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Cherryrock Capital has raised $172 million to support diverse founders. The venture capital firm, founded in 2023 by Stacy Brown-Philpot (Managing Partner) — head of Alphabet Inc.’s online sales and operations in India and board member at HP Inc., StockX, and Noom Inc. — provides Series A and B funding to underrepresented founders of software companies driving innovation, according to its website. The VC firm, backed by a team with over 60 years of operating experience, has closed its first fund at $172 million, Bloomberg reports. “Today, I’m thrilled to announce the launch of Cherryrock Capital, the first fund focused on investing at the Series A & B stages in underinvested entrepreneurs …Cherryrock Capital is about being the foundation of success for the next generation of entrepreneurs…We’re on a mission to change the face of wealth creation and build an enduring institution. We are looking for founders who have the courage to be audacious in their vision, accountable to their...
Joanna Brooks has been creating a safe wellness studio for people of color for the past 10 years. She developed an interest in yoga as a teenager and, over time, explored different areas of fitness, she wrote in her LinkedIn bio. This exploration influenced her practices, which include Bikram Yoga, Hot Vinyasa Flow, Vinyasa Flow, Ashtanga, and Yin Yoga, ultimately leading to the establishment of Embody YOGA studio in Milwaukee, WI. “These styles contribute significantly to my teaching style. I am experienced in leading both group and private classes and enjoy working with people of all ages. My intention is for my students to leave class with a quiet sense of strength and peace,” she wrote in her bio. View this post on Instagram A post shared by Embody Yoga (@embodyyogamke) In an Instagram post shared on Tuesday, Feb. 18, Brooks honored the instructors who came before her, giving them their flowers for paving the way — including ZenZen Yoga Arts Founder Therese Bailey. “I’ve said it...
Former PepsiCo President and entrepreneur Derek Lewis has added another franchise to his portfolio. Lewis secured a deal with Big Dave’s Cheesesteaks, granting him ten locations in Central Florida, AFROTECH™ previously told you. He is also the restaurant’s first franchisee, which Derrick Hayes founded. According to information shared with AFROTECH™, Lewis celebrated the grand opening of two locations at Camping World Stadium in November 2024. “This expansion represents our commitment to bringing authentic Philly-style cheesesteaks to sports and entertainment venues across Florida,” said Derek Lewis in a news release. “We’re creating more than just restaurants; we’re building community gathering spots where food brings people together.” More recently, Lewis partnered with Philly Pretzel Factory and is spearheading its expansion throughout the Orlando area. “Soft pretzels are woven into Philadelphia’s cultural fabric, and I’ve craved their distinctive taste since childhood,” said...
Black Unicorn Factory has set a historic precedent in equity crowdfunding. Black Unicorn Factory (BUF) is a business development accelerator and equity crowdsourcing platform established by Johnny Stewart in 2012. Through BUF’s Follow Me for Equity app, it uniquely allows individuals to secure stock in pre-IPO companies by simply becoming a follower of a company through the app. “Stop following for free and earn equity,” actor Anthony Anderson said in a promotional video for the company. BUF’s target audience is underserved communities who are being left out of opportunities in the venture capital space. “It is disheartening to observe that the venture capital industry only allocates funds to a mere 1% of businesses led by individuals from underrepresented communities. At BUF, we firmly believe that this disparity cannot persist, and we are committed to providing an alternative to the discriminatory practices prevalent in the traditional venture capital landscape,” a statement on...
Howard University has received a new distinction. According to Diverse Education, the Historically Black College and University (HBCU) has earned the Research One (R1) Carnegie Classification — a first for an HBCU. Not to mention, such an accomplishment is shared with fewer than 150 universities across the country. The criteria entails that institutions allocate at least $50 million toward research and development and award a minimum of 70 research doctorates, the Carnegie Classification website states. Howard University surpassed these expectations in fiscal year 2023, allocating just under $85 million in research expenses and awarding 96 doctorates in a variety of fields — the highest number awarded to Black students at any college or university in America, according to Dr. Bruce A. Jones, Howard University’s senior vice president for research. Dr. Robert T. Palmer, the school’s chair and professor in the Department of Educational Leadership and Policy Studies, mentioned, “Howard...
President Donald Trump has set a strict deadline for schools and universities to revise their DEI policies. AP News reports the Education Departmen t has stated “racial preferences” can no longer be applicable in admissions, financial aid, or hiring. Beginning in 14 days, “educational institutions may neither separate nor segregate students based on race, nor distribute benefits or burdens based on race,” the memo read. “The last thing students need when making plans about how to pay for college is uncertainty over when or whether they will receive financial aid they’ve been relying on,” The National Association of Student Financial Aid Administrators said in a statement. The mandate was listed in a memo released on Friday, Feb. 14, which was a continuation of Trump’s executive order to dismantle diversity, equity, and inclusion (DEI). This included placing federal employees in DEI roles on paid leave per the administration’s agenda to “take steps to close/end all DEIA initiatives,...
Issa Rae refers to Sienna Naturals’ expansion with Sephora as a “dream come true.” Rae co-founded the award-winning hair care brand Sienna Naturals, which was first envisioned by Hannah Diop in 2012. Diop, reflecting on her own challenges in finding hair products that met her needs, recalls how clarifying shampoos fell short in restoring her hair’s health during her time on the swim team. This firsthand experience played a pivotal role in shaping Sienna Naturals, a brand founded on a proprietary clean chemistry approach that prioritizes scalp health , according t o the brand’s website. The haircare line is powered by hydrating, abiotic, pH-balanced ingredients (H.A.P.I.). “The first impression I want people to have when they use Sienna Naturals is how beautiful their hair is. So that wet-feel design is very intentional,” Diop told AFROTECH™. Photo Credit: Sienna Naturals When Rae discovered Sienna Naturals, she was in the process of learning how to best care for her natural hair...
Dave’s Hot Chicken is considering a sale that would bring the company’s valuation to nearly $1 billion. The popular fast-food chain, founded by Dave Kopushyan, Arman Oganesyan, Tommy Rubenyan, and Gary Rubenyan, has locations in states such as Arizona, Massachusetts, California, Missouri, and Texas. In total, the chain has over 250 locations worldwide, per Reuters. It all started in 2017 with a $900 investment that led to the restaurant’s grand opening as a pop-up in an East Hollywood, CA, parking lot, its website mentions. Its menu features chicken tenders and sliders with spice levels ranging from Lite Mild to Reaper. Sides include fries, mac and cheese, and kale slaw. View this post on Instagram A post shared by DavesHotChicken (@daveshotchicken) The company’s business model appears to be a success with each franchise earning on average $2.19 million in revenue (AUV) per year, according to Sharp Sheets. In total, its locations generate an estimated $1 billion in total annual...
Technology is enabling fans to immerse themselves in the music of legendary artists like Janet Jackson. The “Anytime, Anyplace” songstress is currently headlining a residency at Resorts World Theatre in Las Vegas, NV, running through May 31, 2025. Fans can relive 42 of her timeless hits, including “I Get Lonely” and “When I Think of You.” The latter, released in 1986 as the third single from her “Control” album, became her first No. 1 on the Billboard Hot 100, as Billboard notes. Jackson’s Vegas residency carries deep significance. Her career began when she was seven years old at MGM Las Vegas. She performed alongside sisters Rebbie and La Toya, as noted in Las Vegas Magazine. “I will always have a very, very special place in my heart for Las Vegas. I started my career here 51 years ago. I love you so much,” Jackson said during her performance on Wednesday, Feb. 12. Photo Credit: Resorts World Theatre L-Acoustics With a career spanning five decades, Jackson’s passion for performing...
The Black-owned water bottle brand SUPLMNT welcomes NBA player Gary Payton II as its latest investor. The brand was founded in 2020 by South Philadelphia, PA, native Jairus Morris, who aims to improve hydration in Black and brown communities. His journey as a founder was inspired by his mother, who took on multiple jobs to support the household of five children. “I grew up in a South Philly single-mother household with four siblings. My mother was my first inspiration and motivation to want to be an entrepreneur,” he said in an interview shared on Medium. “She always tried side hustles to bring in extra income for my family; whether it was selling Mary Kay or braiding hair, she did it. Moving us out of the ghetto in South Philly to a suburb in New Jersey was the best thing she could have done. It exposed me to see that there was so much more to life outside of the hood.” As an adult, he also mentioned recognizing disparities around health and wellness, which further inspired his...
Megan Thee Stallion has stepped into the spirits industry following advice from Beyoncé. The “Savage” rapper, born Megan Pete, has long admired the fellow Houston artist and credits their first interaction in 2020 with a major career milestone. “My favorite moment was definitely meeting Beyoncé. I met her first in 2020, I think. Every time I see her, I act like a little kid. And I really need to stop that at this point. Like I’m always fanned out,” Megan Thee Stallion told Forbes. Beyoncé’s support for Megan goes beyond music. In addition to their collaboration on the hit record “Savage Remix,” which they performed during the “Renaissance World Tour” in Houston, TX, Beyoncé has also shared valuable business advice — encouraging Megan to launch her own spirits brand. Leading by example, in 2024, Beyoncé made her official debut in the spirits industry with the launch of SirDavis in partnership with Moët Hennessy. The brand offers an American rye whiskey that pays homage to her...
Shaquille O’Neal has built a thriving post-NBA career, leveraging his larger-than-life personality and business acumen to secure major brand partnerships, media deals, and entrepreneurial ventures. From endorsements with major corporations to investments in various industries, O’Neal has cemented himself as a powerhouse beyond the court. Now, he’s extending his presence on television — O’Neal will be staying with TNT. According to Front Office Sports, the former basketball player turned sports commentator has secured an extension with the network that will earn him $15 million annually. The future of O’Neal and his “Inside the NBA” co-hosts, Ernie Johnson and Kenny Smith, had been in question after it was announced that TNT lost its NBA media rights to Disney, NBC, and Amazon Prime Video. The three companies entered an 11-year media deal valued at $76 billion, which will take effect in the 2025-26 season, USA Today reports. “Throughout these negotiations, our primary objective has...
JPMorgan Chase has begun removing any mention of its DEI efforts from its website, according to The Wall Street Journal. As AFROTECH™ previously mentioned, the bank’s CEO, Jamie Dimon, had vowed to maintain its commitment to diversity, equity, and inclusion (DEI) as well as environmental, social, and corporate governance (ESG) policies, despite pushback from the conservative National Legal and Policy Center (NLPC). The center had also suggested that JPMorgan Chase, which employs 300,000 people globally, reexamine executive compensation tied to DEI goals — an initiative it introduced in 2020 through its “accountability framework.” That same year, the company had launched a $30 billion program to promote racial equity in personal finance as well. In response to the recent pushback, Dimon said at the World Economic Forum in Davos, Switzerland, last month, “Bring them on. We are going to continue to reach out to the Black community, the Hispanic community, the LGBT community, the...
British Formula 1 driver Lewis Hamilton is helping the next generation pursue science, technology, engineering, and mathematics (STEM) careers. In 2021, Hamilton launched Mission 44, a foundation named after his race car number, dedicated to creating equal opportunities for young people worldwide. According to its website, the initiative focuses on advancing education, expanding access to STEM and motorsport careers, and empowering the next generation to reach their full potential. Initiatives include a motorsport scholarship, created in partnership with the Royal Academy of Engineering, that connects students with industry leaders. Recipients include Gerren Ntir, who earned a bachelor’s degree in motorsport engineering and is now pursuing a master’s. He was part of the scholarship’s second cohort. “Having seen the amazing work Mission 44 has been doing throughout the past year, I knew it was something I wanted to become involved in. Now, embarking on my own journey as one of their...
Breakr continues to find new ways to improve the creator economy. As AFROTECH™ previously reported, the platform was created by Historically Black College and University (HBCU) alums and brothers Anthony and Ameer Brown to ensure artists can connect with brands and agencies and establish creative campaigns they are compensated for. With an early focus on music, Breakr partnered with BMG and Sony Music and built a roster of clients that included Ye (formerly Kanye West), Young Thug, Megan Thee Stallion, Rick Ross, Future, and Gunna. Additionally, Nas is involved not only as an artist on the platform but also as an investor. He participated in a $4.2 million seed round led by Slow Ventures in 2021. Breakr has expanded its scope beyond the music industry, adding partners such as Hershey, Billboard, Celsius, Samsung, and UMG, information shared with AFROTECH™ notes. In 2022, 30,000 creators had onboarded onto its platform. In 2025, that number has more than doubled, reaching a community...