Daymond John’s success is credited to the immeasurable value of having a solid support system. It’s a known tidbit that the “Shark Tank” co-star turned FUBU into an iconic brand thanks to his mother’s belief in him. However, in an interview with Shannon Sharpe, he revealed the extent of just how much she supported his dream. After Sharpe mentioned that John’s mother was his first investor, he shared his journey that led to the special moment. From seeing him work tirelessly on his brand for five years to being denied by 27 banks, she made a big decision to help her son. “I go to my mother and tell her I got turned down from 27 banks and she says, ‘Daymond, you’ve been trying to contribute to this house as long as you were a kid. I wouldn’t do this if you didn’t have the money. Let’s take all of the money we can out of the house. You manufacture and deliver the clothes and put the money back into the house.’ And that’s how she gave me the money,” he told Sharpe. He continued: “My...

These entrepreneurs are reaping all the benefits from having turned down an offer during an appearance on “Shark Tank.” Kim and Tim Lewis are the founders of CurlMix, a haircare line geared toward all textures of our tresses! AfroTech previously reported that while on “Shark Tank” the couple turned down a $400,000 offer. Now they’re slated to make history in the equity crowdfunding space having already raised over $3.6 million within 30 days of launching their campaign, per Black Enterprise. To date over 6,000 investors have tapped into their campaign powered by Wefunder. “Anytime you have a community backing you and they are hype about [your brand], what you are doing will be successful,” said Tim during an interview with Black Enterprise. “I don’t have rich people [involved] who put in half a million dollars. About 90% of our investors have contributed less than $1,000 so it really is the people that are driving this campaign.” In just four hours of launching the campaign, the...

There’s no age limit on when people can learn financial literacy, according to mobile banking app Goalsetter. The Black-owned kids and family finance app announced that it has raised a $3.9 million seed capital round and plans to use the funds to accelerate subscriber growth and enhance its ability to further expand its platform, according to a press release. The funding round was led by Astia, with participation from other companies such as PNC Bank, Mastercard, US Bank, Northwestern Mutual Future Ventures, Elevate Capital, Portfolia’s FirstStep Fund and Rising America Fund, and Pipeline Angels. In addition to those major investors, Brooklyn Nets’ Kevin Durant, Phoenix Suns’ guard Chris Paul, former NBA star Baron Davis, and ex-MLB player C.C. Sabathia all joined as individual investors in the revolutionary app. “We are proud to support Goalsetter in their mission to increase financial literacy in Black and Brown communities,” Durant shared in a statement. “Financial education is...

A little-known coffee shop is receiving big-name patronage. Kopi Kenangan has just nabbed celebrity investors as a part of its venture capital efforts. The Indonesian coffee chain recently received backing from NBA player, Caris LeVert, Serena Williams’ Serena Ventures, Jay-Z’s Arrive, and Sweetgreen CEO, Jonathan Neman, according to Line Today. Edward Tirtanata, James Prananto, and Cynthia Chaerunnisa, the founders of Kopi Kenangan, established the company two years ago, to provide a middle ground between lower-end and more expensive coffee . Apparently, they have found that sweet spot. According to TechCrunch, the company raised $20 million through a Series A funding round earlier this year; the new, undisclosed investments increase the total yield. The funds will be used for expansion and for further technological development. The chain will add several new local stores and kiosks, and is expected to capture an overseas market by 2020. Its use of technology currently facilitates...

Italee Lucas is a former North Carolina Tarheel Women’s Basketball player, and she was also the 21st pick by the Tulsa Shock in the 2011 WNBA draft. She now plays overseas for the Angolan Women’s National Basketball team. Lucas has quite a few accolades under her belt, but now she can also add successful investor to that list. I was fortunate enough to spend some time talking with her to understand how she began investing and what she has learned about the process by working with the experts. This interview has been edited for length and clarity. AfroTech: When you were drafted into the WNBA, did they have anything in place to teach rookies about personal finance? Italee Lucas: They didn’t, and that’s one of the things I’m even talking to my agent about now. I did end up changing agents three times, and I think it’s important for the agents, especially for the women, coming out to be partnered with either a financial advisor or some type of additional capitalist. When I first came...

Drafting and pitching your idea can be a daunting task because there is no standard format or how-to for communicating your idea to investors. The goal is to quickly capture the interest of your audience and convince them that your idea is worth investing in. Here are some pro tips to effectively communicate your idea: Put Your Startup’s Data Into Context Sure, numbers don’t lie, but if investors don’t know or understand what your data means, they probably won’t grasp how great your idea is. For example, when presenting the iPod to an audience, Steve Jobs didn’t mention gigabytes. Instead, he simply said the iPod could hold 1,000 songs. When drafting your pitch, be sure to make the data practical to give investors a natural and simplified understanding. Mesh Storytelling and Problem-solving Have your pitch flow by explaining the problem your idea solves via telling a story of why you decided to launch your startup. It’s not a bad idea to start your pitch with a captivating story...

Serena Williams is no stranger to the tech world and now it seems she’s focusing on strengthening her relationship with one app in particular. Today, Bumble announced that Williams will join Bumble Fund as an investor. Launched in 2018, Bumble Fund helps women of color and other underrepresented groups who are largely ignored in venture capitalism. Bumble Fund focuses on giving businesses early-stage investments. Although Bumble originally launched as an online-dating app that was unique for only allowing women to send the first message to a match, Bumble Fund is another example of how they’ve branched into other ventures. In a statement about the new partnership, Williams said: “I’ve learned how impactful one woman’s voice can be when given a platform to speak and be heard. I am passionate about building on this progress and opening doors for women of all backgrounds, especially women of color, to share their message and trust in their potential to accomplish great things. By...