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This healthcare company is one funding round closer to fulfilling its goal of making mental health care more accessible. Backpack Healthcare shares in a press release that it has officially completed a $14 million Series A funding round led by Healthcare Capital. Also participating were ECMC, Techstars, Collab Capital, Bridge Builders Collaborative, Portland Seed Fund, Hopelab, Rethink Education, Genius Guild, and Unlikely Collaborators. Additional angel investors included Maya Ghosn Bichara and Jeffrey Walker. Founded in 2018 by Hafeezah Muhammad, the company uses artificial intelligence (AI) technology to combat the current youth mental health crisis through its app and teletherapy services, specifically honing in on those with Medicaid insurance coverage. “The funding we have raised underscores the U.S. healthcare system’s need for more inclusive, tech-enabled solutions to tackle the growing pediatric mental health crisis,” said Muhammad, who also serves as the company’s CEO....
A music mogul like Quincy Jones backing an “emotional” artificial technology (AI) music startup sounds like a match made in heaven. The startup — Musimap — is on a mission to develop effective music roadmaps for its users through AI. The automated engine leverages automated engines and metadata enhancement to generate a playlist that has a familiar music palette to correspond with the personality profile. When Jones made the decision to tap into Musimap last year, he operated as a special advisor disclosing a personalized listing of his top-performing singles in order for the company to curate a precise profile. The profile was generated in “a fraction of a second” with results matching songs across common themes including love, playfulness, sensibility and happiness. The search engine also revealed Soul Jazz, Pop, Disco and Jazz were the top contenders for the key genre, Music Business World previously reported. Since Musimaps’s acquisition of Jones’ catalog in May, the AI company...
Like many industries during the pandemic, the music industry was a sector that was rocked to the core when live in-person events were temporarily shut down. With no way for artists to tour or throw live shows, companies like Deep Root Records had to make a smart pivot toward technology to still support artists. The independent Black-owned record label based in New York City, founded in 2014, has been known for its live music experiences — including their annual Yacht Party Series in New York and Paris. But when the pandemic hit last year, the company had to find a way to save its live shows so they could continue to thrive in a new realm. It wasn’t before long until Deep Root Records pivoted the way many other brands and labels did, and turned toward hosting virtual shows online. The live show to livestream concept was the root of Deep Root Records’ success during the pandemic, but their ability to collaborate with other labels and brands in the same predicament is what helped put...
This fund manager is on a mission to get Black founders the capital they deserve! And in less than a year after she started, she’s succeeded in that mission by raising $13.5 million for her Milwaukee-based venture fund. When venture capitalist (VC) Dana Guthrie first sought out a career in the technology industry, she had no idea that it would lead her to help others in a massive way. As a basketball recruit in 2006, she enrolled in Milwaukee’s School of Engineering and from there jumped headfirst into the technology field majoring in computer engineering. Today, she’s using her platform to help connect Black founders with the financial resources that they need to not only survive but thrive. According to Yahoo! Finance, Guthrie created Alchemy Angel Investors after she crossed paths with like-minded individuals while working at Johnson Controls, a building equipment company. It was there that she also met Black professionals with a background in finance, but no real knowledge of...
After years of investing on his own, Nigerian angel investor Olumide Soyombo is launching his own venture to support African-based startup companies. According to TechCrunch, Soyombo — a known high profile angel investor in Nigerian tech and African startups — today has announced the launch of Voltron Capital — a Pan-African venture capital firm co-founded with Abe Choi — which will invest in pre-seed and early-stage companies in Africa. The outlet also reports that Soyombo’s goal for the new firm — which aims to start off with 30 startup investments — is to ultimately “address the severe lack of access to early-stage funding for African tech companies.” The investment sizes will range from $20,000 to $100,000 and focus on startups based in Nigeria, Kenya, South Africa and North Africa. Soyombo is recognized as a prominent and influential figure in Nigeria’s tech ecosystem, as he has access to almost any important deals happening in the market on account of his respected reputation....
The Weekend is adding to his investment portfolio. A Chicago-based platform by the name of Songfinch has announced that its recent $2 million funding round was led by heavy hitters like The Weeknd, Atlantic Records chairman and CEO Craig Kallman, Reverb founder David Kalt, and co-manager of The Weeknd and co-founder of XO Records, Wassim “Sal” Slaiby. According to Digital Music News, the platform — which was co-founded by Josh Kaplan, co-manager and legal counsel for Doja Cat, John Williamson, Rob Lindquist, and Scott Kitun — allows fans to order personalized songs create d by professional musicians. Users can not only specify whether they’d like the song to mention the recipient’s name or the occasion at hand, but they can also select the preferred genre and mood of the song. From there, purchasers will provide personal information and details to allow the creator to craft the personalized track. Services typically cost $249 per work, but, per the company’s website , it is...
AboveBoard continues its mission to increase diversity in executive hiring. PR Newswire reports that the fastest-growing talent marketplace for senior executives has just closed its latest seed round with 91 percent of the outside funds from underrepresented investors. AboveBoard raised a $3 million seed round to continue its efforts to serve as an inclusive platform for executive placement that increases the representation of Black, Latinx, and female professionals on boards and at the C-suite/VP level. “It was important to us to raise this round from investors who are underrepresented,” said Lucinda Duncalfe , AboveBoard’s founder and CEO in an official press release. “We have a powerful group that reflects our mission and I’m grateful for their support and investment in our vision. I couldn’t be more pleased with the investor group we brought together to support the company’s growth” Thanks to the Commune Angels investor group, other investors like Angeles Investors were inspired...
On the centennial of the Tulsa Race Massacre on June 1, Tyrance Billingsley II decided to launch an organization to aid Black entrepreneurs living in the area once known as Black Wall Street . The native Black Tulsan entrepreneur teamed up with SecondMuse to launch Black Tech Street , a national initiative and tech hub on a mission to mobilize resources and companies to build a community for Black-owned technology companies. “I am a born and raised Tulsa entrepreneur, ecosystem builder and community leader. I excel in visioning and convening people to work together toward building collective progress,” Billingsley told AfroTech. “I am passionate about the tech industry and envisioning ways we can use technology to enhance quality of life.” SecondMuse has a decade of experience incubating entrepreneurial ecosystems to create equitable economies. With 13 global offices, the global innovation company will be lending personnel and resources to Billingsley to execute Black Tech Street’s...
Steph Curry is getting into the investment game and he’s kicking things off by backing an innovative pay-equity company. Bloomberg reports that the two-time NBA MVP has a new early-stage investment firm and he’s starting off the company’s slate of investments by putting money into Syndio — a leading company in the equity tech space. Fortune also shares that Curry’s company, Penny Jar Capital, has pledged a $1 million investment for Syndio this week to help the startup maintain its “momentum as the first and the best equity tech platform,” according to CEO Maria Colacurcio. Colacurcio tells the outlet that Curry’s interest in her company was sparked by Syndio’s ability to reveal pay gaps by race and gender. And although Curry’s new firm has only been registered with the Securities and Exchange Commission (SEC) since May, his passion for equal pay predates that. “Ensuring people are paid fairly is long overdue, and is a fundamental issue that needs to be addressed to progress towards...
When Brandon and Janine met on social media, they immediately bonded over their passion for supporting underrepresented founders. Janine had already been investing in women and Black founders, and Brandon had dreams of launching a $10 million fund to do the same. Eventually, they decided to join forces to launch their shared dream: a venture capital firm that invests in typically overlooked founders. Enter, Overlooked Ventures. Brandon and Janine recently announced their intention to raise a $50 million fund through their new firm Overlooked Ventures. In addition to soliciting support from traditional investors, they are opening up their fundraising to the public. “The people that have the most power are the community members and the founders in that community. And if the community believes in you and gets behind you like we’ve seen that they do at Overlooked Ventures, anything’s possible,” Brandon explains of their philosophy. Brandon and Janine are even more unconventional in...
Early-stage investment fund Collab Capital is continuing its mission to support Black communities and Black-founded companies with its inaugural fund. Today, the Black-founded company announced the close of their $50 million fund to support its overarching goal to build generational wealth in Black communities. According to the company, the purpose of the debut fund is to invest “financial, human, and social capital” to effectively grow and sustain innovation amongst Black-owned businesses. “For far too long, Black founders have been overlooked despite being the fastest growing entrepreneurial segment remaining the most under-funded and under-resourced group,” Collab Capital founder Jewel Burks Solomon tells us. “As founders ourselves, we’ve witnessed first-hand how difficult it can be to attract VC attention and secure funding, despite having successful business track records. We truly believe this is an important step in narrowing the racial wealth disparity while driving...
Sixty8 Capital, a Black-owned and operated venture capital (VC) firm based in Indianapolis, has announced its first close of $20 million. In a press release announcement, it was revealed that the new fund was led by a diverse group of investors that included The Indiana Next Level Fund, 50 South Capital, Bank of America, Eli Lilly and Company, First Internet Bank, and the Central Indiana Community Foundation. The fund, which is led by managing director Kelli Jones, will focus on minority-owned businesses all over the United States, with a concentration on businesses in the Midwest. “We believe there is an opportunity to truly level the playing field when it comes to capital access for diverse founders in any industry,” said Jones, the first-ever Black, female VC in the state of Indiana, in the press release announcement. “There is a $4 trillion missed opportunity when we don’t put a focus on diverse founders. Venture capital has a significant opportunity to change the trajectory of...
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...
Sunny Hostin, a legal analyst best known for her co-hosting duties on “The View,” has announced that she’s launched a social justice-focused production company. Variety exclusively broke the story, and they revealed that the company — Roots & Wings Productions — will “spotlight characters neglected by Hollywood.” Roots & Wings will produce both films and television shows, and their stories will focus on social justice issues currently at the center of news stories in the United States. “I want to make sure that someone watches and knows that seeing an Afro Latina journalist on screen is a possibility,” Hostin told Variety. “I’m humbled to have the backing of a company like Disney. We’re going to create really intentional premium and diverse content together that centers on women and people of color, as well as people in the LGBTQ+ community — stories that I think, will be fresh and that you haven’t seen before.” Sunny Hostin also confirmed that the first production up for proffer by...