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Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. Before Vice President Kamala Harris replaced Joe Biden as the Democratic ticket’s front-runner, support for the party was low among the tech industry. In fact, many who now back Harris had previously withheld support from Biden, even favoring Trump over the Democratic candidate. Ben Horowitz, the co-founder of Andreessen Horowitz, is one of those people who recently shifted their support in favor of Harris. After Harris took over the ticket in July, the energy across the tech industry shifted significantly, leading to the formation of new groups representing tech professionals — groups that hadn’t emerged during Biden’s campaign. These groups are VCs for Kamala and Founders for Kamala. They have raised money for her campaign and increased awareness of her positions on key issues impacting the tech industry. I will cover the tech industry’s sentiment under Biden, the current shift with Kamala as...
The NAACP has launched a “fund of funds” to scale impact within communities of color. According to a news release, NAACP Capital was formed with the support of Kapor Capital, the Kapor Center, and nine venture fund managers. It seeks to raise $200 million to fulfill its goal of investing in fund managers connected to sectors such as education, healthcare, and finance, with a focus on supporting underserved communities. Beyond capital, the initiative aims to close racial equity gaps and increase diversity within the tech industry. As part of this mission, resources and support will be provided to fund managers and founders. “As an ever-evolving legacy organization, the NAACP knows that innovation is borne out of inclusivity. Impact investing has the power to drive historic financial returns and uplift overlooked communities,” NAACP President and CEO Derrick Johnson said in a statement. “Right now, deeply entrenched systemic barriers are curtailing the innovative progress necessary to...
MaC Venture Capital has closed its third fund. According to a press release shared with AFROTECH™, the venture capital firm, launched in 2019 by former Washington, DC, Mayor Adrian Fenty and seed-stage venture capitalist Marlon Nichols , has raised $150 million in its third investment fund. Returning investors in this round include Boston College, Fairview Capital, the Los Angeles Fire and Police Pension, the Michigan Department of Treasury, Stepstone, the Teachers’ Retirement System of Illinois, and the University of Michigan. This investment brings MaC Venture Capital’s assets under management to $600 million, making it one of the largest seed-stage firms in Los Angeles, CA, and North America, per the release. “We’re grateful that we’ve grown so quickly in recent years, emphasizing that our investment framework succeeds in finding untapped potential in dynamic founders,” Fenty said. “During a time when the fundraising market looks troubling for early-stage startups, we continue to...
“Earn Your Leisure” podcasters Rashad Bilal and Troy Millings continue to put their commitment to wealth building into practice. The pair have announced that construction on a 300-acre development, titled the Sanbra City Project, is underway in Ghana. The project is made possible through partnerships with activist Chakabars and developers Alvin Bekoe, Kwame Blay, and Tuyee Yeboah, Black Enterprise reports. The multi-phased project has “quietly” been in the works for more than a year and is rolling out first with a 40-unit community named The Cascades located in Borteyman, Accra, Ghana. “We acquired 300 acres of vacant land in Accra. We are now in the construction phase of a multi-phased development aimed at creating a vibrant community that welcomes the diaspora to Ghana for more than just parties. We will prioritize collaboration with local communities to ensure proper integration and mutual benefit. The time to come home has finally come! Homes are now available for sale,” “Earn...
Mike Tyson has invested in the plant-based food sector. According to a press release, Carma HoldCo , the parent company of cannabis brand Tyson 2.0, has made an investment in Mr. Charlie’s Told Me So (TMS), a quick-service plant-based restaurant. Co-founded by Aaron Haxton and Taylor McKinnon, the restaurant offers “Not a Hamburger” patties, Tindle-based nuggets, and “Frowny Fries,” among other menu items. Thanks to the investment, Mr. Charlie’s TMS, which already has locations in Los Angeles, CA; San Francisco, CA; and Sydney, Australia, is set to reach even more customers globally as part of the plant-based movement. View this post on Instagram A post shared by Mr.Charlie’s Told Me So (@mrcharlies) Furthermore, Tyson views the investment as a prime opportunity to promote healthy alternatives, aligning perfectly with his personal values. As a longtime follower of a vegan lifestyle, he is especially excited about this venture. “Mr. Charlie’s is a natural choice for Carma Holdco, as...
Booker Washington is making homeownership more accessible for urban communities. He is the founder of Techie Homes, a real estate company that designs “smart micro-communities” in Atlanta, GA, priced below current market rates, according to its company website. “Accessible homeownership is an issue in Atlanta,” he told Business Insider. “Our goal is to provide homes at a price point where mortgages are equal to or less than the cost of renting a one-bedroom apartment.” While Washington subscribes to accessible homeownership, he makes it clear he does not want to label Techie Homes’ efforts as an affordable housing project. “We change the way we view environments, and if we change the way we view environments, we’ll change the actual person and how they grow,” Washington explained in a video clip . “That’s the reason why I don’t adopt to affordable housing projects, because if you put people of all the same incomes in the same place, they will only see what that other person’s low...
Yo Gotti is seeing a return on his investment in D.C. United. The “Rake It Up” rapper purchased a minority stake in the league in 2021 at a time when it was valued at $730 million, as AFROTECH™ previously reported. His foray was driven by his admiration for Jason Levien and Steve Kaplan, co-chairmen of D.C. United who have former ties to the NBA’s Memphis Grizzlies, which represents Yo Gotti’s hometown. “What I’ve seen them do in Memphis with the Grizzlies and just as businessmen in general; I wanted to be in business with them. D.C. United, I think, is a great organization and D.C. has always been, overall, one of my favorite markets, even as an entertainer,” Yo Gotti told The Athletic. “It’s always been one of my favorite cities to come to — the whole DMV area has always been one of my favorite places to come to. Being from Memphis, even when I was building outside of my tri-state area, I want to say that Maryland, Baltimore, those were some of the biggest shows I’ve ever done. So...
Private equity law expert Joe Tillman has a passion for creating opportunities for others. It is what has carried the California native’s career more than a decade and even led to him walking away from a stable career as a lawyer. Tillman’s initial exposure into law was not engraved in his upbringing. He admits to growing up in humble beginnings in Perris, CA, and not having access to people who worked in law or other professional spaces. It was not until his final year at California State University San Bernardino, where he would obtain a bachelor’s degree in finance, that his professor introduced to him the idea of pursuing law. “At this time, I did not have the $1,500 that it took to take an LSAT prep course. And he basically got the College of Finance to write me an impromptu scholarship so they could pay to get my LSAT prep course paid for,” Tillman told AFROTECH™ in an interview. “So, he was one of the few people that was willing to put his money where his mouth is. I took the...
It’s official! Shaquille O’Neal is tied to a billion-dollar deal! As AFROTECH™ previously mentioned, O’Neal is the second-largest shareholder in Authentic Brands Group. This is the result of a 2015 deal that gave the company the rights to manage his name in merchandise and endorsements. O’Neal explained the significance of the deal during a previous AFROTECH™ interview stating, “My Authentic Brands deal, I was able to ensure that hopefully I can stay around after I’m no longer on this earth. And I was walking down the street one day and looking at these Elvis cups and Elvis key chains and Marilyn Monroe, and I said to myself, ‘How are these people still making money for their families?’ They’re not even around. So, I found out how that business works, and I contacted two or three of those agencies and asked them if they were interested in partnering with Authentic Brands, and we’ve been doing major things.” He added, “I’m now the second-largest shareholder in Authentic Brands Group,...
Kerry Washington has invested in Spill, the Black-owned social media platform designed to provide a safer and more inclusive environment for diverse communities to engage with and discuss culture in real time. “In a digital world where marginalized groups, especially Black, Brown, and LGBTQIA folks, rarely feel prioritized, Spill stands out,” Washington said, according to TechCrunch. “I’m proud to be part of this community as both a user and an investor.” Founded in 2022 by Alphonzo Terrell and DeVaris Brown after the two had worked at Twitter, Spill raised a $2.75 million seed extension in 2023 and has over 200,000 active users. In addition to serving as an investor, Washington actively participates in the Spill community by hosting “Tea Parties,” which are live video conversations, and engaging with users on topics like voter registration. “She’s incredibly accessible and knowledgeable, especially around these topics and is not scared in any way, shape, or form about really...
A new venture capital firm is on the block with significant capital at its launch. According to WWMT-3 TV, Kalamazoo Forward Ventures (KZFV), reportedly the first Black-owned investment fund in Southwest Michigan, has launched with $50 million in capital, derived from limited partners. The firm has as its purpose to arm underrepresented founders residing in Kalamazoo, MI, as well as startups. “We came up with that fund by thinking about what we want to accomplish in the community, the ecosystem, and the funds started growing as the ideas started growing,” Eric L. Wimbley, CEO and founder of First Line Risk Management and managing partner of KZFV’s venture capital fund, explained, according to the outlet. Jamauri A. Bogan, CEO of Bogan Developments and KZFV general partner, commented: “It’s our job now as investors to this community and this ecosystem to now get that capital to folks who traditionally never have it.” Also a part of the group is Bobby J. Hopewell, who was the former...
Robert F. Smith’s Vista Equity Partners has signed off on a multi-billion-dollar deal. According to a news release, the private equity firm that has more than $100 billion in assets under management, has agreed to acquire Smartsheet— an enterprise platform for modern work management — alongside Blackstone for nearly $8.4B in an all-cash transaction. Per the agreement, the buyers would acquire all outstanding shares held by Smartsheet stockholders for $56.50 per share in cash once the proposed transaction is completed. “For more than a decade, we have built a thriving community of employees, partners, and customers, each focused on building and benefiting from Smartsheet’s industry-leading work management platform,” Mark Mader, CEO of Smartsheet, said in the press release. “Our next phase of growth and customer success is underway, and we look forward to partnering with Blackstone and Vista Equity Partners to accelerate our vision of modernizing work management for enterprises,...
Roc Nation has spearheaded a “first-of-its-kind” financial commitment to the Hell’s Kitchen community in New York City, NY, as part of the proposal for Caesars Palace Times Square. According to a press release, the initiative includes an initial $15 million investment aimed at supporting local residents, including those at Manhattan Plaza, the popular affordable housing development for performing artists. “We are New Yorkers,” Roc Nation founder Jay-Z said. “Supporting and providing opportunities for our neighborhoods and community isn’t just a part of Roc Nation’s ethos; it’s our collective responsibility.” As part of its dedication to enhancing Manhattan’s West Side and investing in New York, approval of the bid will see Caesars Palace provide the $15 million, along with ongoing grants derived from 0.5% of casino performance. The press release notes that the Caesars Palace team is committed to collaborating with various local organizations to ensure the proposed gaming and...
Thinking long-term offers a distinct advantage, a principle 50 Cent knows very well. During a recent appearance on the “Earn Your Leisure” podcast , the rapper-turned-businessman recalled how he made $100 million from Vitaminwater by strategically acquiring employee stock options to boost his equity. “[With] the Vitaminwater thing, I didn’t need the money,” 50 Cent shared. “When companies approach artists to be a part of the marketing, it’s just [that] they’ve reached the financial level where they can commit that marketing and it’ll move their company to the next level, the notoriety and everything that connects to it. So they make the deal.” He went on to emphasize the importance of thinking long term in business, highlighting how his investment helped him make a substantial profit when Glaceau, Vitaminwater’s parent company, sold to Coca-Cola in May 2007. As AFROTECH™ previously noted , 50 Cent’s Vitaminwater deal transformed Hip-Hop partnerships and serves as a blueprint for...
A controversial conspiracy theory reportedly led Shaquille O’Neal to lose a $20 million deal. O’Neal has a track record of hitting gold in business. It’s why he has supposedly amassed $500 million, per Celebrity New Worth. Some of his wise moves include his Big Chicken restaurant franchise, which can be found in California, Nevada, New York, Texas, Washington, and on the seas thanks to two Carnival Cruise ships, a press release notes. Most recently, Big Chicken celebrated its grand opening in the Dallas, TX, area in Fort Worth, now marking its fifth franchise location in Texas. View this post on Instagram A post shared by Big Chicken (@bigchickenshaq) One can also look to his success in the investment world. He invested in Google and unintentionally struck gold. In fact, it was by “accident” that he even invested in the tech company. As AFROTECH™ previously reported, he spoke with a prominent investor who was talking about Google at the Four Seasons. The conversation led to a...