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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...
Starbucks is at the center of a lawsuit for alleged discrimination related to its diversity, equity, and inclusion (DEI) policies . On Tuesday, Feb. 11, 2025, Missouri Attorney General Andrew Bailey, a Republican, filed a lawsuit claiming that the Seattle, WA-based coffee chain enforces “race-and-sex-based hiring practices” and unlawfully segregates employees in violation of anti-discrimination laws, according to a news release. Since taking office for a second term on Jan. 20, 2025, President Donald Trump has signed several executive orders to dismantle federal DEI initiatives. “As Attorney General, I have a responsibility to protect Missourians from a company that actively engages in systemic race and sex discrimination,” Bailey said. “Racism has no place in Missouri. We’re filing suit to halt this blatant violation of the Missouri Human Rights Act in its tracks.” Bailey said the initiatives have led to a “more female and less white” workforce and forced Missouri consumers to “pay...
A venture capital firm founder has launched a lawsuit against PayPal, alleging that the company’s diversity and equity program excluded her because she is Asian. Nisha Desai, the founder of Andav Capital, claims she applied for consideration in a $530 million financial commitment PayPal announced in 2020 to support Black- and minority-owned businesses , TechCrunch reported. However, she asserts that she was overlooked due to her Asian heritage, as the program primarily focused on supporting Black- and Hispanic-led enterprises. “Funds majority-owned by individuals of other races, including Asian Americans, are not given equal consideration,” Desai stated in the New York lawsuit, per the outlet. “Worse, PayPal and its senior management have repeatedly trumpeted the program’s focus on race, bragging in statements and press releases that PayPal’s program is for some races and ethnicities and not others.” Desai claims that PayPal has violated Section 1981 of the Civil Rights Act of 1866,...
Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. Corporate companies have gutted and targeted diversity, equity, and inclusion (DEI) programs throughout 2024. As we head into 2025, efforts to reverse these changes will only increase. DEI programs have been the center of several political battles since Republicans wrongfully came to attack critical race theory. Just as conservatives have a woeful misunderstanding of critical race theory and where it applies, DEI has become a buzzword associated with the aforementioned cultural wars. What Is DEI? DEI initiatives are implemented in schools, businesses, and government agencies to address inequities within historically marginalized groups. According to Erica Foldy, a professor at NYU’s Wagner Graduate School of Public Service, initiatives could include training, organizational policies and practices, and organizational culture. DEI isn’t just a rule or legislation created for organizations to pat...
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...
Co-founders Audrey Djiya and Peter Nsaka have secured funding from Fearless Funding. TechCrunch reports that the pair became connected while attending Stanford University. Djiya attended its school of business, while Nsaka studied computer science. Although they pursued different educational journeys, they were united by a shared mission: solving the complexities surrounding international commerce. Their focus became streamlining the movement of goods across borders, addressing issues such as inefficient supply chains, inconsistent regulations, and barriers to trade. Their unique perspectives and expertise became the foundation for tackling the challenge with innovation and collaboration. For Djiya, she had taken note from her family, who were entrepreneurs. “Growing up watching family members move goods cross-border, the challenges around international commerce really stuck with me,” she told the outlet. Nsaka made his own observations while at Shopify. He took on the role in 2020...
Hello Alice’s steadfast commitment to supporting small businesses remained strong, even amid adversity. Founded in 2017 by Elizabeth Gore and Carolyn Rodz, Hello Alice is driven by a mission to support the growth and success of small businesses. This dedication was evident from the outset, especially when the company faced a financial setback due to the cancellation of South by Southwest (SXSW) at the onset of the COVID-19 pandemic in 2020. Instead of moving forward with a large marketing campaign as planned, Hello Alice redirected those funds to launch a grant program, offering critical support to small business owners in need during a challenging time. “It was the biggest amount of money we’d ever spent on anything at the time. And then the world shut down and there’s initially that moment of us saying, ‘Oh my gosh, like what’s gonna happen to us?’ And then we said, ‘If we’re dealing with this, and here we are that we had the luxury of having raised capital, we had investment...
Keke Palmer became a millionaire by the age of 12. In 2004, the Chicago native landed her first film role in “Barbershop 2: Back in Business” . Her breakout role came in 2006 with “Akeelah and the Bee” and just a year later, she showcased her acting skills as Mary Thomas in Disney’s “Jump In!” alongside Corbin Bleu. By that time, Palmer’s parents had already hired a business manager—a strategic decision aimed at ensuring financial transparency. “They wanted me to know that they they weren’t the ones controlling my money. They had heard these stories and my mom said I don’t want money to come in between me and my child,” Palmer said on “Club Shay Shay.” Palmer also benefited from a Coogan account, which was designed to hold a percentage of child star’s earnings. She added, “That always was there regardless of anything else.” Palmer also spoke on the intricacies of reaching millionaire status by 12. “I became a millionaire at 12. To expect everybody to have become a millionaire at 12...
The AFROTECH™ 2024 Conference kicked off in Houston on Wednesday, Nov. 13, bringing tech professionals, entrepreneurs, and cultural leaders together for an unforgettable experience. Day 1 started with dynamic networking opportunities, engaging experiences and meaningful conversations, setting the tone for the week as attendees gathered at the Culture Park Stage, presented by Lexus, for music, wellness and community programming. On Wednesday, there was an opening ceremony featuring a marching band and a compelling address by Blavity Co-Founder and CEO Morgan DeBaun, who spoke on community, innovation and the future. The event concluded with a discussion from Derrick Johnson, president and CEO of the NAACP, the nation’s largest civil rights organization, focusing on “The Power of Our Now: Taking Ownership in AI and Our Rights.” One of the key issues DeBaun pointed to was the gap in funding stages, noting that Black entrepreneurs often struggle to make it past the early rounds of seed...
Concerns about the future have intensified as Donald Trump prepares to be sworn in as the 47th U.S. president. The Washington Post reports minority- and women-owned businesses have looming concerns over contracts, citing a potential loss of $70 billion in annual contracts amid legal disputes affecting government programs for “disadvantaged” firms. Within the Black community, legal issues were prevalent amid Fearless Fund’s ongoing litigation, which has now been settled. As AFROTECH™ previously reported, the firm, led by founding partner Arian Simone, was sued by Edward Blum and his American Alliance for Equal Rights group in August 2023 over its Strivers Grant program. The $20,000 grant backed by JPMorgan Chase & Co. and Mastercard had been aimed at small businesses primarily owned by Black women, and the activist group accused the investment firm of “explicit racial exclusion.” The group had already been victorious in the Supreme Court over race-based affirmative action policies....
Bias is often at the root of protracted issues in society. The insurance industry, for example, isn’t exempt from prejudicial attitudes. Salene Hitchcock-Gear, president of Prudential Individual Life Insurance at Prudential Financial, spoke on the history of exclusion in the 1940s and 1950s during the 2023 AFROTECH™ Conference. “Way back when things were first getting started, there were a lot of exclusions on who could be covered for insurance — Black Americans were part of that exclusion,” Hitchcock-Gear said on the Learning Lab stage. “There was a lot of bias around the kind of data that we actually have to use to underwrite, i ncluding race and health. There was a lot of presumption about lifestyle. A lot of things that just did not really lend itself to treating people fairly.” Because insurance products can be critical for financial stability and creating wealth, she shared that Prudential Financial continues to try to modernize and use digital tools to increase access to...
C. David Moody Jr. once turned down an investment from Michael Jordan for his construction business. Since 1987, Moody, a Howard University alum with a Bachelor of Architecture degree, has been leading C.D. Moody Construction. He launched the Atlanta, GA-based venture seven years after serving as a staff architect and field engineer at Bechtel Power Corp. Moody was in his early 30s at the time of the company’s launch. While speaking with AFROTECH Brand Manager Will Lucas on the “Black Tech Green Money” podcast, he admitted he had a team of three — which later scaled to more than 60 individuals — and launched with low capital. In fact, he and his wife had to borrow a couple thousand dollars to get C.D. Moody Construction off the ground. Moody said his saving grace was financial advice from his father, who served as a professor and later vice provost of the University of Michigan. “My dad grew up in the depression, and things were tight and he grew up very poor in Louisiana,” Moody...
Victoria Monét put her earnings from a publishing deal to good use, and it’s paying off. For more than a decade, the “Alright” singer has put time and dedication into the entertainment industry. As AFROTECH™ previously reported, the Atlanta, GA, native developed a knack for performing as a pre-teen at a dance camp. This early experience sparked her interest in songwriting and motivated her to move to Los Angeles, CA. Since 2010, Monét has collaborated with prominent artists, putting pen to paper for talent such as Brandy Norwood (“Rather Be”), Chloe x Halle (“Do It”), and Ariana Grande (“Thank U, Next”), USA Today reports. Investing Into Her Dreams While creating hits for other artists, she was also in the process of cultivating her fanbase. At one point, she described herself as a “struggling songwriter,” but her early belief in success inspired her to invest more deeply into her craft. However, she encountered several learning curves, including vocal production and engineering....
Serena Page could soon be stepping into the haircare industry. Page is the Season 6 winner of Peacock’s “Love Island USA” alongside her boyfriend, Kordell Beckham. As AFROTECH™ previously reported, the pair split a prize pool of $100,000 for their victory. Since leaving the show’s villa, opportunities have been endless with partnerships that include NYX Cosmetics, Dunkin’ Donuts, Spotify, and Cécred. View this post on Instagram A post shared by CÉCRED (@cecred) During the ESSENCE GU Disruptor Summit held in Atlanta, GA, on Oct. 12, 2024, Page revealed that while she is in her influencer bag she hopes to step into her businesswoman era by 2025. View this post on Instagram A post shared by Girls United (@essencegu_) Her desires could materialize into leading her own haircare line, which is already in the works. This wouldn’t be her first step into entrepreneurship as she ran a braiding business for four years when she attended the University of Texas at San Antonio. As a result of her...
Keke Palmer is more wise with her earnings after filing for bankruptcy in her early adult years. The Illinois native, born in Harvey but raised in Robbins, entered into the industry as an actor at the tender age of 9 years old. She snagged her first role in the film “Barbershop 2: Back in Business” (2004) and was later featured in “Madea’s Family Reunion” (2006) as Nikki before landing her first lead role in “Akeelah and the Bee” (2006), reports US Weekly. For many child stars, navigating the industry is a journey, and Palmer had the backing of her parents throughout the highs and lows. They took the step of hiring a business manager when she was 12. “That has helped me immensely,” she said during the Building Wealth Today for Tomorrow Financial Empowerment Summit held on Oct. 12, 2024, at the UIC Forum in Chicago, IL. Despite the guidance of a business manager, Palmer still found herself in financial troubles. When she was between 18 and 19 years old, she filed for bankruptcy. “I...