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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...
Former NBA players Grant Hill and Chris Webber are looking to bring a WNBA team back to the city where they once played. According to a press release, an ownership group led by Pistons owner Tom Gores has formed and placed a bid to bring the league to Detroit, MI. The state previously had a team between 1998 to 2009, named The Detroit Shock, which had been quite successful, CNBC reports. In fact, the team won three WNBA Championships. However, the franchise no longer represents the city after first moving to Tulsa, OK, and then to Arlington, TX, where it has played as the Dallas Wings since 2015. Now, a group that includes Hill and Webber is hoping to reignite momentum for the city to regain a WNBA team. This marks a full-circle moment for both Hill and Webber as they both played for the Detroit Pistons at different times during their professional careers. “This is an exciting opportunity to welcome the WNBA back to Detroit and bring additional investment and economic activity into...
Black residents in Chicago, IL, will be able to invest their dollars in its first casino. The TRiiBE reports locals gathered for an information session hosted by City Treasurer Melissa Conyears-Ervin and members of the Chicago Aldermanic Black Caucus to buy shares in Bally’s Casino, a $1.6 billion project in the 21st Ward that will also feature a hotel, a 3,000-seat theater, and a Riverwalk extension to Chicago Ave. A requirement for the casino is that at least 25% of the investment must come from minorities and women. “Tonight is about a new opportunity on how to participate, about not just being a consumer but to be an owner,” Ald. Ronnie Mosley (21st Ward) said at the pulpit of Third Baptist Church, according to the outlet. Conyears-Ervin added: “Remember when they legalized marijuana a few years ago? We knew that we were the community that was affected the most by it, but we felt that we did not have access to being owners. Well, this, ladies and gentlemen, is quite different.”...
Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. President Donald Trum p, who was once a cryptocurrency skeptic, has now yielded to many of the industry’s demands, such as easing federal regulations and oversight. From appointing cryptocurrency advocate and former Securities and Exchange Commissioner Paul Atkins to reprise his old role, to launching his own meme coin, Trump has chosen to embrace cryptocurrency . A few years ago, cryptocurrency was touted as the new form of currency. We wouldn’t be using archaic financial currency and stick to this revolutionized way of transactions. Although some people have made a lot of money off of crypto, its intended use as a decentralized banking system hasn’t been realized. Cryptocurrency is still very new, so new that engaging in it feels comparable to gambling. Trump lifting regulations to give cryptocurrency his blessing bodes well for the industry. A day after announcing Paul Atkins as his pick, the...
LeBron James’ portfolio now includes a new sports team. Forbes notes the Los Angeles Lakers star is taking his dollars to the seas as an investor in the UIM E1 Series, an all-electric and sustainable raceboat competition that kicked off in 2024. Its launch is supported through Motorsports E360, a partnership between the Public Investment Fund (PIF) and Formula E, Extreme E, and E1. James is now the owner of the platform’s latest arrival, Team AlUla Championed by LeBron James, with Rusty Wyatt and Catie Munnings signing on to pilot the powerboat. What’s more, James joins other E1 Series team owners such as Will Smith (Westbrook Racing) and Tom Brady (Team Brady), which was victorious in the 2024 E1 Series championship. “For me, I’m a huge fan of sports and I’ve always loved competing,” James told Forbes. “There’s nothing like seeing athletes compete at the highest level of their sport. Now with E1, we’re seeing a whole new type of competition on the water where everything is...
Mellody Hobson is exiting her board role at Starbucks. Hobson is well regarded for her efforts at Ariel Investments, a global value-based asset management firm, where she is responsible for management, strategic planning, and growth beyond research and portfolio management as co-CEO and president, her LinkedIn mentions . In 2021, Hobson launched Ariel Alternatives, LLC, leading to a $1.45 billion raise for its private equity fund, Project Black. This initiative aims to support both non-minority-owned middle-market companies and those currently owned by Black and Latino entrepreneurs that generate $100 million to $1 billion in revenue, as AFROTECH™ previously reported. With funding, these companies would then be expected to transform into certified minority business enterprises of scale to serve as Tier 1 suppliers to the Fortune 500. Hobson has also been tied to various corporate boardrooms. She was a board member of the Estée Lauder Companies and chairman of the board of DreamWorks...
LeBron James’ business partner and Klutch Sports Group Founder Maverick Carter is looking to own an international league. Since 2006, Carter has been working alongside James within the business world. The pair had been playing basketball together in high school, and Carter was a trusted figure in James’ life. For that reason he was tapped by the NBA superstar to assist him on the business side as his sports career was taking off. “He betted on me at a time I didn’t know what I was doing,” Carter recalled during an interview on the “ UNINTERRUPTED” podcast . “And, you know, I’m still learning every day. But he really gave me a shot and was like, ‘I’m gonna empower you.'” Since that time, Carter has been a pivotal player in James’ journey to becoming a billion-dollar athlete today. Carter has served as his manager , and they have launched several business together, including SpringHill Entertainment, which merged with British television, film, and music production company Fulwell 73...
Erin Harkless Moore believes artificial intelligence (AI) can improve the Care Economy. Since 2020, Moore has served as vice president and managing director of investments at Pivotal Ventures, a company launched by billionaire philanthropist Melinda French Gates to advance social progress and accelerate women’s influence globally, per its website. Gates has even committed $2 billion towards the mission. Furthermore, alongside partners, Pivotal Ventures prioritizes an expansive list of pillars within the $648 billion Care Economy, including mental health, paid medical and family leave, and women and tech innovation. Moore is tasked with leading a team responsible for selecting, investing in, and managing a diverse portfolio that adheres to Pivotal Ventures’ mission, her LinkedIn states. “We really start with our investment thesis and our direct investments in care looking at you know tech solutions that reduce burdens of care, lower cost of care, and improve access to care, and...
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...
Investor and “Shark Tank” judge Barbara Corcoran has high praise for Kevin Hart. Hart made an appearance as a guest judge on the show during its 13th season alongside Mark Cuban, Barbara Corcoran, Kevin O’Leary, Lori Greiner and others. The purpose of “Shark Tank” is to provide a platform for entrepreneurs across industries to pitch in front of powerhouse investors with hopes of securing their investment. Speaking of the importance of appearing on the show, Hart said, according to ABC Audio, “If I can reach back and give opportunities to others, to people of my community, to the younger generation that is coming up that should be our future leaders of tomorrow and our future groundbreakers of today and tomorrow, why not? I’m not in the business of just doing it for me. You know, I think that’s the role that we all play when we get to sit in these chairs, is the role of opportunity for not just ourselves but others.” Hart’s expertise in entertainment and business has made him an...
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....
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...
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...
Life can change at any given moment, and this was the case for entrepreneur Parker Barbee. In 2022, Barbee was laid off from his job just before the Christmas holiday. This moment of uncertainty led him to jumpstart his passion for a staple dessert in his family — banana pudding. KSL News reports Barbee is the founder of dessert sweet shop Parfé Diem, located in Salt Lake City, UT’s Sugar House neighborhood. According to its website, it features a variety of pudding parfait flavors, including banana, strawberry cheesecake, pistachio, and chocolate. It also offers shortbread cookies and a creative twist on the classic ice cream sandwich, using pudding as the filling. View this post on Instagram A post shared by parfé diem 😋 pudding parfaits (@parfediem) Now, just in time for the holiday season, Barbee’s venture has received a significant boost through the NAACP Powershift Entrepreneur Grant, established by investor Daymond John of “Shark Tank.” The grant is $25,000 and is funded with...
Melissa Bradley is turning a new leaf! Since 2016, Bradley, who was featured as an AFROTECH™ Future 50 Dynamic Investor, has been the proud founder of Washington, DC-based 1863 Ventures, which provides business development programs, coaching, mentorship, and access to capital primarily for new entrepreneurs, as noted on her LinkedIn profile. As AFROTECH™ previously reported, the venture aims to create $100 billion in wealth for the “New Majority,” Black and brown entrepreneurs. This goal is reflected in its portfolio, which comprises 90% Black-owned businesses, including the following: Nubian Heumann Eu’Genia Shea Harlem Candle Co. The Black Girl Doctor Now, eight years into 1863 Ventures’ inception, the Washington Business Journal has reported that the organization’s board voted to close down 1863’s nonprofit arm, which focused on early-stage companies. Currently, Bradley is on the hunt for a partner who can take on ownership of its portfolio companies, which have benefited from an...