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Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. Before Vice President Kamala Harris replaced Joe Biden as the Democratic ticket’s front-runner, support for the party was low among the tech industry. In fact, many who now back Harris had previously withheld support from Biden, even favoring Trump over the Democratic candidate. Ben Horowitz, the co-founder of Andreessen Horowitz, is one of those people who recently shifted their support in favor of Harris. After Harris took over the ticket in July, the energy across the tech industry shifted significantly, leading to the formation of new groups representing tech professionals — groups that hadn’t emerged during Biden’s campaign. These groups are VCs for Kamala and Founders for Kamala. They have raised money for her campaign and increased awareness of her positions on key issues impacting the tech industry. I will cover the tech industry’s sentiment under Biden, the current shift with Kamala as...
Throughout my life, I’ve been a relentless advocate for those who often find themselves without a voice. My work with Zane Venture Fund was born from a desire to invest in diverse founders in overlooked regions, supporting tech-enabled solutions that create positive, lasting impact. Last year, when The Fearless Fund faced a wrongful lawsuit, I didn’t hesitate to organize a campaign rallying support. Speaking out is in my DNA, and it’s this same drive that led me to catalyze the VC movement behind Vice President Kamala Harris. When I think of Kamala Harris, I see a leader who embodies the same principles I’ve built my career around — someone who stands up for those who aren’t in the room and fights for a seat at the table for all. As the first Black female Vice President in our nation’s history, her presence alone is monumental. But the potential of her becoming President is even more significant. Representation at this level isn’t just important; it’s inspiring. For me and many...
Over 100 Silicon Valley investors have vowed to support Kamala Harris. The current vice president of the United States is actively campaigning to win over voters and secure the Democratic nomination in the upcoming 2024 presidential race, where she will face off against Donald Trump. She recently had her first rally in Atlanta, GA, and is preparing for a second one in Philadelphia, PA, on Tuesday, Aug. 6, 2024. “Donald, I do hope you’ll reconsider meeting me on the debate stage. Because, as the saying goes, if you’ve got something to say, say it to my face,” she said in front of an energized crowd in Atlanta. View this post on Instagram A post shared by Kamala Harris (@kamalaharris) Support From Interested Voters Harris has received an influx of support since she announced her quest for presidency. As AFROTECH™ previously reported, Harris raised $200 million in just seven days. What’s more, 66% of the donations were provided by first-time contributors. Harris also raised the most...
Samyr Laine took a page from Roc Nation’s investment book and is now helping other startups. Laine, a Harvard graduate who roomed with Facebook Founder Mark Zuckerberg, is behind Freedom Trail Capital, an investment firm backing “fully functioning, well operated, effectively managed and revenue generating businesses,” its website mentions. The firm was established in 2023 alongside his wife, Ayanna Alexander-Laine. The couple-turned-founders also share history in the sports world as former track and field Olympians, with him representing Haiti and she, Trinidad and Tobago. “I love people and connecting with people,” Alexander-Laine told TechCrunch. “We know how to merge talent and business and found that athletes are good in these spaces. We also have the stamina to conquer other things and other entities outside of sports.” Freedom Trail Capital, featuring Ivan Lopez as a third general partner, has funded seven startups, including Issa Rae’s Sienna Naturals and Ciara’s Ten to One...
Fearless Fund Co-Founder Ayana Parsons has parted from her leadership role at the venture capital firm. According to The Atlanta Journal-Constitution, Parsons reveals that she stepped down as chief operating officer of Fearless Fund, co-founded by Parsons and CEO Arian Simone, in April 2024. “I have stepped back from the operations of the fund, so I’m not in the day-to-day, I’m not running it,” Parsons said, per the outlet . “But what I can tell you as it relates to me, is I’m a problem solver. I’m a changemaker. And so, I am pulling together people to talk about innovative and creative ways that we can continue to drive change and do it in multiple areas.” While the move was amid Fearless Fund’s lawsuit, Parsons emphasizes that her departure wasn’t due to the legal battle. As previously reported by AFROTECH™, Edward Blum and his American Alliance for Equal Rights group sued the Atlanta, GA-based fund in August 2023 for “explicit racial exclusion” by establishing a grant program...
Fearless Fund has been barred temporarily from providing funding to Black entrepreneurs. As AFROTECH™ previously reported, the venture capital fund had been sued by Edward Blum and his American Alliance for Equal Rights group in August 2023 for “explicit racial exclusion” by creating a grant program dedicated solely to Black women, The Washington Post shares. Initially, U.S. District Judge Thomas W. Thrash had ruled in favor of Fearless Fund, but the verdict was blocked by a panel on the U.S. Court of Appeals for the 11th Circuit on Sept. 30, 2023. Fearless Fund, looking to retract the verdict, filed to appeal the September ruling. In the most recent update, the U.S. Court of Appeals for the 11th Circuit has temporarily blocked Fearless Fund from continuing its efforts to support Black women entrepreneurs with funding, CNN reports . The panel judges ruled the Fearless Fund’s Fearless Strivers Grant Contest is “substantially likely to violate” Title 42 of the US Code’s provisions,...
OpenseedVC, run by Europe’s first Black solo general partner, has raised $10 million in its first close. Per its LinkedIn, the London, England-based firm exists to invest dollars in operators, those previously involved in daily operations of a startup, who are launching new technology companies across Africa and Europe. “We exist to back the most talented and experienced operators from day zero,” OpenseedVC Founder Maria Rotilu wrote on LinkedIn. “ As an angel-style fund, we are designed for one founder profile. Operators just as they take the leap to start their tech companies. We are driven by *pure merit* (hence the name OpenseedVC), and our goal is to back the most experienced operators and builders as first investors, especially at a time where the need to build truly groundbreaking and impactful solutions is critical.” She continued, “It is a tough fundraising climate, for funds and startups alike. However, we believe this is the best time to invest in the most visionary and...
Back in 2020, Terri Burns made history at GV (formerly Google Ventures) as not only its first Black female partner but also its youngest-ever partner at age 26, as previously shared by AFROTECH™. The promotion came after she joined the investment arm of Alphabet in 2017. Now, the history-maker is spreading her wings to take on building out her own venture. Fortune reports that Burns is launching her firm, Type Capital. “To the next generation of founders… you’re exactly our type,” Burns wrote via Instagram when announcing her new firm. View this post on Instagram A post shared by Terri Burns (@tcburning) According to Fortune, the 30-year-old was moved to start Type Capital after seeing a trend of venture capitalists investing in companies only after seeing fellow VCs show interest first, which she describes as “heat.” Burns aims to change the status quo by taking the lead and pursuing risks “driven by true innovation,” not by other investors. “They’re talking to amazing investors,...
Major changes may be on the way for Jay-Z’s Marcy Venture Partners. The rapper’s venture capital firm, established in 2018, was created to build “innovative businesses and mass-market brands,” its company website mentions. Its areas of investment focus on sustainability, inclusivity, empowerment, accessibility, and health and wellness. As AFROTECH™ previously mentioned, its investment portfolio includes at least 24 companies such as Wheels, an electric transportation company; Hungry Marketplace, a food tech company; and Rihanna’s Savage X Fenty lingerie brand. MVC also participated in a $33 million funding round for premier beauty brand Madison Reed in 2022 and backed 24-year-old technologist Iddris Sandu to embolden his tech incubator, Spatial Labs. “Aligning with Marcy Venture Partners assists with our vision for elevating the youth as it relates to access and a means to true technological empowerment,” Sandu said at the time. “The lasting impact of this relationship is not simply...
Elon Musk’s acquisition of Twitter has been a rollercoaster experience. The purchase of the social media giant came with significant changes including massive layoffs and payments for the once-coveted blue check. Not to mention, AfroTech reported that one of the significant shifts with Musk as CEO was the closing of Twitter’s Africa office. The Ghana office had only 20 employees but was closed just days after officially opening. Surprising moves like the layoffs and added restrictions have been back to back as Musk navigates his power leading the company. A recent development in the shake-up is the dissolution of its corporate development team that supported minority-owned venture capital firms. According to Forbes, Twitter could be backing out of its promise of millions to venture capital firms and small businesses.
LLC Twitter and Instagram will have you believe that the only way to achieve success is through countless work hours and minimal rest and self-care time. The social media gurus would also attempt to convince you that entrepreneurship is this magical, stress-free journey toward economic freedom. That’s not the case. There are many benefits to having a side hustle, grinding until you win, and having the autonomy of business ownership. However, most successful entrepreneurs would tell you that the growth journey isn’t entirely black and white. It is also filled with gray areas, as every business, person, and idea is nuanced. And while LLC Twitter and Instagram provide some false sense of reality through meme culture, some universal truths exist that can help every aspiring business owner thrive. This is where Luke Cooper enters the chat.
If you’re looking for a full crash course on some of the ins and outs of venture capital funding, you may want to keep reading. As the founder and managing partner of Zeal Capital Partners, located in Washington, D.C., Nasir Qadree, knows the ins and outs when it comes to the world of venture capital. Now he’s on a mission to spread his knowledge with the world on the latest episode of AfroTech’s Black Tech Green Money podcast with Will Lucas.
These Black men in business are going the extra mile to create opportunities for their community, all while creating a seat at the table for themselves. André Walters and Derrick Brown — co-founders of Charlotte-based hybrid investment firm Free Fenix — have announced their latest move in the franchise space. The two are partnering with investment firm New Spring Capital to close a deal that makes them part-owners of Duck Donuts — a Mechanicsburg, PA -based chain of donut franchises. As part-owners of the franchise, Walters and Brown also hold board seats at the company, which makes them the one of the first Black men to hold such positions at Duck Donuts. “We believe the world is just getting to know Duck Donuts and when they do, they will notice what we noticed,” they tell AfroTech. “It took many long hours, conversations, compromises and perseverance to get this deal done, but in the end we accomplished the objective we established over a year ago and we think this is a win for...
The highly anticipated Forbes 30 Under 30 list just hit the net and we’ve got our eyes on the Black professionals making waves — specifically in the world of venture capital. Check out the Black powerhouses who made the list below: Frederik Groce, Principal, Storm Ventures and Co-founder of BLCK VC LinkedIn Maya Horgan Famodu, Founder of Ingressive Capital LinkedIn Nnamdi Iregbulem,Partner at Lightspeed Venture Partners LinkedIn Solomon Hailu, Vice President of March Capital LinkedIn Jackson Cummings, Investor at Salesforce Ventures LinkedIn Terri Burns,Partner at GV LinkedIn Eric Campbell, Partner at Value Investment Group LinkedIn Congratulations to all of the changemakers who made the list — continue to pave the way and shake things up! — Disclaimer: GV is an investor in Blavity Inc., owner of AfroTech.
Hip hop’s first billionaire, Jay-Z, is shattering the glass ceiling yet again. This time with his venture capital firm, Marcy Venture Partners (MVP), a San Francisco based VC co-founded by Jay-Z, his long time business partner, Jay Brown, and Larry Marcus. According to Forbes, MVP has raised $85 million toward its fund and SEC filing documents show the VC firm has a total of 54 new investors. Does this mean the business mogul has something new in the works? Although only time will tell — MVP has already invested in a number of startups last year. According to Crunchbase , the VC invested in Wheels, an electric transportation company, and Hungry Marketplace, a food tech company. The firm also led the $70 million funding round for Rihanna’s Savage X Fenty lingerie brand. Jay-Z and his team are not new to the business of investing. In its early stages of funding, Jay-Z invested in Uber , and Larry Marcus, a seasoned investor, has invested in industry giants like Netflix and Pandora via...