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Carmelo Anthony’s intro into solo investing paid off big time. In 2006, Daniel Huang and Shawn Dougherty bootstrapped mStation with a $250,000 investment, developing speakers and cases for iPods and MP3 players, according to Forbes. Within their first year, they generated $1 million in revenue, most of the earnings coming from North America. The founders went on to make some power moves with the help of Carmelo Anthony, who was an active NBA player at the time. Here’s how. The Carmelo Anthony Effect In 2007, Huang and Dougherty acquired Mophie, which was responsible for creating the OG portable battery for iPhones. Forbes notes the pair created a battery-powered case, and Mophie’s revenue scaled from $2.6 million in 2008 to $200 million by 2013. Mophie’s revenue was predicted to reach $1 billion within the next five years. “What we got from them that we didn’t have was a global Apple retail presence, customers in 60 plus countries, and a diversification into the case business,”...
The crypto market is surging following a major regulatory shift. According to CNBC, XRP jumped 10% to $2.49 after Ripple CEO Brad Garlinghouse announced that the U.S. Securities and Exchange Commission (SEC) has dropped its case against the company. This decision marks the end of a four-year legal battle that has shaped the industry’s regulatory landscape and fueled speculation about a broader shift in the SEC’s approach. Ripple’s Long-Awaited Victory Speaking at the Digital Assets Summit in New York, Garlinghouse reflected on the drawn-out legal fight, calling it a painful yet necessary battle for the industry. “It’s been almost four years and about three months since the SEC originally sued us, certainly a painful journey in lots of ways,” Garlinghouse said. “I really deeply believed that we were going to be on the right side of the law and on the right side of history.” The SEC sued Ripple in 2020, alleging that the company sold XRP as an unregistered security. Ripple scored a...
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...
Larry Fitzgerald Jr. is a serial investor passionate about educating the youth in STEM. NFL Days Fitzgerald Jr. is a former NFL player drafted in 2004 by the Arizona Cardinals. ESPN mentions that his selection for the team was a no-brainer for general manager Rod Graves and head coach Dennis Green, who passed away in 2016. The Football Foundation notes that Fitzgerald Jr. was one of the best wide receivers in college football history. He was also the first sophomore to receive the Walter Camp Player of the Year award given to athletes who strive for excellence in their careers while benefiting others. View this post on Instagram A post shared by College Football Hall of Fame (@cfbhall) “[Green] knew the family, he knew all of that, but there was no question about [Fitzgerald’s] football ability,” Graves said, according to ESPN. “Based on all the information we had, we felt that he was the No. 1 player in the country.” Larry Fitzgerald Foundation One year after being drafted into the...
will.i.am missed out on an investment that would have made him millions today. During an interview with Fortune held at SXSW, the multi-platinum music artist, producer, and tech entrepreneur revealed he had a chance to invest in Airbnb, a vacation rental company. The opportunity was introduced to him by Airbnb’s co-founder, Brian Chesky. Founded in 2007, the company raised funds in its early stages and allowed individuals to invest up to $200,000. However, will.i.am wasn’t fully convinced by the concept at the time. “’What’s up with concierge? Y’all don’t got that?’ ‘No,’” he explained to Fortune. “What’s up with room service? Y’all got that? He’s like, ‘No.’ I’m like, ‘Yeah, I think I’m gonna have to pass on that one.’” Airbnb did become a success. According to its website, it has more than 5 million hosts and has attracted 2 billion guests from more than 220 countries and regions. Hosts have earned more than $250 billion. Today, Airbnb has a market cap valued at more than $78...
Kylian Mbappé has added a team to his growing investment portfolio. Forbes named the French and Real Madrid soccer player among the richest athletes in 2024, with an estimated total earnings of $110 million. It appears he is putting his earnings to good use by investing in the luxury watch-shopping platform Wristcheck, which Jay-Z also backs. According to Robb Report, Mbappé’s interest in the company stemmed from their innovation in technology and creativity. “I’m thrilled to join Wristcheck as an investor through Coalition Capital,” Mbappé said in a press statement, according to the outlet. “As a Hublot ambassador and someone passionate about watches and innovation, I see Wristcheck as a platform that truly understands the next generation of collectors. They’re reshaping the watch industry with a forward-thinking approach that blends technology, transparency, and creativity.” More recently, Mbappé became a team owner. He secured a stake in the France SailGP Team, which is owned by...
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...
Flo Rida made history when he purchased a shopping plaza to champion local businesses. As AFROTECH™ previously told you, Flo Rida—born Tramar Lacel Dillard—purchased the Cloverleaf Plaza shopping center in Miami Gardens in 2023 alongside his business manager, Lee “Freezy” Prince. The fully leased property was secured in a $10 million deal . This investment came on the heels of Flo Rida’s legal victory against Celsius over a breach of contract, which resulted in an $82.6 million award, per CBS News. “You might own a house and things like that, but growing up just looking at highrises and things like that, the first thing is not to think that you can own it,” Flo Rida told the Miami Herald. “Maybe you have a spot there, but you won’t really own it. So to actually own our own plaza is just phenomenal.” The plaza is home to several businesses, including Cloverleaf Beauty Supply, Creole Kitchen, Boost Mobile, Top Notch Cigars & Smoke Shop, and Flowers by Grace, a staple for three decades...
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...
Tracy McGrady has long aspired to team ownership, and now that he’s secured a stake in the NFL, he’s dedicated to increasing representation in the league. As AFROTECH™ previously reported, the basketball icon was announced as a minority owner of the Buffalo Bills in December 2024. He joins his former Toronto Raptors teammate and fellow Florida native, Vince Carter, as part of a group of 10 limited partners, which also includes soccer star Jozy Altidore. This marks the first time the Bills, owned by Terry and Kim Pegula, have expanded their ownership group. “I’ve always wanted to be an owner of a franchise and really didn’t care whether it’s the NBA, a soccer league, whether it’s in the NFL,” McGrady explained in an exclusive interview with AFROTECH™ held at a private reception that was hosted by Diverse Representation and William Morris Endeavor (WME) on Saturday, Dec. 8 to honor Black professionals in sports. Kevell Byrd McGrady also reveals the backstory behind becoming a minority...
CircNova, a Michigan-based biotech startup, has completed a $3.3 million seed round to advance its technology, which uses artificial intelligence (AI) to target “circular RNA.” Crystal Brown co-founded CircNova in May 2023 with scientist Joe Deangelo. Brown told TechCrunch that it has since developed a “proprietary AI engine that allows us to identify, design, and then produce novel, non-coding, circular RNAs.” RNA, or ribonucleic acid, is present in all cells and is a key molecule that carries the instructions to convert genetic information into proteins. F irst discovered in 1976, circular RNA — a class of structures that forms a circle rather than a strand — regulates critical biological processes, per TechCrunch. The aim is to “treat diseases we haven’t treated so far, things like ovarian cancer, triple-negative breast cancer, neurodegenerative diseases, rare genetic diseases,” Brown said. CircNova’s website states that its AI NovaEngine is the first in the world capable of...
Pharrell Williams’ nonprofit organization Black Ambition has distributed $13 million to underrepresented founders since its inception. The nonprofit currently is launching its fifth Black Ambition Prize Competition, which will award early-stage entrepreneurs in industries such as consumer products and services, health care, media and entertainment, technology, and artificial intelligence (AI). Participants will have a chance to receive more than $1 million in funding. Further support will be provided over 12 weeks through mentorship, business development support, and access to its network of investors and industry leaders through the Black Ambitionist Mentorship Program in partnership with Cinematica Labs. According to information shared with AFROTECH™, $13 million has been awarded to 131 entrepreneurs since 2020. Additionally, the organization’s founder network has raised $280 million and generated over $265 million in revenue. “Five years ago, Black Ambition was an idea,” Williams...
African fintech platform Mansa has secured new funding. Mansa, founded in 2023 by Mouloukou Sanoh (CEO) and Nkiru Uwaje (COO), enables seamless cross-border payments and instant transactions for its customers. Its offerings include competitive exchange rates, virtual card processing to support cash flow management, and automated matching of financial transactions to bank statements. This is made possible by leveraging a stablecoin infrastructure, its website mentions. “We’re starting by being the primary liquidity provider to the biggest payment companies across emerging markets,” Sanoh explained to TechCrunch. “From there, we can handle payouts and also offer additional services like foreign exchange. The goal is to create a one-stop payment platform where they can finance their payments, settle transactions instantly, and access foreign currency seamlessly — all in one place.” The inception of Mansa, based in Dubai, UAE, originated from Sanoh experiencing issues receiving money...
Black Unicorn Factory has set a historic precedent in equity crowdfunding. Black Unicorn Factory (BUF) is a business development accelerator and equity crowdsourcing platform established by Johnny Stewart in 2012. Through BUF’s Follow Me for Equity app, it uniquely allows individuals to secure stock in pre-IPO companies by simply becoming a follower of a company through the app. “Stop following for free and earn equity,” actor Anthony Anderson said in a promotional video for the company. BUF’s target audience is underserved communities who are being left out of opportunities in the venture capital space. “It is disheartening to observe that the venture capital industry only allocates funds to a mere 1% of businesses led by individuals from underrepresented communities. At BUF, we firmly believe that this disparity cannot persist, and we are committed to providing an alternative to the discriminatory practices prevalent in the traditional venture capital landscape,” a statement on...
The Black-owned water bottle brand SUPLMNT welcomes NBA player Gary Payton II as its latest investor. The brand was founded in 2020 by South Philadelphia, PA, native Jairus Morris, who aims to improve hydration in Black and brown communities. His journey as a founder was inspired by his mother, who took on multiple jobs to support the household of five children. “I grew up in a South Philly single-mother household with four siblings. My mother was my first inspiration and motivation to want to be an entrepreneur,” he said in an interview shared on Medium. “She always tried side hustles to bring in extra income for my family; whether it was selling Mary Kay or braiding hair, she did it. Moving us out of the ghetto in South Philly to a suburb in New Jersey was the best thing she could have done. It exposed me to see that there was so much more to life outside of the hood.” As an adult, he also mentioned recognizing disparities around health and wellness, which further inspired his...