Aruwa Capital Management, one of Africa’s few woman-led private equity firms, has secured $35 million for its second fund to invest in inclusive, impact-driven businesses across Nigeria and Ghana, according to a press release. Aruwa Capital Fund II drew backing from major institutions, including the Mastercard Foundation Africa Growth Fund (MFAGF), Visa Foundation, British International Investment (BII), and Nigeria’s Bank of Industry (BOI), the fund’s first local institutional investor, based on the release. It also attracted capital from global family offices and others with a target of $40 million. However, that number has since changed to $50 million, with a hard cap of $60 million. “In the midst of the current challenging fundraising environment, we are excited to have raised 90% of our target fund size for Fund II and to be upsizing due to strong investor interest,” said Adesuwa Okunbo Rhodes, founder and managing partner of Aruwa Capital Management, in a press release via her...

ChurchSpace has secured $1.2 million in an oversubscribed funding round with a goal of better activating underutilized sacred spaces for contemporary community use, a press release states. The technology startup was founded in 2021 by pastors’ children Emmanuel Brown and Day Edwards, per the company’s website. The company, which is relocating its headquarters from Houston, TX, to Detroit, MI, repurposes underused real estate on church campuses — like fellowship halls and classrooms — to create passive income streams for churches and offer small businesses more affordable ways to connect with local consumers, according to the release. The funding round was led by Black Ops Ventures. Michigan Rise and Dug Song of Minor Capital also participated. “From Motown to ministry, Detroit’s always had soul. ChurchSpace is bringing fresh tech to sacred spaces—helping churches thrive, serve, and connect across communities. We’re proud to support their mission and welcome them to Detroit,” Song...

Seven African healthtech startups have been selected for the latest cohort of the Investing in Innovation Africa (i3) program . Each will receive up to $225,000 in grant funding and tailored support to scale solutions that improve medicine access. Backed by the Gates Foundation, Merck & Co. Inc. (MSD), Sanofi, and others, i3 supports growth-stage startups working to close critical health care gaps. This cohort emphasizes pharmacy-related solutions, a vital part of health care in many African countries , where pharmacies handle up to 70% of initial patient visits, according to Urban Geekz. The selected startups, which are dedicated to developing a range of scalable, tech-enabled solutions, include: mPharma Chefaa Dawa Mkononi Meditect myDawa RxAll Sproxil Their offerings include AI-powered prescription refills, last-mile medicine delivery, cloud-based pharmacy systems, embedded financing, inventory management, and product authentication to reduce fraud and improve drug safety. “It is...

Atlanta, GA, will continue to be a city of opportunity, according to Mayor Andre Dickens. Affordable Housing Dickens assumed his post as mayor in 2022, and since then he has implemented various plans to the benefit of the city, including providing affordable housing. As AFROTECH™ previously reported, Atlanta’s first rapid housing initiative launched in January 2024 in south downtown on city-owned property. It featured 40 shipping containers that were turned into private living quarters, with the one room including a bed, bathroom, and kitchenette. The initiative encompasses a city-wide goal to establish 20,000 affordable housing units by 2030, which will benefit the unsheltered, senior citizens, families with children, school teachers, and young adults who are not earning a large salary, and other populations. Already, 11,000 affordable housing units have been built. These efforts have also been supported by a $50 million bond proposed by Dickens in 2024, along with $10 million the...

Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. A recent study released by Lending Tree revealed that a lot of Americans are using buy now, pay later (BNPL) loans from companies like Klarna and Affirm to buy groceries (25%, up from 14% in 2024). As economic fears mount and uncertainty about the economy continues, people are turning to financing their everyday necessities. But using BNPL loan services is a mistake, especially for those who struggle with debt. BNPL is an interest-free loan, allowing consumers to split their purchase into smaller payments. For those who have an issue with credit cards or deal with debt, this could be an alternative. But if you begin making late payments, you can be charged high fees, which is a problem for those who have multiple loans. While the existence of BNPL loans isn’t necessarily a problem, how they’ve come to be used is concerning. Recently, DoorDash announced its plans to accept BNPL financing through...

After more than six decades of leadership, Warren Buffett made a surprise announcement at the close of Berkshire Hathaway’s annual shareholders meeting on Saturday, May 3, 2025. According to CNBC, he revealed that Greg Abel will take over as CEO on Jan. 1, 2026. The board voted unanimously to approve the transition, with Buffett remaining as chairman. As news of the change spread, attention quickly turned to the future of Berkshire Hathaway stock, a long-standing indicator of investor confidence and corporate stability. “Buffett leaves a company that is less reliant on his investing capabilities, with an array of leading businesses with strong cash flows,” Brian Meredith, UBS’ Berkshire analyst, said via CNBC. Berkshire Hathaway Stock Responds To Leadership News Following the leadership announcement, Berkshire Hathaway stock experienced a brief dip of 5%. Class A shares fell 4.9% to $769,960, down from a record $809,350 the day before. Class B shares also declined, closing at...

A Black Wall Street is establishing itself in Augusta, GA. According to WJBF Channel 6, an eight-step plan focused on Black entrepreneurship, proposed by Lawrence Freeman Jr. and Thelonious Jones, aims to create a business district encompassing Walton Way, Laney Walker, Broad Street, East Boundary, and other areas. The goal is to promote economic growth and help entrepreneurs generate wealth, with a district modeled after the original Black Wall Street in Tulsa, OK. The project is inspired by Viola Fletcher, “Mother Fletcher,” the oldest living survivor of the Tulsa Race Massacre of 2021, which saw more than 300 lives lost and the whole of Black Wall Street businesses destroyed, according to the Tulsa Library. Fletcher was 7 at the time and turned 110 in May 2024, notes People. She is still fighting to rewrite the wrongs of the massacre that left her family in poverty, per Justice For Greenwood. Fletcher lived in the Greenwood District, a predominantly Black neighborhood with...

Symphonic Capital has launched its inaugural fund targeting overlooked founders in fintech and health care. Symphonic Capital’s Inception Sydney Thomas, who always displayed an “entrepreneurial spirit,” founded the venture capital (VC) firm in 2022. Having already dedicated years to being a serial investor, her work in venture capital began in 2016. It was during that time that she observed a common pattern: Many firms placed broad bets on numerous founders, accepting that most would fail in hopes that a few would yield outsized returns. However, she believed it was possible to have a more refined approach that would put more early-staged founders in a better position. “While it is still incredibly risky to work in early stage, a way to actually de-risk your investment is to have a much more structured and focused support strategy with those companies that increases the likelihood that they graduate from pre-seed to seed, and increases the likelihood that they graduate from seed to...

Megan Thee Stallion is set to become a franchisee! The Houston, TX-born rapper is diving deeper into her entrepreneurship bag. As AFROTECH™ previously told you, through her music career, she already has full ownership of her master recordings and publishing thanks to her deal with Warner Music Group. She has also gone on to launch her own tequila brand, Chicas Divertidas. At the time of this writing, the brand boasts two offerings: Blanco and Reposado. Photo Credit: World Red Eye “As someone who values good vibes and great memories, I knew I wanted to create a tequila that was designed to be shared and savored with my Hotties,” Megan Thee Stallion said in a news release shared with AFROTECH™. “Smooth, sultry, and premium. This process has been years in the making, and I’m so proud to take this next step in my journey as an entrepreneur and launch this brand. I know the Hotties are ready, it’s time to give them a drink made by me! I’m excited to share this labor of love with you all...

A new hub for Black-owned businesses is opening in Evanston, IL. Led and owned by a team of predominantly Black community leaders, The Aux is a 16,000-square-foot commercial space that will feature a wellness studio with services provided by practitioners of color, pop-up marketplaces for healthy food entrepreneurs, flexible space for small business owners, and office and co-working areas, according to information on its website. “We are transforming a vacant property into a beautiful, environmentally sustainable building that emphasizes a quadruple bottom line for cultural, social, economic, and environmental impact,” The Aux website reads. The Aux acquired the property in 2021 and in that same year announced it was seeking a $6 million raise to renovate the space — a project managed by Black-owned, Chicago, IL-based firm Ujamaa Construction. The project’s final cost increased to $10 million with support from public and private donors, per the Evanston Roundtable. In 2022, the City...

Formula 1 (F1) is the holy grail of motorsport, where the world’s fastest single-seater race cars and most skilled drivers compete worldwide for bragging rights, prize money, and team supremacy. Since debuting in 2022, the Miami Grand Prix, part of F1’s efforts to expand its U.S. footprint, has quickly evolved into more than just a race — it’s become a cultural spectacle. The race takes place at the Miami International Autodrome, a temporary street circuit around Hard Rock Stadium in Miami, FL. Celebrating Miami’s vibrant culture, the event blends high-speed racing with innovation, diverse styles, luxury experiences, and pop culture. Building on momentum from 2024, this year’s Grand Prix — from May 2–4, 2025 — is expected to draw over 275,000 fans. According to F1 Destinations, the average attendee is projected to spend $2,230 over the weekend. Off the track, F1 is accelerating into the future by embracing sustainability, with innovations including a commitment to use 100%...

A new venture has launched to amplify Caribbean founders. Caribbean Venture Collective Caribbean Venture Collective — founded by Daniel Smith (Keepingly) and Mita Carriman (Adventurely), both Techstars alumni of Caribbean descent — has launched to help founders realize their full potential, a ccording to a news release shared with AFROTECH™ . Entrepreneurs will be supported across eight impact verticals: travel/hospitality tech, logistics and supply chain, proptech, agritech, climate tech, fintech, healthtech, and edtech. The move will also help to improve a region that spans over 30 countries and territories, with a combined population of more than 40 million. “Having been a founder in Trinidad and then moving to The U.S, realizing that one of the biggest issues that most founders face is around funding and being able to have access to funding and understand the market sizes, etc… What we’re doing is to ensure that we build a pipeline,” Smith told AFROTECH™. “One of the biggest...

A passion area for Shannae Ingleton-Smith has blossomed into a 6-year-old talent management firm prioritizing diverse creators. Ingleton-Smith understands the nuances of the creator economy, having worked as an influencer who was earning revenue and steadily securing more deals. She also co-led a Facebook group with a close friend that helped Black creators learn how to advocate for themselves and negotiate opportunities. This even led to a mention by a Forbes writer who highlighted the significant revenue creators were generating through the group. In addition, while actively working in a corporate role, Ingleton-Smith began receiving requests from creators to become their manager. “I was working full time, and I had a job. And I was just like, ‘I’m just doing this for fun. I’m learning and I like helping people. I don’t expect to be paid doing this.’ That was my mentality initially,” she said in an interview with AFROTECH™. “Then I think after the fourth or fifth person asked me...

Choosing the right name for a business or startup is one of the most critical branding decisions entrepreneurs make. A strong name can enhance visibility, improve search engine rankings, and make it easier for customers to find your business online. Since SEO plays a key role in brand discovery and, ultimately, a business’s name value , integrating search-friendly elements into a business name can increase organic traffic and improve brand recall. This guide explores SEO tips for naming a business or startup and ensuring the name is optimized for success in the online business world. Prioritize Keyword Relevance Without Overstuffing One of the most effective ways to optimize a business or startup’s name for SEO is incorporating keywords that are relevant to the industry or niche. Including terms commonly searched by potential customers in the name can increase the likelihood of appearing in search results. For example, a marketing agency named “Elevate Digital Marketing” may perform...

The majority of Levi Strauss & Co.’s shareholders have voted against anti-DEI proposals. WWD reports the company received a proposal from the National Center for Public Policy Research requesting that its shareholders “consider abolishing its DEI program, policies, department and goal.” At a time when other major corporations have rolled back their diversity, equity, and inclusion policies in response to President Donald Trump’s efforts to eliminate DEI across the federal government , the proposal referenced that “Alphabet and Meta cut DEI staff and DEI-related investments; and Microsoft and Zoom laid off their entire DEI teams.” Levi’s executives, however, do not believe the company has partaken in discriminatory policies in its recruitment or promotions, according to David Jedrzejek, Levi’s senior vice president and general counsel, per the outlet. Still, Stefan Padfield, executive director of the National Center’s Free Enterprise Project, made a point to mention at the...