NBA star Giannis Antetokounmpo has launched a venture capital firm. According to Bleacher Report, the Milwaukee Bucks player has introduced Build Your Legacy Ventures (BYL). The venture capital firm, backed by institutional investors and tech veterans, aims to funnel investments into the sports and entertainment sectors. As noted in a press release, the firm will be “driven by the Antetokounmpo family’s dedication to fostering innovation and entrepreneurship.” “I’m incredibly energized to launch BYL Ventures as a way to give back and support the next generation of visionaries,” Antetokounmpo, founder and general partner of BYL Ventures, said in the release. “This fund is not just about capital; it’s about forging partnerships and opening my network to accelerate the growth trajectory for companies. I want to help other entrepreneurs, especially those who have faced barriers, to grow and succeed. BYL Ventures will be focused on finding people with big dreams and helping them make...

NFL Star Randy Moss is scaling his presence in the restaurant space. As previously reported by AFROTECH™, Moss became an investor in Brittany Tolliferreo’s Philadelphia, PA-based restaurant chain, Chick-A-Boom, in 2023. The Philadelphia Inquirer reported that Tolliferreo reached out to Moss via direct message, and then he later liked a sponsored Chick-A-Boom post in 2022, sparking further conversation. “We got on a couple of Zoom calls, and he came here, tasted the product, and loved it. From there, he became my partner,” she told the outlet. Speaking on the investment in a press release, Moss commented: “I’m a chicken lover. Not only was I impressed by the food, but after hearing Brittany’s story and understanding that a lot of our same goals and morals align, it was only right to invest.” Today, Moss is expanding his involvement in the company, now operating under the name Crisppi’s Chicken. In December 2023, he brought the restaurant to his home state with the help of Tolliferreo...

If you’re at all familiar with the phenomenon of cleantok – the corner of TikTok dedicated to videos of people cleaning their houses – you’ve undoubtedly seen the Scrub Daddy. That is, of course, if the trending sponge isn’t already lurking in or near your kitchen sink. Scrub Daddy, the smiling sponge that revolutionized the cleaning industry, is not publicly traded, making it challenging to pin down an exact valuation. While the term “ net worth ” is often used to describe individuals, for a company like Scrub Daddy, it’s more accurate to talk about its valuation or market value, which reflects the worth of the business based on its assets, revenue, and growth potential.  Here’s a look at what the grinning cleaning icon is worth in 2024. From Humble Beginnings To Household Fame Scrub Daddy was originally designed for industrial use but transformed into a consumer product after founder Aaron Krause realized its potential for household cleaning. The sponge’s unique ability to change...

Founder Telfar Clemens has always resisted conforming to the fashion industry. Divorcing Fashion Industry At Inception Early on, he embraced a bold sense of individuality, developing his own unique style that set him apart. This nonconformity often clashed with the uniform policies of the schools he attended, and he was similarly uninterested in following the traditional dress codes of his Liberian heritage. “I always have been interested in clothes. I’ve always had my own perspective on what I wanted to wear… I come from West African parents. I’m from Liberia and there’s a certain way of how you should dress and how you should carry yourselves and I completely was not with that, ” Clemens mentioned on “The Breakfast Club.” In 2005, Clemens introduced the world to Telfar, a New York-based unisex fashion brand designed to stand apart from the traditional fashion industry. From the outset, he distanced himself from the industry, viewing it as too closed-minded to embrace the...

Cliff Vmir continues to build on his success as a seasoned hair stylist. Turning His Passion For Hair Into A Brand Vmir began showing interest in hair care at 8 years old. However, at 14, when his parents separated, he fully committed to his passion. This allowed him to financially support his mother, who had been out of work for three months due to a knee replacement. “It wasn’t until my mom and my dad split up completely, when I was 14, that I was able to kind of go in full-throttle and understand that this isn’t something that I wanna just play around with. This is something that I can make money from,” Vmir told AFROTECH™ in an interview. “It’s crazy ’cause it’s something that I love to do… I also feel like with my mom and my dad splitting up, it was just kind of something that financially I wanted to help my mom. So not saying that I was forced into it, but I felt like it was only right for me to just use what I have to get what we need, and I was able to kind of help support...

Queen Latifah is helping a Black woman-owned soul food restaurant receive a well-deserved blessing. During a taping of “Street You Grew Up On,” hosted by actress Kerry Washington, it was revealed that Latifah selected Newark, NJ-based Vonda’s Kitchen to receive a $10,000 financial award. The investment is made possible through a partnership between fintech platform Intuit QuickBooks and Washington, aimed at fostering discussions around entrepreneurship, community, and mentorship. As part of the initiative, featured guests are given the opportunity to select a small business to receive funding, according to information shared with AFROTECH™. As a Newark native, the selection was full circle and Latifah emphasized its importance, believing the funds would be well-used under the leadership of owner Vonda McPherson. According to the company website, McPherson transitioned into entrepreneurship after a corporate career with Fortune 500 companies, opening her first restaurant in 1988....

Gold, one of the oldest and most valuable assets in human history, holds a significant position in global finance. Unlike traditional companies with shares traded on stock markets , gold’s market cap refers to the total value of all gold in circulation worldwide. How Gold’s Market Cap Is Calculated The market cap of gold is derived from its above-ground supply, which includes gold stored in central banks, private reserves, and jewelry. Current estimates place this supply at around 244,000 metric tons . Bear in mind, however, that the total amount fluctuates from source to source by as much as 20%. We arrive at the market cap figure by multiplying this quantity by the current gold price per ounce (approximately $2,600 per ounce in 2024). Gold’s market cap fluctuates based on two primary factors: changes in the global supply of gold and shifts in its price due to demand dynamics. Various economic conditions, including inflation, currency strength, geopolitical uncertainties, and...

Michael Jordan has invested in a VC firm aiming to align itself with multiple unicorns. Sportico reports that Jordan has invested an undisclosed amount in the fourth fund of Courtside Ventures, a firm focused on the sectors of sports, media, entertainment, technology, and gaming. According to Crunchbase, the firm was founded by Deepen Parikh and Vasu Kulkarni. With over $200 million in assets under management, Courtside Ventures’ portfolio includes companies such as Veo (hardware and software subscription); Winzo (social gaming); The Athletic (sports media brand); and Betty (social casino platform), among others. “When we started Courtside in 2016, we did so out of desperate market need,” a statement from Courtside Ventures’ blog post reads . “Not only was there no venture fund that focused on sports, but existing VCs would run to the hills every time they saw a sports deal. This left entrepreneurs constantly having to look for alternate sources of funding, mostly from the very...

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...

Socium has raised new funding to expand its reach within Francophone Africa. The company, founded by Samba Lo (CEO) and Serigne Seye (chief operating officer), began as a recruitment website before scaling to offer HR solutions for businesses, notes TechCrunch. Per its LinkedIn, company offerings include: Payroll management Workflow management Performance evaluation Document management “Our customers started to ask us if we had solutions for payroll, time management, and performance management. So, we decided to build a global HR platform to help HR teams manage all their processes,” Lo told TechCrunch. Thanks to Socium, more Africa-based companies can now launch their businesses within a matter of weeks in the French-speaking countries. The company also leverages artificial intelligence to vet CVs and create job descriptions, TechCrunch notes. “Focus on people means focus on performance, their evaluation and competence, and career path for each individual,” Lo added. “And for this...

The Walt Disney Company, an iconic global leader in entertainment, continues to hold a strong position in the market. Market cap measures a company’s total value on the stock market by multiplying its share price by the number of outstanding shares. This metric provides investors with a straightforward way to assess a company’s size and financial standing. Internationally recognizable and a titan in the entertainment industry, what is Disney’s market cap in 2024? Here, we’ll dig into that number and what factors are at play to support it. Disney’s Diverse Portfolio Disney’s valuation is driven by its vast portfolio of entertainment assets. Its film and TV divisions, which include blockbuster franchises like Marvel, Star Wars, and beloved animated classics, remain consistent revenue generators. The Disney+ streaming platform has established itself as a major industry player, even as it faces fierce competition from Netflix, Amazon Prime, and other services. All together, Disney’s...

After co-creating the beauty app Beautified, Hannah Bronfman recognized the importance of investing in startups, which are often the last to receive funding or the resources needed to scale. Today, she takes pride in her work as an angel investor, helping to advise and raise venture capital for budding businesses. As a former DJ, content creator, and now trusted angel investor, Bronfman’s desire to help companies achieve their goals by putting investments behind them began when she joined Annie Evans and Peter Hananel as a co-founder of Beautified. This app allows users to book beauty services, including haircuts, manicures, facials, massages, and more, with various salons and spas offered on the platform. Since the inception of Beautifed in 2013, Bronfman has also become an expert in marketing. She’s advised companies on building a strategic online presence well before the rise of today’s influencer-driven marketing landscape. In 2017, she became an investor. “I started actually to...

Couple Felicia and Winchel Elibert are helping Black-owned businesses create wealth. According to 95.5 WSB, the pair are behind a four-acre Fayetteville, GA shopping plaza that will be home to several businesses. Winchel already owned multiple barbershops, while Felicia worked as a nurse and is the founder of several Cleansing Waters Wellness Center locations. WSB-TV Atlanta News mention that the Eliberts also owned a Smoothie King for several years. Entering new territory with the plaza was a “journey” that began with a sign located across from their Smoothie King. “Right across from our Smoothie King and Cleansing Waters location in Fayetteville, there was a sign that said land for sale,” Felicia told 95.5 WSB. “We made a phone call to ask about the land, which was at a good price. We checked with our realtor and were encourage that this was a really good investment.” For three to four years, the couple worked to develop the idea for the shopping center, which was ultimately named...

A spirit of curiosity has led Chef Andrew Black to become a James Beard Award-winning chef. Black’s journey traces back to his roots in Jamaica. As a child , he assisted his grandmother by creating outdoor clay ovens to bake roti, a staple flatbread in the country, his website mentions. Pursuing a career as a chef, he later worked in various resort kitchens and eventually left Jamaica to work in restaurants across Europe. He would then receive a nudge to make his way to the United States, notes CBS Mornings. “I wanted to try to find myself where would I fit in, and so I got a call to come to Oklahoma City and I said where the heck is that,” he recalled to the outlet. After initially rejecting the idea of moving to Oklahoma City, he eventually had a change of heart. “When someone see you an Oklahoman shake your hand and say, ‘They’re going to be there,’ they mean it. A word is our bond here. It’s absolutely one of the best state and the best place to live in,” Black told CBS...

It could be the end of an era for budget-friendly travel — at least for now. On Monday, Nov. 18th, low-fair flight company Spirit Airlines confirmed that they’ve filed for bankruptcy protection after making efforts to cut costs all around. Some of their recent steps have included selling 23 Airbus jets and delaying future aircraft deliveries. Sadly, Spirit has also had to furlough hundreds of pilots with plans to cut additional staff in January. In their filing, they confirmed 13,000 full-time and part-time employees, plus 8,000 independent contractors and temporary workers. Things might look dire now, but as CNN notes, American Airlines , United and Delta have all gone bankrupt within the last 25 years, only to bounce back stronger on the other end of negotiations and hard work. What We Know About Spirit Airlines’ Bankruptcy So Far Photo Credit: Forsaken Films / Unsplash CNN cites, “ mounting losses, unaffordable debt, increased competition for bargain-seeking airline passengers...