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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...
Serena Williams is supporting innovation in women’s health. Teal Health The tennis star has aligned herself with Teal Health, a women’s health startup founded by Kara Egan (CEO) and Dr. Avnesh Thakor in 2020. According to the company website, Teal Health’s inception trickles back to Thakor’s medical experiences over the years. He observed insufficient innovation around cervical cancer screenings and created a self-collect prototype. With Egan’s two decades of experience in finance, health, and technology, the company was formed with the vision to develop an at-home self-collect cervical cancer screening kit, currently under FDA review. A user can start by requesting a kit, which initiates a vetting process to confirm eligibility. Once approved, the kit will be delivered to your home for sample collection. The sample is then mailed to a lab, and results are shared through Teal Health’s application. Users also have the option to speak with a provider for additional support. Teal...
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...
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...
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...
Dawn Staley continues to offer a guiding hand to basketball star Aliyah Boston. The pair first teamed up at The University of South Carolina. Staley serves as the school’s head coach of women’s basketball and is currently signed to a historic seven-year contract that has made her the highest-paid head coach in NCAA Women’s Basketball, as AFROTECH™ previously reported. Boston played under Staley’s leadership from 2019 to 2023. Together, they won one national titles against the University of Connecticut in 2022, notes NBC-10 Philadelphia. Boston’s collegiate career would position her as the school’s all-time leader in overall rebounds, offensive and defensive rebounds, blocked shots in SEC games, double-doubles, and triple-doubles, among others, according to the WNBA. She is also a four-time SEC Defensive Player of the Year, two-time National Player of the Year, and two-time SEC Player of the Year. Throughout it all, Staley has remained front and center as a fan even as Boston...
Coco Gauff has invested in women’s basketball. Unrivaled is a 3-on-3 basketball league announced in 2023 and founded by WNBA stars Napheesa Collier and Breanna Stewart. Each player participating in its first season was granted equity in the league, setting a precedence in sports. “For years, women have relied heavily on off-court sponsorships for a majority of their income,” Stewart said in a press release shared with AFROTECH™ . “With Unrivaled , we’re revolutionizing the game by prioritizing investments in our stars and ensuring their on-court performance is reflected in their pay.” Collier added: “With the growing popularity of women’s basketball and the WNBA, this is an opportunity for us to extend our visibility into the traditional basketball season. Breanna and I set out to create a league that would change the way women’s sports are viewed and ultimately how sports leagues operate. We may have had the vision, but this isn’t just our league – it belongs to the players, and...
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,...
Serena Williams and her family are investors in what has now become the most valuable women’s sports franchise. In 2020, the tennis star, alongside her husband and Reddit founder Alexis Ohanian , joined a star-studded ownership group to establish Angel City FC, a National Women’s Soccer League (NWSL) team representing Los Angeles, CA, which officially launched in 2022, according to BBC Sport. Investors at the time included actresses Natalie Portman, Eva Longoria, Jennifer Garner, Uzo Aduba, and America Ferrera. Williams and Ohanian also added their daughter Alexis Olympia Ohanian Jr., who was just 2 years old at the time, as one of the team’s investors. This led Olympia to make history as the youngest owner of a professional sports team at the time, and she held onto that title until it was taken by her younger sister Adira River Ohanian, as AFROTECH™ previously mentioned. “We come together with a collective passion for bringing about change,” Julie Uhrman, Angel City FC co-founder...
Stillman College has received investments to support the success of its students. $2 Million Donation According to Tuscaloosa News, the historically Black college and university (HBCU) received a $2 million donation from founder Rev. Charles Allen Stillman’s great-grandson, Charles M. Stillman, and his wife. The investment will support scholarships, programs, and campus and faculty improvements. “This remarkable gift from Dr. Charles M. Stillman and his wife not only honors the legacy of Rev. Charles A. Stillman but also propels the college toward a stronger and more sustainable future. As part of the funds raised during the Alabama Power Community Giving Reception, it reflects the collective commitment of individuals and organizations who believe in our mission to transform lives through education,” Kimberly Woodard, Stillman College’s vice president of institutional advancement, said in the news release. Stillman College President Yolanda Page commented: “We are deeply honored by...
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...
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...
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...
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...
John Hope Bryant is investing in the businesses of Albany State University graduates. As AFROTECH™ previously reported, Bryant has served as the chairman and CEO of Operation HOPE Inc. since 1992. The organization focuses on improving financial well-being in underserved communities, benefiting 2.8 million people and directing $2.4 billion in private capital. During an appearance on the “Black Tech Green Money” podcast, Bryant emphasized that financial literacy is the new civil rights movement for this generation. “We have got to be as obsessed with this as we were with the right to vote,” he explained. Bryant continues to be a voice and a vessel, and this was displayed on Saturday, Dec. 14, 2024, at Albany State University (ASU) in New York. He served as the commencement speaker in front of a crowd of over 700 students, according to WALB News. “John and I are good friends. We’ve known each other for a while,” ASU I nterim President Dr. Lawrence M. Drake II told the outlet. “I also...