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Several salon owners have been awarded a grant from Beyoncé. As AFROTECH™ previously reported, the singer’s BeyGood foundation, in collaboration with her newly launched haircare line, Cécred, established a $500,000 annual fund. The initiative supports hairstylists in Atlanta, GA; Chicago, IL; Houston, TX; Los Angeles, CA; and New Jersey who meet specified criteria: They must be licensed for at least two years; have been in business for a minimum of one year; lease or own a suite, booth, or chair; and face financial hardship, according to the foundation’s website. Additionally, the fund includes a $10,000 scholarship opportunity for five cosmetology schools in the aforementioned markets. “Fostering talent, promoting professionalism, and supporting entrepreneurship within the hair industry is deeply important to us,” BeyGood commented on its website. “That’s why we’re partnering with Cécred to create the Cécred x BeyGOOD Fund, which celebrates the influence professional stylists have...
Equity-focused work may be a point of contention in today’s political environment, but it has not stopped the commitment of those dedicated to ensuring justice. Recently, Operation HOPE Inc. hosted its Hope Global Forums Annual Meeting. This convening brought together community stakeholders and influencers to discuss how to move into the future through economic, technological, and cultural advancements. During the meeting in Atlanta, GA, Hope Global Forum leader and CEO of Operation HOPE, John Hope Bryant, announced one of his goals to raise $100 million to fund the organization’s work of providing financial literacy and economic growth tools for individuals and small businesses. While providing his final remarks, Bryant confirmed that he is well on his way to receiving that fundraising amount through partners and corporations including Delta, Shopify, Truist, and Bishop T.D. Jakes. “Shopify, they’re ready for $60 million,” Bryant said. “Why did they do this? They are good people,...
Mathew Knowles has made a name for himself in the business world without the help of investors. Entrepreneurship In His DNA The businessman was seated center stage during the Building Wealth Today for Tomorrow Financial Empowerment Summit held at the UIC Forum in Chicago, IL, on Oct. 12, 2024. The event is designed to connect the community to tools, resources, and conversations that encourage the desire to create long-term wealth . “Bringing Mathew Knowles to our summit reflects our dedication to teaching real, sustainable wealth-building principles,” said Melissa Conyears-Ervin, the city’s treasurer . “His focus on generational wealth and self-funded success aligns with our goal of helping Chicagoans achieve true economic mobility. At the Treasurer’s Office, we believe everyone deserves access to the knowledge and resources to build wealth on their own terms, creating a legacy that will benefit future generations.” Photo Credit: Antwan Collins Knowles is well regarded as the...
Sometimes, the perfect collaboration starts with genuine interest and collaboration. As founder and CEO of the award-winning ad agency Walton Isaacson, Aaron Walton’s career exemplifies the mastery of leveraging celebrity and influencer partnerships to elevate brands to new heights. Walton’s impressive portfolio spans iconic collaborations, from the Spice Girls’ November 1997 campaign with Polaroid to Michael Jackson’s enduring partnership with Pepsi. Most recently, he helmed Beyoncè’s partnership with Lexus during her “Renaissance World Tour.” Walton’s work on some of the most creative advertising campaigns has made him an expert in the field. He shared his keys to success with attendees during the AFROTECH™ 2024 Conference. “Something as a brand that is important, when you’re looking at connecting with a celebrity, you have to make sure that you do your homework and make sure your cultural values are aligned,” Walton told AFROTECH™ following his session “The Art of Brand...
Dr. Elizabeth Clayborne is gaining traction in the investment world for her medical device known as the “Band-Aid for nosebleeds.” As AFROTECH™ previously reported, Dr. Clayborne is the founder of NasaClip, which was inspired by her time in residency in Washington, DC. Various patients were coming into the emergency room for an issue professionals in the medical field described as a “lower acuity issue.” “Nosebleeds are most common in kids age 2 to 10, older adults 55 to 80, who might be on blood thinners, it’s really the least likely population to manage it well. So when they can’t get that bleeding to stop, they show up to me in the ER, and they want me to treat them right away. They’re bleeding all over the waiting room demanding to be seen. But for us as ER docs, this is a lower acuity issue, but it happens to be really kind of time-consuming and cumbersome to deal with,” she said over a Zoom webinar held on Oct. 31, 2024. She continued, “I was frustrated as a resident. Often...
Raphael Akinsipe has secured new funding for his startup, SocialCrowd. Launched in 2022, SocialCrowd allows workers to track their goals and receive reminders for remaining tasks. According to their website, users are also rewarded for meeting their objectives. Akinsipe describes the company as the “Fitbit for work,” as noted by TechCrunch. “For example, we had a restaurant incentivize their staff by rewarding them $1 for every five daily specials sold,” Akinsipe told the outlet. “And in 90 days their sales grew 490%.” Initially, SocialCrowd targeted restaurants, but it later expanded its focus to blue-collar industries such as retail and manufacturing. As a result, the company has seen a monthly growth rate of 20%, TechCrunch also reported. After a recent $2.5 million funding round led by Bread and Butter Ventures and Augment Ventures, with additional investors including FullCircle, Serac Ventures, and VC414, SocialCrowd plans to expand into new industries. This comes after a $1.6...
Former NASA rocket scientist Aisha Bowe continues to champion the future of STEM. In 2020, Bowe founded LINGO, a company that offers kits allowing individuals of all ages to engage with projects that promote problem-solving and coding. The goal is to increase exposure to science, technology, engineering, and mathematics (STEM) pathways. View this post on Instagram A post shared by Lingo (@stemlingoco) What’s more, LINGO has been well received in the education sector and among Fortune 500 companies, its LinkedIn notes. It is also faring well among investors, raising $2.3 million in a November 2024 round led by Pinnacle Private Ventures, according to a news release. 1863 Ventures, Sequoia Capital via the Scout program, and Dr. Joy Johnson also participated in the round. “This funding round highlights LINGO’s potential to reshape the future of STEM education,” Sean McCurry , founder of family office-owned private investment firm Pinnacle Private Ventures, said in the news release. “We...
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...
Tosin Eniolorunda and Felix Ike are reportedly behind Africa’s fastest-growing fintech company. According to a press release shared with AFROTECH™, the founders lead Moniepoint, which initially launched under the name TeamApt in 2015. The company has since become a trusted provider of financial solutions, reaching millions of entrepreneurs across Africa and processing over 800 million transactions a month, with those having a monthly total value of more than $17 billion. Moniepoint offers a free personal banking app that allows customers to benefit from a “debit card that always works,” Eniolorunda said in a YouTube video. In addition to banking accounts, the company offers loans, expense cards, instant payouts, and accounting and bookkeeping solutions, its website lists. Photo Credit: Moniepoint Moniepoint’s business model has made it Africa’s fastest-growing fintech in both 2023 and 2024, per the press release. It is now poised for further growth following a $110 million equity...
Several Boston-based businesses will be uplifted through Jaylen Brown’s $5 billion commitment to generate new wealth for underrepresented communities. As AFROTECH™ previously reported, the Boston Celtics star launched nonprofit Boston XChange (BXC) in August 2024. This followed his signing of a five-year NBA supermax contract extension with the team in July 2023 worth $304 million. View this post on Instagram A post shared by Boston XChange (@bosxchange) BXC exists to support underinvested entrepreneurs and creators through professional coaching, access to capital, tools, and workplaces. “It was hard for businesses of color to get started in the city,” Brown told AFROTECH™ in a previous interview. “All of these different things are all types of hegemony that you just notice that goes on in the city. So, in response to that, I launched an initiative there, trying to help balance and even that out, to give opportunities and resources to our community, allowing me to be in these places...
A burger vending machine caught the attention of “Shark Tank” investors. RoboBurger is described as the “world’s first burger chef in a vending format,” and it can reportedly prepare a hamburger in less than four minutes, per CNBC. The multi-patented idea was created by Dan Braido, Audley Wilson, and Andy Siegel who presented the idea on “Shark Tank.” “The RoboBurger provides a restaurant quality experience. The RoboChef grills the patty, toast the buns, adds the condiments, and delivers it all piping hot,” Braido said while pitching to “Shark” judges Kevin O’Leary, Lori Greiner, Barbara Corcoran, and Mark Cuban, along with guest judge Fanatics CEO Michael Rubin. Wilson added, “The vending machine brought us beverages more conveniently. The ATM, money on the go. And now RoboBurger brings us hot fresh delicious food anytime anywhere.” View this post on Instagram A post shared by RoboBurger (@roboburger) The founders were seeking a $1.5 million in exchange for 5% stake in the company,...
Created with good intention, Detroit, MI-based Sports Rap Radio has been shut down. As Blavity previously reported, it was the first all-Black-led sports radio station based in the United States. It was brought to life with the help of former Detroit sports anchor Rob Parker and his peers including former NBA player B.J. Armstrong and former college stars Dave Kenney and Maurice “Moe” Ways. “[This is] history-making,” Parker told CBS News at the time. “[It’s] groundbreaking, [and] we just believe that the time has come.” The need for a a fully Black-led radio station was essential, according to Parker, who considered it a “problem” the city didn’t already have one, when looking at its population. “Just four years ago, there were no Black full-time sports hosts on the radio in Detroit,” he mentioned, per CBS News. “In a city that’s nearly 80 percent Black, I looked at that as a problem.” The station launched on June 4, 2024 on AM 1270 leasing WXYT from Audacy, according to Barrett...
Through their foundation, Stephen and Ayesha Curry plan to invest $25 million in Oakland, CA, over the next five years. As AFROTECH™ previously told you, the couple are founders of the Eat. Learn. Play. Foundation, which is intended to improve the lives of children through increased literacy rates, healthy meals, and opportunities for active lifestyles. Their work is being carried out in their “adopted hometown” of Oakland. In 2022, the foundation committed to building 150 libraries across Oakland and bringing 30,000 books into the hands of the youth. Additional efforts over the years have included $5 million in grants to support tutoring across more than 20 elementary schools, $2.5 million in grants allocated to libraries and teachers, and the remodeling of two elementary school libraries, according to a press release shared with AFROTECH™ . Photo Credit: Eat. Learn. Play. Foundation $25M Commitment Eat. Learn. Play. Foundation continues to scale its commitment in light of a $25...
Workpay is improving payroll systems for businesses in Africa. At its core, Workpay serves as a payroll, human resource, and benefits platform. Per its company website, its solutions can help companies increase their payroll proficiency by 10 times to ensure employees will be compensated on time. Additionally it has assisted businesses in hiring employees who reside anywhere across Africa and beyond. The company also offers benefits such as savings and pension plans, health insurance, and early wage access, among others. “The shift in customer needs has pushed us to expand our product from being a solid payroll solution to offering a more full-stack HR service. We’ve also noticed an opportunity to layer financial services on top of our HR offerings,” Co-founder and CEO Paul Kimani told TechCrunch. “Since companies already use us to pay their employees, we can now provide added services like medical and vehicle insurance and even partner with providers for lending, savings, and...