Editorial Note: Opinions are the writer’s own and not those of AfroTech. There is a persistent myth that investing in Black businesses is a charitable endeavor rather than a profitable one. In fact, almost twice as much money is donated to BIPOC focused nonprofits vs. invested in BIPOC founded startups. This myth assumes that Black entrepreneurs are not capable of producing the same level of returns as their white counterparts. However, research has shown that investing in Black-owned businesses can be extremely lucrative. A report by McKinsey & Company found that companies with diverse executive teams are 33% more likely to have above-average profitability than those without diversity. Furthermore, a study by the National Bureau of Economic Research found that companies with Black CEOs receive higher valuations than those with white CEOs. Despite these findings, Black founders continue to face significant obstacles when it comes to securing funding. In 2022, only 1% of all venture...

Black haircare has proven to be a billion-dollar industry for years with more and more Black businesses prioritizing products and services catering to all hair types. Sunday II Sunday — an award-winning Black-owned luxury haircare brand — is one of those businesses that’s helping to address Black women’s biggest hair problems, with the help of some big investors. The recently launched brand — founded by Keenan Beasley of Infinite Looks, Inc. — has caught the attention of Johnson & Johnson, the world’s biggest healthcare company, to invest a reported “seven figure sum,” according to Global Cosmetics News . Black Enterprise reports Sunday II Sunday has announced a seed financing round that will include funds from both Johnson & Johnson Innovation Studio and Ignite Venture Studio. According to Elizabeth Wu — Consumer External Innovation & Transactions Manager at Johnson & Johnson — the healthcare company predicts its investment will address “an unmet need in the multicultural hair care...