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Women-led hair startup Parfait continues to champion Black women. As AFROTECH™ previously mentioned, Parfait is reportedly the first to integrate facial recognition and artificial intelligence (AI) to provide buyers with customizable wig products. It previously raised $5 million in April 2022, backed by a funding round led by Upfront Ventures and Serena Ventures. “It’s widely understood that facial recognition systems perform less well for women and people of color,” said Parfait Co-Founder Isoken Igbinedion, a former Target and Amazon executive . “Training models used in facial recognition technology are largely unbalanced, often relying on training datasets that are similar in makeup, and do not represent the visual composition of faces worldwide. This often results in poor performance for users who do not fit into that dataset, often represented by white faces and male features.” She continued, “Parfait seeks to be the first to make major progress in improving product and service...
Not having a chance to invest in major players in tech ultimately catapulted Serena Williams into the investment ring. During an interview on Bloomberg’s “The Deal,” Williams recalls a time in her tennis journey when she could have faced less pressure to win on the court if she had placed dollars in companies such as Facebook, Airbnb and Google — all companies valued at more than $100 billion today. “Tennis is all sponsor based, and I would see like some of these sponsors come up, but I’m like, ‘Well I have some little cash, like how did I not invest in Facebook? How can I invest in Airbnb or how did I miss Google? Or like, you know, all these companies,'” Williams said on “The Deal.” “ And I started to ask these questions like, ‘Why am I out here breaking my neck and sweating when I could have invested in these companies and I could still be doing the same thing, but it wouldn’t have to be such dire needs, ‘I’ve gotta win this U.S. Open this year. I’ve gotta pay these bills.’ So, I...
Lena Waithe’s Hillman Grad Foundation is on a mission to not only support the next generation of creatives but also to equip them with the resources necessary to thrive. Justin Riley, the company’s Vice President of Operations and Business Development, sat down with AfroTech to share the latest initiatives geared toward helping others. From its Mentorship Lab for writers, actors, and executives to its filmmaking program — Rising Voices — a partnership with Indeed, and more, Hillman Grad Foundation is creating direct pathways for people to move into the industry.
After raising $5 million in funding, Parfait is on its way to disrupting the wig industry with the help of technology. The women-led startup is said to be the first to integrate facial recognition and artificial intelligence to provide buyers with customizable wig products. According to a press release sent to AfroTech, the seed round was spearheaded by Upfront Ventures and Serena Ventures. Ulu Ventures, Unshackled Ventures, Contrary Capital, Visible Hands, TRUE Capital’s Culture Fund, Omar Johnson, Chamillionaire, Tristan Walker, and Upland Workshop participated in the round. “Parfait’s mission to leverage Al to solve core issues for both the tech industry and communities of color is something we, at Serena Ventures, have believed in since the beginning,” said Serena Williams, Managing Partner at Serena Ventures, in a statement. “She went on to say “It’s been inspiring to witness their incredible achievements so far, and we’re proud to invest in this next phase of Parfait’s...
Here’s to Black women making history. ESSENCE reports that Pamela Culpepper just became luxury fashion brand Prada’s newest board member, and she makes history as the first Black woman to do so in its 109-year history. Along with Anna Maria Rugarli, Culpepper was appointed as the Independent Non-Executive Director of Prada S.p.A., the parent company of Prada. Both were chosen based on their backgrounds in Environmental, Social, and Governance (ESG). They will support the Board of Directors with sustainability assessments and any decisions based on the three courses of action at the core of the company’s ESG strategy, which include people, environment, and culture.
Let’s talk equity and investing! The latest episode of Black Tech Green Money is a blast from the past with Marlon Nichols — a founding managing partner at MaC Venture Capital — from AfroTech 2017. For those who may not understand the ins and outs of startup funding rounds and all that it entails, listen closely because Nichols gives AfroTech a good play-by-play.
TracFlo is definitely a startup you’re going to want to look out for in 2022. It was announced that the app — created to streamline contractor documents and workflow operations for construction projects — won the Startup Pitch Competition for HBCU founders during the inaugural Invesco QQQ Legacy Classic in an Instagram post. As the winner, TracFlo took home a $1 million prize thanks to the Invesco QQQ Legacy Classic, which partnered with MaC Venture Capital and Serena Ventures — tennis legend Serena Williams’ investment firm. Through her firm, Williams is on a mission to create change through investing in opportunities that make the lives of everyday people better. “We see a lot of venture companies investing in a lot of people, but it’s really just about following people of color and women and giving them the same opportunities,” said Williams, during a live broadcast of the event which aired on TNT. View this post on Instagram A post shared by The Invesco QQQ Legacy Classic...
It’s no secret that the startup world needs more Black investors and venture capitalists. Inc. Magazine reports Black founders are raising “record amounts of venture capital” in 2021, even though they only rang in 1.2 percent of all venture capital in the first half of the year. Last year, Black founders received only 0.6 percent of venture capital (VC) deployed. That’s unacceptable, and Black investors are stepping up to the plate to change that. Some notable Black venture capitalists making major moves in the VC world include Jarrid Tingle, co-founder and managing partner of Harlem Capital; Marlon Nichols, managing general partner at MaC Venture Capital; and Austin Clements, partner at Slauson & Co. The trio will hit the virtual stage at AfroTech 2021 during the “Black VCs: Raising Millions with a Mission” panel to discuss how they are working to raise millions of dollars to diversify venture capital investments. Ultimately, Nichols, Clements and Tingle want to put more dollars in...
Invesco QQQ Legacy Classic — a college basketball showcase — is bringing Historically Black College and University (HBCU) culture to television screens across the nation. View this post on Instagram A post shared by Invesco US (@invescous) Airing on Dec. 18, the TNT broadcast will feature a doubleheader competition of Hampton University versus North Carolina Central University and Howard University versus North Carolina A&T University. The inaugural Legacy Classic is set to bring viewers into a full-blown HBCU experience, and now, the event is also creating opportunities for current HBCU students and alumni. According to a press release provided exclusively to AfroTech, the Invesco QQQ Legacy Classic has partnered with MaC Venture Capital and Serena Ventures — tennis legend Serena Williams’ investment firm — to create a Startup Pitch Competition for HBCU founders. “At MaC we like to say that talent is ubiquitous but access to opportunity is not,” MaC Venture Capital General Partner...
Personal safety while traveling is still a growing concern, especially for women traveling alone. This is the thought that Jillian Tancil had in mind when she founded TanTek Technologies last year, a tech startup manufacturing necklaces equipped with tracking devices. The necklaces sync with a mobile application that shows approved contacts a person’s exact whereabouts. Consumers can also safely send emergency alerts through the necklace or app to approved contacts. “I never really intended to go into business. It’s not what I went to school for,” Tancil told AfroTech in a video interview. Tancil is an attorney by trade. During her third year of law school at Harvard University, she went on a solo spring break trip to Paris; this was the experience that birthed TanTek. Being the only girl out of her siblings, Tancil and her family often worry about safety, especially while traveling. Tancil’s wheels started turning when she did some research amid her trip and found that there aren’t...
Consumer tech giant Best Buy just found a huge way to pledge its support toward Black and brown entrepreneurs in the tech industry. According to a press release, Brown Venture Group — a venture capital (VC) firm created to fund Black, Latinx and Indigenous tech entrepreneurs — announced that Best Buy has committed up to $10 million to its $50 million inaugural fund, considered one of the largest in the country dedicated to this group of techpreneurs. This commitment from Best Buy builds on its recent pledge to spend at least $1.2 billion with diverse businesses by 2025 with a focus on the tech industry. “We’re committed to taking meaningful action to address the challenges faced by BIPOC entrepreneurs,” Best Buy CEO Corie Barry said in a statement. “Through partnerships like this, we believe we can begin to do this by helping to build a stronger, more vibrant community of diverse innovators in the tech industry, some of whom we hope will become partners of Best Buy in the future.”...
Today marks another major milestone for venture capital firm Zeal Capital Partners with an oversubscribed fund that wants to advance economic mobility. In a press release shared with AfroTech, Zeal Capital Partners — a firm dedicated to narrowing the wealth and skills gaps through its investments — has announced the raise of a $62.1 million inaugural fund, outperforming its initial $50 million goal. This makes it one of the largest funds from a solo diverse manager and one of the largest first-time funds for any solo general partner. Funding for this raise was led by Truist and PayPal, with participation from other backers such as Synchrony Financial, Bank of America, Foot Locker Inc., RockCreek, Hampton University Endowment, Southern New Hampshire, Skoll Foundation and Gary Community Investment. Of those investors supporting Zeal’s new fund, Peter Sanborn — managing partner of PayPal Ventures — said that “Zeal Capital stood out to PayPal because of our shared belief that access to...
Don’t just talk about it, be about it! Managing Director of venture capital (VC) firm Insight Partners knows exactly how to use his privilege to level the playing field when it comes to funding for Black founders. Richard Wells is the son of an Ecuadorian immigrant mother but carries the name and appearance of his white father which he notes has helped his career tremendously. “When I sit on a panel of folks that do what we do, I have joked that I have the same haircut and look very similar to everyone else, all the white guys,” said Wells in an interview with Forbes. “And I recognize that’s an advantage for me. No one knows that I had a grandmother that didn’t speak a word of English.” As veterans in the industry, Wells and his partners have continuously been informed about the hardships that fund managers, specifically, women and people of color, face when it comes to raising money. It was this that motivated both him and his partners to put $15 million of their own capital into a...
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...
The growing number of Black and brown businesses in the United States goes hand-in-hand with the widening racial equity gap in the venture capital world. To combat this, Mitch Brooks and Tristan Wilkerson — general partners of High Street Equity Partners — are using their impact and expertise to close that gap for founders of underrepresented businesses across the country. According to theGrio, the duo has established a $15 million fund under the guise of principle and purpose to support businesses who have potential to thrive amid the pandemic. Brooks tells the outlet, “I just felt really moved to do something in the formal investment vehicle and I spoke to Tristan about that and we started to do our due diligence and here we are today.” theGrio shares that Brooks and Wilkerson — both long-time friends and angel investors in Black-owned businesses — named their fund after a historic street in Little Rock, AR to pay homage to what was once the center of business and innovation where...