many firms placed broad bets on numerous founders, accepting that most would fail in hopes that a few would yield outsized returns. However, she believed it was possible to have a more refined approach that would put more early-staged founders in a better position. “While it is still incredibly risky to work in early stage, a way to actually de-risk your investment is to have a much more structured and focused support strategy with those companies that increases the likelihood that they graduate from pre-seed to seed, and increases the likelihood that they graduate from seed to...
We are giving our flowers to Black leaders who are shaping the future. Established in 2022, the AFROTECH™ Future 50 list will commemorate innovators, visionaries, founders, venture capitalists, technologists, and changemakers in the technology sector who have made historic strides, lifted as they climbed to create a more inclusive future, and are transforming their sectors and communities. AFROTECH™ Future 50 Categories There are five categories for submission. The Dynamic Investors category highlights venture capitalists who have not only driven strong returns but have also championed underrepresented founders in technology. A prime example is Charles Hudson, founder and managing partner of Precursor Ventures, which manages over $175 million in assets and has made more than 413 investments, according to Carta. Next, the Future Makers category will honor Black professionals who have achieved historic firsts, earned industry recognition, launched groundbreaking products, measured...
Los Angeles, CA-based venture capital firm Slauson & Co. has announced a new cohort of its Friends & Family program. According to its website, the Friends & Family program benefits founders of emerging category-defining businesses across various sectors, including artificial intelligence (AI) , consumer technology, health and wellness, and fintech . The initiative offers essential capital, connections, and community support to help the founders advance business operations, attract investment, and connect with like-minded individuals in its early stages. On Wednesday, March 19, 2025, the firm announced 10 founders selected from over 800 applications, including Ballin AI, which provides AI-powered scouting and recruiting tools for athletes and athletic departments worldwide, and Coblr, a streamlined platform that connects fashion repair shops, brands, and consumers to unlock the $700 billion circular fashion market. “I couldn’t be more excited to learn from, and grow alongside, this...
Tyler Perry has provided great financial relief for 85-year-old Anniece Tisdale. According to WSMV-4, Tisdale hired an unlicensed contractor to renovate her East Nashville, TN, home to accommodate her disability and growing family. However, the project took a turn for the worse when the contractor abandoned it altogether after not meeting completion expectations. Tisdale was then left with a home unsafe to live in and thousands of dollars lost. After an interview with the local news station, Tisdale was asked by Sherri Shepherd to appear on her “Sherri” talk show, and was joined by her daughter, Yolanda, who revealed that at least $180,000 had been invested into the home renovation project. Yolanda and her husband both took out personal loans and pooled from savings and credit cards to gather the funds. Yolanda also helped to refinance her mom’s mortgage to pay for the $200,000 in renovations. “We signed the contract in January. We were supposed to be f inished March 31. It was a...
There were some initial hesitations around Unrivaled’s 3-on-3 women’s basketball league, but that has not stopped it from attracting notable investors. Unrivaled is a startup founded in 2023 by WNBA players Napheesa Collier and Breanna Stewart. As AFROTECH™ previously told you, its business model is unprecedented, offering the highest salaries in women’s sports and granting participating players an equity stake in the league. Its concept has proven to be a success among its players. “Everybody got equity coming into this league, that’s the most important thing…I know five years from now this thing is gonna be bigger than ever,” Angel Reese from Unrivaled’s Rose BC team shared during a virtual press conference held in January. View this post on Instagram A post shared by Rose BC (@rosebc) The potential of Unrivaled was not understood by all. In fact, Collier recalls receiving various “no’s” during the league’s inception. “It was hard because you think the same thing like, ‘Oh, I’m an...
Junior Bridgeman has passed away at 71 years old, leaving behind a lasting legacy. The former NBA Milwaukee Bucks player who became a prominent businessman died on March 11, 2025, following a medical emergency. He had collapsed during a luncheon at the Galt House Hotel in Louisville, KY, for the Lincoln Heritage Council of the Boy Scouts of America, according to WDRB. His exact cause of death has not been confirmed, but various Louisville television stations reported that he was seen holding his chest at a point during the event, per ESPN. “We express our heartfelt condolences to Junior’s wife, Doris, their children, Eden, Justin and Ryan, the Bucks organization, and his many friends and admirers in the basketball community,” NBA Commissioner Adam Silver said in a statement, notes ESPN. Bridgeman was a well respected figure for his accomplishments on and off the court. In fact, his jersey was retired at Fiserv Forum, the Milwaukee Bucks’ home arena in Wisconsin, in 1988 to honor his...
Former NFL player Marques Colston is making it easier for other athletes to enter the investment space. Drafted into the NFL in 2006 by the New Orleans Saints, Colston had a playing career that spanned more than 10 seasons and included securing a Super Bowl ring in 2010. He earned over $40 million throughout his time in the NFL, per Spotrac. Colston’s NFL career ended in 2015 when he was released by the Saints due to injury, according to the team’s webpage. Champion Venture Partners Today, Colston is still involved with athletes but in a new light. He is the founding partner in Champion Venture Partners, alongside former professional mixed martial arts (MMA) athlete Nick Edwards. The North Dakota-based private equity firm, established in 2024, is making “growth alternative asset investments” accessible to all, according to the firm’s website. “A lot of our team are former athletes, and what you see is there’s a really short time horizon on your athletic career where you have your...
Dave’s Hot Chicken is considering a sale that would bring the company’s valuation to nearly $1 billion. The popular fast-food chain, founded by Dave Kopushyan, Arman Oganesyan, Tommy Rubenyan, and Gary Rubenyan, has locations in states such as Arizona, Massachusetts, California, Missouri, and Texas. In total, the chain has over 250 locations worldwide, per Reuters. It all started in 2017 with a $900 investment that led to the restaurant’s grand opening as a pop-up in an East Hollywood, CA, parking lot, its website mentions. Its menu features chicken tenders and sliders with spice levels ranging from Lite Mild to Reaper. Sides include fries, mac and cheese, and kale slaw. View this post on Instagram A post shared by DavesHotChicken (@daveshotchicken) The company’s business model appears to be a success with each franchise earning on average $2.19 million in revenue (AUV) per year, according to Sharp Sheets. In total, its locations generate an estimated $1 billion in total annual...
Former NBA players Grant Hill and Chris Webber are looking to bring a WNBA team back to the city where they once played. According to a press release, an ownership group led by Pistons owner Tom Gores has formed and placed a bid to bring the league to Detroit, MI. The state previously had a team between 1998 to 2009, named The Detroit Shock, which had been quite successful, CNBC reports. In fact, the team won three WNBA Championships. However, the franchise no longer represents the city after first moving to Tulsa, OK, and then to Arlington, TX, where it has played as the Dallas Wings since 2015. Now, a group that includes Hill and Webber is hoping to reignite momentum for the city to regain a WNBA team. This marks a full-circle moment for both Hill and Webber as they both played for the Detroit Pistons at different times during their professional careers. “This is an exciting opportunity to welcome the WNBA back to Detroit and bring additional investment and economic activity into...
Black residents in Chicago, IL, will be able to invest their dollars in its first casino. The TRiiBE reports locals gathered for an information session hosted by City Treasurer Melissa Conyears-Ervin and members of the Chicago Aldermanic Black Caucus to buy shares in Bally’s Casino, a $1.6 billion project in the 21st Ward that will also feature a hotel, a 3,000-seat theater, and a Riverwalk extension to Chicago Ave. A requirement for the casino is that at least 25% of the investment must come from minorities and women. “Tonight is about a new opportunity on how to participate, about not just being a consumer but to be an owner,” Ald. Ronnie Mosley (21st Ward) said at the pulpit of Third Baptist Church, according to the outlet. Conyears-Ervin added: “Remember when they legalized marijuana a few years ago? We knew that we were the community that was affected the most by it, but we felt that we did not have access to being owners. Well, this, ladies and gentlemen, is quite different.”...
Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. President Donald Trum p, who was once a cryptocurrency skeptic, has now yielded to many of the industry’s demands, such as easing federal regulations and oversight. From appointing cryptocurrency advocate and former Securities and Exchange Commissioner Paul Atkins to reprise his old role, to launching his own meme coin, Trump has chosen to embrace cryptocurrency . A few years ago, cryptocurrency was touted as the new form of currency. We wouldn’t be using archaic financial currency and stick to this revolutionized way of transactions. Although some people have made a lot of money off of crypto, its intended use as a decentralized banking system hasn’t been realized. Cryptocurrency is still very new, so new that engaging in it feels comparable to gambling. Trump lifting regulations to give cryptocurrency his blessing bodes well for the industry. A day after announcing Paul Atkins as his pick, the...
LeBron James’ portfolio now includes a new sports team. Forbes notes the Los Angeles Lakers star is taking his dollars to the seas as an investor in the UIM E1 Series, an all-electric and sustainable raceboat competition that kicked off in 2024. Its launch is supported through Motorsports E360, a partnership between the Public Investment Fund (PIF) and Formula E, Extreme E, and E1. James is now the owner of the platform’s latest arrival, Team AlUla Championed by LeBron James, with Rusty Wyatt and Catie Munnings signing on to pilot the powerboat. What’s more, James joins other E1 Series team owners such as Will Smith (Westbrook Racing) and Tom Brady (Team Brady), which was victorious in the 2024 E1 Series championship. “For me, I’m a huge fan of sports and I’ve always loved competing,” James told Forbes. “There’s nothing like seeing athletes compete at the highest level of their sport. Now with E1, we’re seeing a whole new type of competition on the water where everything is...