Pryce Yebesi has raised new funding in his next era as a founder. Yebesi co-founded Utopia Labs at the age of 21 alongside Kaito Cunningham (CEO), Jason Chong, and Alexander Wu. The venture offered crypto payments and crypto treasury management, and was “trusted by leading DAOs (decentralized autonomous organizations) and crypto companies to streamline operations, manage payroll, and consolidate financial reporting,” as AFROTECH™ previously reported. Yebesi also dropped out of college to focus on Utopia Labs, which had been supported by a $1.5 million raise in 2021 and was later acquired by Coinbase in November 2024. According to information shared with AFROTECH™, Yebesi then began working as an entrepreneur-in-residence at Washington University in St. Louis, MO, and through his observations he recognized small business owners were challenged by accounting software. This prompted the launch of a new brainchild in the fintech space, Open Ledger, which was established with the help of...

Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. Venture capital has transformed over the last 15 years from a little-known industry to one of the most sought-after fields, thanks to the rise of iconic tech companies and the media spotlight on their stories. Movies, television, and digital media have brought the narratives of this once-obscure sector to screens worldwide. The first major story to captivate global attention was “ The Social Network” in 2010, chronicling Mark Zuckerberg’s journey from founding Facebook (now Meta) in his Harvard dorm room to building one of the world’s largest companies, with a market cap of $1.5 trillion. The allure of startups also made its way to the small screen with the hit HBO series “ Silicon Valley ”. Over six seasons, the show followed Richard Hendricks and his fictional startup , Pied Piper, portraying the highs and lows of launching, scaling, and exiting a startup. Each week, viewers gained insights into...

HBCU graduates Terry Comer and Khalil Thompson have secured new funding for their work in the NIL space. In 2021, the pair, who had an interest in college sports, united to launch NIL FanBox, marketed as the only “university-approved, player-endorsed recurring collectibles platform.” It works by sending sports fans 100% authenticated collectibles from their favorite college athletes. Its website mentions that the curated box includes three to five signed collectibles, a “Golden Ticket,” exclusive player merchandise, and digital authentication. One of its partnerships, with The University of Texas at Austin, resulted in the Longhorn FanBox, which is valued at $199 each football season and energizes fans by including “ultra-rare” collectibles and “behind the moment” interviews. Photo Credit: NIL FanBox While NIL FanBox certainly benefits fans, it also supports athletes by allocating a portion of its revenue back to them. NIL FanBox returns more than 30% of its revenue to participating...

Annuities are often marketed as safe, reliable financial products that provide guaranteed income during retirement . While they may sound appealing on the surface, annuities can come with hidden pitfalls that make them less than ideal for many investors. Here’s a closer look at why annuities might be a poor investment choice for you. High Fees And Expenses One of the biggest drawbacks of annuities is their high cost. Many annuities come with layers of fees, including administrative charges, mortality and expense risk fees, and investment management fees. Variable annuities, in particular, can include additional costs like fund management fees and rider charges. These fees can eat into your returns over time, significantly reducing the overall growth of your investment. For instance, fees for variable annuities often average around 2% to 3% annually. Over decades, these fees compound and can cost you tens of thousands of dollars compared to lower-cost investment options like index...

Allisha Gray is optimistic about her post on Unrivaled. The 2024 All-Star player who made history is not taking her talents to Unrivaled, a 3-on-3 basketball league founded by WNBA stars Napheesa Collier and Breanna Stewart. View this post on Instagram A post shared by Lunar Owls BC (@lunarowlsbc) Unrivaled has welcomed 36 players across six teams, including Gray (Lunar Owls BC), Aliyah Boston (Vinyl BC), Brittney Griner (Phantom BC), Angel Reese (Rose BC), and Kate Martin (Laces BC). Its launch was supported by an oversubscribed Series A raise of $28 million in December 2024, bringing its total funding to at least $35 million. Investors in the league include Carmelo Anthony, Giannis Antetokounmpo, Alex Morgan, Dawn Staley, and, most recently, Coco Gauff. “I’m thrilled to be joining Unrivaled as an investor,” Gauff said in a press release. “Basketball is one of my favorite sports, and the chance to support a league that’s redefining the game is exciting. I look forward to being part...

South Africa’s first Black-owned bank has hit unicorn status, POCIT reports. Tyme Group, founded in 2019, is majority-owned by billionaire Patrice Motsepe, notes Bloomberg. The platform was designed to make digital banking more affordable and accessible, and it has been an overwhelming success with online and physical banks throughout South Africa and the Philippines. According to TechCrunch, it has attracted 10 million users since its inception and reached an additional 5 million users through its Philippine brand, GoTyme. GoTyme allows users to create an account via its bank app. Customers can then receive an ATM debit card instantly and retrieve it at a kiosk. Tyme Group says it has allocated $600 million in financing to support small businesses and has raised $400 million in customer deposits. Now it is seeking to extend its reach in new markets, which include Vietnam and Indonesia by 2025. This will be made possible in light of a $250 million round led by digital bank Nu...

Google continues to build on its commitment to invest $1 billion in Africa’s digital economy. As AFROTECH™ previously reported, Google announced on Oct. 6, 2021, that it would focus on supporting the continent’s tech sector over the next five years to make the internet more accessible. “Today I’m excited to reaffirm our commitment to the continent through an investment of $1 billion over five years to support Africa’s digital transformation to cover a range of initiatives from improved connectivity to investment in startups,” Google CEO Sundar Pichai said during a virtual event held in 2021, per TechCrunch. Fast forward to 2024, and the tech giant has already invested over $900 million since the announcement and expects to reach its goal by 2026, according to information shared on its platform. Its most recent investment includes participation in a $90 million funding round for telecom solutions provider Cassava Technologies, one of Google’s partners in building the first subsea...

If you’ve been following the stock market in recent days you may already be familiar with SoftBank, a multinational internet services and investment firm operating out of Japan. The business has received a ton of press since Monday morning after CEO Masayoshi Son announced a proposed $100 billion in investments over the next four calendar years. This plan, which was developed in collaboration with the incoming Trump administration , is projected to create 100,000 new jobs within the United States, particularly in artificial intelligence and similar internet-based infrastructure. Per the Wall Street Journal , SoftBank’s stock (SFTBY) received a massive bump in the day following the announcement, accounting for a 4.4 percent rise in the Japanese market and a 1.3 percent rise on the New York Stock Exchange . To better understand exactly what this means for our country, infrastructure and the stock market of today, we’ll have to take a moment to examine SoftBank’s business model and...

Tyrre Burks has raised new funding that will benefit younger athletes. The Chicago, IL, native is the founder of Players Health , a platform providing support solutions for sports organizations, teams, leagues, and clubs. These solutions include insurance offerings and an athlete safety suite that encompasses education and training, injury management forms, incident reporting, compliance forms, and tools to support name, image, and likeness (NIL) deals, its website mentions. As a former college athlete who went pro in the Canadian Football League, Burks understands firsthand the importance of athlete safety. During his playing career, he endured multiple injuries, including an experience during his college freshman year when he was paralyzed on the field for 45 minutes. “My freshman year of college I was catching a low ball with my head down, and I get hit. I’m paralyzed on the turf, could not move. This happened… It’s probably the most bizarre feeling you could ever have where you...

New beginnings are on the horizon for Jay-Z’s Marcy Venture Partners. Founded in 2018 by Jay-Z, Jay Brown (former CEO of Roc Nation), and Larry Marcus (managing director at Walden VC), the venture capital firm invests in media, technology, products, and services that are culturally relevant and push boundaries, according to its LinkedIn profile. Its portfolio includes at least 24 companies, such as: Wheels (electric transportation company) Hungry Marketplace (food tech company) Savage X Fenty (lingerie brand) Spatial LABS (sLABS) (tech incubator) Madison Reed (beauty brand) Partake Foods (allergy-friendly food company) “Aligning with Marcy Venture Partners assists with our vision for elevating the youth as it relates to access and a means to true technological empowerment. The lasting impact of this relationship is not simply defined by the work we’re doing now, but by the immeasurable impact for generations of creators to come,” said Spatial LABS Founder Iddris Sandu at the time....

When a company begins to grow and expand, it often needs significant capital to support its operations and scale. This is where venture capital funding rounds like Series A, B, and C come into play. Most commonly something startups engage in, these rounds represent distinct stages in a company’s journey, each with its own objectives, investor types, and implications for the business. Why Startups Use Series Funding Series A, B, and C funding rounds are primarily associated with startups because these companies often have innovative ideas but lack the financial resources to scale independently. Startups typically rely on outside investments to accelerate growth, develop new products, and gain a foothold in competitive markets. Unlike established companies, startups usually cannot rely on steady revenue streams or traditional bank loans to fund their expansion. Venture capital funding, offered during these series rounds, fills this gap. In exchange for equity, startups secure the...

Serial investor Tré Baker says relationships are the secret weapon for Black investors to scale and produce greater impact. Baker is an investor in nearly 160 startups, including Groundfloor Finance and TribeVest. Reflecting on the venture capitalist space, he admits he wants to see a systemic shift in the investment landscape, particularly concerning Black venture capitalists (VCs). This desire for change also prompted his exit from Techstars Accelerator in November 2024 after nearly three years with the organization, serving as Managing Director. “I’m no longer the managing director of Techstars Tulsa. And part of the reasons that platform is not operating at a systemic enough level, it wasn’t big enough,” he explained during an episode on the “Black Tech Green Money,” hosted by AFROTECH™ Brand Manager Will Lucus. Baker believes Black VCs can operate more effectively, suggesting they move away from the idea of “meritocracy,” which prioritizes talent over wealth or status. In...

Co-founders Ife Johnson and Justin Ziegler have raised millions to improve cross-border payments in Africa. The pair is behind Juicyway, a platform that makes it easier for entrepreneurs to compensate vendors, contractors, and other parties locally or internationally and exchange currencies such as NGN, CAD, USD, USDT, and USDC, its website mentions.   Photo Credit: Juicyway Johnson, who was born and raised in Africa, saw firsthand the barriers faced when platforms such as Juicyway did not exist. “Without access to American banking or platforms like Juicyway, as someone born and raised in Africa, I wouldn’t be able to participate in the global economy, you know, as free as I currently do,” Johnson told TechCrunch. According to data released by Remitscope, remittance flows into Africa were $90.2 billion in 2023. Additionally, the average fee charged to remittance senders was 8.4% in the first quarter of 2024, which is considered high. Juicyway addresses these concerns by offering...

Aaron Samuels has revealed his roadmap into the venture capital space. Samuels, co-founder and former chief operating officer (COO) of Blavity — w ho now leads a venture capital firm Collide Capital — has worn various hats in a career that spans more than a decade. He was a performance poet who spent nearly 10 years traveling and went on to secure roles as a director of operations (Dialogue Arts Project); senior associate consultant (Bain & Co.); and product manager (TeleSign) between 2011 and 2016, his LinkedIn mentions. For the next seven years, Samuels helped co-found Blavity Inc., a platform catering to Black Millennials and Gen Z amplifying areas of entertainment, politics, technology, and culture. It was created alongside Morgan DeBaun (CEO), Jeff Nelson (now COO), and Jonathan Jackson. Serving as the COO laid the footprint for Samuels’ foray as founder and managing partner of Collide Capital, which was founded in 2022 alongside Brian Hollins to provide resources, operational...

Some consider silver a reliable hedge against inflation, a safe haven during economic uncertainty, and an asset with growth potential. Globally, 2023’s mine production of silver was estimated to be around 26,000 metric tons. That same year, however, silverware demand fell by 25% to 55.2 Moz, and silver jewelry fabrication experienced a 13% drop, with losses mainly in India who’d seen an apex of silver demand the previous year. For those looking to diversify their investment portfolio, the question stands: is silver a good investment? While silver shares many qualities with gold as a precious metal, its volatility, industrial demand, and price fluctuations make it a unique investment. To understand whether silver is a good investment in 2024, it’s essential to consider market trends, economic conditions, and the factors driving silver’s price. Understanding Silver As An Investment Silver, like other precious metals, has been used for centuries as a store of value. It has various...