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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...
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...
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...
Venture firm Ulu Ventures has raised $208 million to support diverse founders. WSJ Pro reports that the VC firm founded by Miriam Rivera and her husband, Clint Korver, has invested in companies where 80% have a white co-founder. However, an equal 80% share also has at least one founder who is an immigrant, a woman, or from a minority group. Since its inception in 2008, this initiative has supported 250 startups , leveraging a data-driven approach to minimize cognitive bias and foster inclusive investment across all demographics. “Venture capital has so many decision-making problems when it comes to bias, diversity, disdain for data and analytics, hubris, misapplication of pattern-matching, and so on, that we feel like the one-eyed VCs in the land of the blind,” Korver told the outlet. The couple acknowledges a shift due to the changing diversity, equity, and inclusion (DEI) landscape. Major companies are throwing in the towel and dismantling DEI commitments, with some erasing...
Fintech platform Raenest has raised new funding to support African businesses. The company, founded in 2022 by Victor Alade, Sodruldeen Mustapha, and Richard Oyome, offers a range of services, including virtual and physical dollar cards, international transfers, invoicing for global payments, the ability to create USD, GBP, and EUR bank accounts, and currency conversion, among other features listed on its website. Raenest’s original platform was structured as an Employer of Record (EOR), helping foreign companies pay employees on the continent while remaining compliant, TechCrunch reports. The founders recognized a deeper-rooted issue, leading them to update Raenest to assist the continent’s gig economy and businesses directly. “A U.S. company might not care if a payment is delayed by five days, but for someone in Nigeria or Kenya, that’s a big deal — especially when converting to local currency becomes another hurdle,” Alade told TechCrunch. Looking ahead, Raenest intends to secure...
As Kendrick Lamar prepares to take center stage at Super Bowl LIX, alongside SZA, keep a close eye on the production. View this post on Instagram A post shared by Apple Music (@applemusic) It will all be spearheaded by Lamar’s agency pgLang, which embraces creators from authors, film and television directors, producers, musicians , and more who are aligned in the vision to produce “quality” and “unconventional concepts,” its website mentions. Currently, 30 individuals and five executives are on board the pglang team, and they will have a hand in Super Bowl LIX — held Sunday, Feb. 9, 2025, in New Orleans, LA — working on edits, production, stage design, sound tech, and more. During a press conference with Apple Music, the Super Bowl’s main sponsor since 2022, Lamar highlighted the importance of pgLang’s team, giving them their flowers and acknowledging that their collective efforts are what made it all possible for the show to reach its finish line. “Shout out to pgLang…That’s my...
Ohio’s only Black-owned bank — and the first established and approved in the U.S. since 2000 — has tripled its assets since inception. Columbus Business Journal reports Adelphi Bank was founded in January 2023 and is led by Chairman and CEO Jordan Miller, who had spent over three decades in business and initially retired in 2019 as Central Ohio president for Cincinnati’s Fifth Third Bank. He returned to the industry to get Adelphi up and running with a mission of dismantling financial inequities and helping customers create streams of income without bias. He is joined by Kevin Boyce, co-founder and vice chairman. Upon its launch, Adelphi received local support from large corporations in central Ohio. “It feels like family,” Miller expressed, according to the outlet. “Banks can be intimidating places.” Columbus-based Adelphi Bank currently offers certificates of deposit, checking and savings accounts, and loans for personal use. It plans to provide home mortgages in 2025. For...
Fayetteville, GA, shoppers can support various businesses at a new Black-owned shopping plaza. As AFROTECH™ previously reported, Kingdom Corners is the brainchild of married couple Felicia and Winchel Elibert. The duo had previously ventured into entrepreneurship, owning a range of businesses, including a Smoothie King franchise, multiple Winchell’s Barbershops, and a location of Felicia’s Cleansing Waters Wellness Center. “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 encouraged that this was a really good investment.” The four-acre plaza took three to four years to complete. When it was completed, it made history in the city as the first Black-owned shopping plaza. “We have been getting phone calls, texts, and folks stopping by—just to say what an inspiration we are in the...
Jim Reynolds is leading a vegan beverage brand that generates millions and is backed by notable athletes. Reynolds’ journey as a founder began in 1997. He had already spent several years on Wall Street before deciding to launch Loop Capital, a full-service investment bank, brokerage, and advisory firm that assists corporate, governmental, and institutional clients, according to its LinkedIn page. Inc. magazine reports that it is the largest Black-owned investment bank globally. Various deals have landed on the bank’s table, including one surrounding Coco5, a hydration beverage company. Its products are made with balanced sugars and no artificial dyes or flavors. They are also vegan, gluten-free, caffeine-free, and non-GMO. Inc. reports that as a health-conscious person Reynolds had already developed a taste for coconut water by the ’90, and heard about the company in 2011. He would go on to invest in Coco5 in 2015 and join its board. Over the next decade, Reynolds attracted the...
Moove, marketed as an “African-born, global mobility fintech,” has announced an acquisition. The company, founded in Nigeria by Ladi Delano and Jide Odunsi, enables delivery drivers to finance vehicles and start driving with partners like Uber in three simple steps: apply, get verified, and drive. TechCrunch notes that Moove launched with 76 cars in Lagos in 2020 and has expanded to 36,000 cars. Per the company’s website, over 52,787,109 trips have been completed. Additionally, it is available in 19 cities across six continents. Over the years, Moove has secured significant funding. In 2023, $8 million had been by Absa Corporate and Investment Banking to reach Ghana, bringing its total investment from the bank to $28 million, Fintech Global reports. In March 2024, $100 million had been raised in a Series B round led by Uber to further its expansion, TechCrunch mentioned. The company has also attached a sustainability mission to its business model, seeking to create “the largest and...
Founder Marc Washington is the driving force behind a gut health nutrition brand that has raised millions. Washington has an extensive history as a leader in the consumer wellness space. According to his LinkedIn profile, he worked at The Wonderful Co. as director of strategy for FIJI Water from 2005 to 2007. After a six-year tenure at Teleflora, he returned to The Wonderful Co. as its chief financial officer. His resume also includes roles as president and COO at Beachbody and CEO at Irwin Naturals. Today, he is fully focused on leading and prioritizing his own wellness company, Supergut with the venture inspired his late sister. “I was inspired to start the company in honor of my late sister, Monica. She struggled with metabolic health issues throughout her adult life before she tragically passed away far too young due to complications during a high-risk pregnancy. Her passing shook me to my core, especially as someone who spent his entire career helping people live healthier...
Entrepreneur Brian Roberts has found a way to elevate his mission to amplify Black-owned businesses. He has been the proud owner of The Black Pantry since 2020 and is now set to open Good Karma Coffee in February 2024, Startland News reports. The shared space will have the two business operating side by side in a new location, which he describes as an “elevated Black coffee space.” Located at 3134 Gillham Rd. in Kansas City, MO, doors are open on an invitation basis until full launch. “Every Saturday we’ve been doing things like inviting different groups, playing with our menu, and getting the team some experience,” Roberts told the outlet. “I’d say I’ve attracted some of the best baristas in the city.” Customers visiting Good Karma Coffee can look forward to trying out locally sourced products, including signature roasts from Marcell Coffee, while also learning about the origins of their coffee. “If you want to have a pour-over in front of you, the barista can do it while...
Black-owned edtech company Beanstack has secured another investment from Mark Cuban. The platform was launched in 2013 by Felix Brandon Lloyd (CEO) and Jordan Lloyd Booke, a husband-and-wife duo with extensive backgrounds in education. Booke served as Google’s head of K-12 education outreach from 2011 to 2013, while Lloyd worked as a teacher and dean at the SEED Public Charter School for seven years. The idea for Beanstack was sparked while they were reading to their 2-year-old son, inspiring them to focus on increasing literacy rates. “The early idea for our company came one night when [me and Jordan] were reading a book to our 2-year-old son and soon-to-be big brother,” Lloyd told AFROTECH™ in a previous interview. “He pointed to biracial characters on the page that looked like him and said, ‘That’s me, and that’s little sister.’ The power of reading was so clear. We immediately decided to put our backgrounds in education to work on a new business idea.” Beanstack initially...
Tyrre Burks’ background in sports gave him an upper hand as a business founder. As AFROTECH™ previously reported, Burks is the founder of Player’s Health, a platform offering solutions including insurance, an athlete safety suite with education and training, injury management forms, incident reporting, compliance forms, and tools to support name, image, and likeness (NIL) deals, geared toward sports organizations, teams, leagues, and clubs. The inception of Player’s Health dates back to Burks’ time as a former college athlete who turned pro. Becoming an athlete was a means of escaping the realities of living on the Southside of Chicago, IL. “I had a choice and sports was one of ’em or the streets. And luckily, I chose football; I chose wrestling. I chose every sport that I could choose to keep me out of the streets. And that kept me safe. It kept me out of the streets, and it kept me out of trouble. And that led to college and professional football,” he said during a podcast...
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...