Global online sports retailer Fanatics has reached a whopping valuation of $18 billion thanks to some big time investors. CNBC reports that the sports e-commerce merchandise company has secured an additional $325 million in its latest round of funding to help expand its online offerings. Some of its many investors include Jay-Z and the rapper’s entertainment company, Roc Nation. Other major investments in the platform come from companies like MLB, SoftBank, Silver Lake, Eldridge, TWG Sports Media & Entertainment, and Insight Partners. According to The Wall Street Journal, Fanatics says that it expects to rake in $3.4 billion in revenue this year — a major increase from $2.6 billion in 2020 — and with its new valuation it may just reach that goal. For everyone involved, including Jay-Z, an investment in Michael Rubin’s Fanatics could mean supporting the future of sports merch as we know it beyond apparel and memorabilia. The company’s next move is to transform itself into a digital...

Supporting Black-owned businesses over the last year has become more than a trend. Now, consumers, corporations and online platforms are turning this full-fledged surge of support into a consistent lifestyle change with more intentional ways to champion these brands. Among those who have made financial and systemic pledges most recently is Instagram, who is now making it easier for shoppers to discover and identify Black-owned businesses directly on its platform. Thanks to a new feature, U.S. -based businesses a part of Shops on Instagram will be specifically declared “Black-owned” with a display label. Over the last year, Instagram has rallied its community of users to not just acknowledge Black-owned businesses, but shop with them as well. With newly-launched features like its Reels and Shop tabs, it’s made the e-commerce space a much more fun and knowledgeable experience for both brand owners and consumers. According to a blog post from Instagram, over 1.3 million Instagram posts...

Black women are some of the most innovative playmakers in sneaker culture today. Their contributions have made a global impact through some of the biggest streetwear brands and even their own self-made platforms that have helped pave the way for others. As previously reported by AfroTech, Black women aren’t waiting around for major corporations to offer them opportunities in the streetwear industry anymore. They’re carving out their own spaces and making room for other people in their communities to erase the “boys club” stereotype. And that’s exactly what True To Us founder Jourdan Ash set out to do when she created her forward-thinking online platform. True To Us — which is labeled as “a platform for you to be seen” — strives to center Black and brown women as the foundation of the streetwear and sneaker industries while also extending career opportunties. Like many sneakerheads, Ash got her proper introduction to the culture very early in her youth, even as early as the day she...

Famed actor Hill Harper is getting into the money game by way of financial technology that’s powering a newly-launched digital wallet for investors of color. According to a press release, Harper announced the launch of The Black Wall Street app just in time for Financial Literacy Month as a means to empower Black and Latinx investors and contribute to closing the racial wealth gap in America. This feat marks the first-ever Black-owned digital wallet and cryptocurrency exchange platform to exist in the U.S. Through this digital fintech platform, Harper hopes to create the world’s largest investment and financial literacy curriculum/toolkit for communities of color to use across the diaspora. “Our technology seeks to replicate the brick and mortar Black Wall Street, as a digital ecosystem that will galvanize the financially excluded and directly stimulate the economic growth and spending in marginalized communities everywhere,” Harper shares in a statement. “With the Black Wall Street...

A common experience within African culture is the lack of acceptance from older generations for non-traditional career fields. For many, the only widely-accepted career paths lie within the STEM field — an observation that was made very clear to 22-year-old founder Eno Oduok. In Oduok’s experience, she found that for Black and people of color — Nigerians in particular — there was little to no representation for people in her culture within the creative job market. One day while searching for an online space for Nigerians in public relations — Oduok’s current occupation — she noticed there weren’t any up-to-date platforms to connect with people like herself. So in September of last year, she launched her very own platform called Naija Comm — a rapidly growing space that showcases and connects Nigerians as creatives working in overlooked career fields such as communications, arts, business, and so forth. Almost every week, the platform picks select individuals to spotlight their work...

The Council of Fashion Designers of America (CFDA) is rolling out a new platform that strives to identify and empower Black creatives and leaders in the fashion space. Impact — a talent directory powered by the job platform Creatively — is a new program launched by the CFDA in an effort to nurture Black talent in fashion by offering them a place to display their work and submit their resumes in consideration for various job opportunities. “This work is essential to the future of American fashion, which must be diverse, equitable, and inclusive,” said CaSandra Diggs, new President of the CFDA, in an announcement. “The CFDA is proud to take the lead in this important effort for the industry and beyond. We launch IMPACT with a specific focus on widening talent pipelines and advancing career development for Black and Brown creatives and professionals. In the future, we will further the initiative to also address other inequities within the fashion system.” Creatively’s job platform that...

Amid the explosion of engaging, entertaining videos on social media during quarantine, Instagram introduced a new visual feature to its platform to rival its competitor, TikTok. Now it’s proving to be a fruitful asset to Black-owned businesses who have set up shop on the app. With many people sheltered-in-place, online shopping saw a huge uptick in traffic prompting many shop owners to turn their attention toward their online stories and digital platforms to incorporate shopping-friendly features in their content. Back in November of last year, Instagram launched its Reels and Shop tabs — both efficient and fun ways for brand owners and entrepreneurs all over the world to connect with consumers — in an effort to accommodate this booming era of e-commerce. Photo Credit: Instagram The way these new features work for businesses on the app provides a better shopping experience for consumers looking to discover new items and brands. Users are able to see a Reel with tagged products,...

Last month, all-inclusive e-commerce platform Thirteen Lune kicked off its launch to support more Black and brown-owned beauty brands. Now the online beauty hub has raised $1 million to expand its development with help from several investors, including media mogul and entertainer Sean “Diddy” Combs, WWD reports. “I believe in the Thirteen Lune mission to build generational wealth for Black and brown business owners,” said Combs in a statement. “Nyakio and Patrick have the vision and grit to build a world-class platform, and I’m excited to be an investor and adviser.” In addition to Diddy’s participation, WWD shares that Thirteen Lune also enlisted other well-known early investors such as Gwyneth Paltrow, Naomi Watts, Gregg Renfrew of the Beautycounter, Tracey Cunningham of Mèche salon, former U.S. Ambassador Nicole Avant, venture capitalist Patrick Finnegan, and Sydney Holland of Urban and The Mystic. “Through this capital that we raised, $1 million with our friends and family, and...