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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...
Morgan Hewett didn’t explore alternative funding options when she launched her first company. In June 2020, Hewett, a former health lead at Facebook (now Meta) who generated $100 million in profit for the company, launched her own company, OptionsMD. The telehealth platform uses generative artificial intelligence (AI) to predict which treatments and medications individuals with treatment-resistant illnesses are most likely to respond to. The venture was inspired by her older brother, who suffered from severe mental health issues and suicidal ideation. Despite having great doctors, it was still hard to find the right medication, leading him to try nearly 12 antidepressants before finding a match. “That made me wonder, ‘Why didn’t the doctors know which medication was gonna work for him?'” Hewett told AFROTECH™. “So I started becoming obsessed with the psychiatry industry and interviewing doctors, and they kept on telling me, ‘When a patient walks into our office, we have five...
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...
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...
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...
The Office of Equity, Diversity, Inclusion, and Belonging at Harvard University will now be called the Office of Community and Campus Life. Sherri A. Charleston, previously Harvard’s chief diversity officer and now the chief community and campus life officer, shared this news via email on April 28, 2025, according to The Harvard Crimson. The announcement aligns with the Trump administration’s push to eliminate diversity, equity, and inclusion ( DEI ) programming at schools and universities nationwide. “In the weeks and months ahead, we will take steps to make this change concrete and to work with all of Harvard’s schools and units to implement these vital objectives, including shared efforts to reexamine and reshape the missions and programs of offices across the university,” Charleston wrote, per The Crimson. Charleston noted that in the 2024 campus-wide Pulse Survey, students, faculty, and staff reported feeling a strong sense of belonging; however, a significant number still felt...
Pharrell Williams is taking significant steps to address the equity gap in entrepreneurship through his initiative, Black Ambition. According to an April 14, 2025, news release, the nonprofit is launching the Fundable Founders Learning Lab, a comprehensive 10-week virtual program designed to support entrepreneurs across Florida, with an emphasis on those from underrepresented communities . With a $1 million investment from an anonymous donor, the initiative is part of a two-year effort to counter dwindling resources for small business owners by providing 500 Florida-based entrepreneurs with access to capital, mentorship, expert training, and a robust network. “Entrepreneurs are facing unprecedented challenges—from shrinking access to capital to dwindling community resources,” said Black Ambition CEO Felecia Hatcher. “This $1 million donation is more than just funding—it’s fuel for a new generation of fundable founders building bold, innovative solutions right here in Florida.”...
Former NBA player Jason Kidd has invested in another soccer team. As AFROTECH™ previously told you, the 10-time NBA All-Star and current head coach of the Dallas Mavericks has continued to pursue his passion for sports well beyond his playing days. As an investor, his portfolio includes two soccer teams based in his hometown of Oakland, CA: Roots SC (men’s) and Soul SC (women’s). “In The Town when you talk about sports, we all had heroes. I’m excited to join the Roots and Soul family,” Kidd said at the time, according to Andscape. “I’ve been seeing videos of all the support they get. I’m just trying to help the family. I especially like that there are both male and female teams. Also, with the teams being in The Bay, I felt like it was a great fit.” Everton Added To Portfolio Now, Kidd has invested in another soccer team, this time joining Roundhouse Capital Holdings, which is part of The Friedkin Group, the ownership group of English Premier League club Everton, mentions ESPN. The...
The Primary School, a tuition-free private institution co-founded in 2016 by Priscilla Chan, the wife of Mark Zuckerberg , to support diversity, equity, and inclusion (DEI) values, is set to close at the end of the 2025–2026 school year. According to a statement on its website announcing the closure, Chan and late educator Meredith Liu established the school, which has campuses in East Palo Alto and East Bay, CA , “on the guiding principle that raising a child is a team effort” and the decision to close came “after much deliberation.” “Too often, our country’s systems of care are siloed and don’t adequately address a child’s varied needs,” the statement read. “The Primary School model breaks down those silos by bringing together the adults in a child’s life — including parents, educators, and health providers — starting from an early age.” The statement continued, “…This was a very difficult decision, and we are committed to ensuring a thoughtful and supportive transition for...
A resource for minority-owned businesses may be impacted due to a new round of federal job cuts. Inc. reports new changes are underway at the Minority Business Development Agency (MBDA), which was first established in 1969 by former President Richard Nixon. Under former President Joe Biden’s administration alone, the MBDA helped provide 23,000 jobs and $3.2 billion in contracts to minority enterprises, the outlet notes. The Trump administration sent an email on April 17, 2025, stating that federal grants to the agency, which operated about 38 business centers, were being dismantled, as the administration believes the funding is “no longer consistent with the agency’s priorities and no longer serves the interest of the United States and the MBDA program.” President Donald Trump’s orders will be a drastic hit to many Black and other entrepreneurs of color. Louisiana’s business center, which worked with hundreds of businesses, was told the MBDA is “repurposing its funding allocations...
Harvard University is suing the Trump administration for threatening to withhold federal funding after the university refused to comply with demands the government outlined in a letter dated April 11, 2025. On Monday, April 21, Harvard University President Alan Garber announced the lawsuit filed in U.S. District Court in Boston, MA, in a letter published on the university’s website. In the letter, he said the administration’s demands violate the First Amendment, disregard federal law, and threaten life-saving medical research. “Moments ago, we filed a lawsuit to halt the funding freeze because it is unlawful and beyond the government’s authority,” Garber wrote. “…Before taking punitive action, the law requires that the federal government engage with us about the ways we are fighting and will continue to fight antisemitism. Instead, the government’s April 11 demands seek to control whom we hire and what we teach.” On April 14, the Trump administration’s Joint Task Force to Combat...
Super Bowl champion Marshawn Lynch has invested in another Seattle, WA, team. As AFROTECH™ previously told you, he secured a stake in the NHL’s Seattle Kraken back in 2022. The investment marks a return home, as he also once represented Seattle’s NFL team, the Seattle Seahawks. “This is something I never would have imagined,” Lynch expressed at the time. “I always dreamed of playing on a professional team but owning one is something special. As I look back on some of my accomplishments — I retired before I was 30 and now being an owner of a professional club at the age of 35 – I’m gonna continue to count my blessings.” According to a press release, per CBS 42, Lynch also holds stakes in teams such as Oakland Roots SC of the United Soccer League, the Professional Fight League, the Beasts in the Fan Controlled Football League, and the Bay Area Panthers of the Indoor Football League. He has now added Major League Rugby team Seattle Seawolves to his portfolio, the release states. Lynch...
Twin brothers and co-founders Oliver and Alexander Kent-Braham are now behind a multi-billion-dollar company alongside David Goaté. As AFROTECH™ previously told you, the siblings founded U.K. -based digital car insurance startup Marshmallow to combat “unfair insurance prices” for migrants. “We now help 100,000s of UK newcomers get a fairer deal on their car insurance every year. We do this by building our own technology, developing pricing and fraud models that let us cater to their unique experiences, and investing time in getting to know them on a deeper level,” a statement on the company’s website reads. View this post on Instagram A post shared by Marshmallow (@getmarshmallow) According to TechCrunch, Marshmallow made history in 2021 as one of two Black-founded startups in the U.K. to reach a $1 billion valuation. As AFROTECH™ previously reported, the company raised $85 million in a Series B funding round with investors that included Passion Capital, Monzo, Investec, and...