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For startups, securing funding is a fundamental yet challenging task- over 90% of startups fail to acquire enough capital to get off the ground. Fortunately, equity financing offers early-stage companies a compelling funding avenue. Equity funding works by selling ownership shares in exchange for investor capital, allocating a portion of the company’s equity to external backers. This structure allows ambitious startups to raise substantial financing without burdensome debt. The process involves several funding rounds like Series A, B, C, D, and E. These various rounds of financing that startups or companies go through are to raise capital from investors at different stages of their growth journey. Each round represents a stage of development, and the funding obtained in each round helps the company achieve specific objectives and milestones . Seed Funding Before Series A, B, C, D, and E funding, there is seed funding. Seed funding refers to the initial stage of capital funding for a...
In the classic movie “Soul Food,” all of the occurrences are centered around the matriarch of the family, Mama Joe. She is the anchor for her three daughters, who went on to lead lives of their own but still very much so depend on her wisdom and guidance. As the plot would have it, Mama Joe had diabetes and was stubborn about taking her medicine and taking the necessary steps to prioritize her health. Left with few options, she has to have her leg amputated to deal with her health issues. However, Mama Joe’s family was left in the dark concerning the severity of her health issues. This issue is not a new phenomenon, as many families have dealt with surprising truths regarding their loved one’s health. At this intersection of health and wellness is where Intus Care pulls up. Intus Care is a “healthcare analytics platform that synthesizes healthcare data to identify risks, visualize trends, and optimize care.” AfroTech spoke with Evan Jackson and Robbie Felton to learn more about how...
To advance maternal and pediatric care, Cayaba Care has announced new funding. According to a press release sent to AfroTech, the Black-owned health startup has raised $12 million in a Series A funding round. The funding was led by Seae Ventures and Kapor Capital. Wellington Partners, Citi Impact Fund, and Rhia Ventures also participated in the round. To date, the company has raised $15 million with return investments from 100 percent of its institutional seed round funders including Digitalis Ventures, SteelSky Ventures, and Flare Capital.
In less than a year since its launch, Allyson Felix’s Saysh is about to get even bigger and better. As previously reported by AfroTech, the Olympian co-founded the athletic footwear brand following her departure from Nike due to their lack of support for pregnant female athletes and new mothers. Then, during the 2021 Olympics, Felix made a beautiful statement by wearing her own brand on the track. “I did have a little moment. When I crossed the finish line and I looked down at my spikes. These beautiful handcrafted Saysh spikes. And I was like, ‘I did this in my own shoes,’” Felix shared in a fireside chat with UBS.
Once Beyoncé dropped her sixth studio album in 2016, “lemonade” was one of the biggest buzzwords of the year. While the project’s title served as a metaphor, the music legend has now invested in the drink itself — sort of. Beyoncé has made an investment in Lemon Perfect — a hydrating flavored lemon water brand — Forbes reports.
Access to financial education in America is on the rise thanks to Goalsetter! In a press release, the fintech platform that aims to provide families and K-12 youth with access to banking, financial education tools, investing and savings has just announced that it closed a $15 million Series A funding round. In an investment series led by Seae Ventures, with participants that include Northwestern Mutual Future Ventures, Astia Fund, Citizens Financial Group, CUNA Mutual Finance Group, Fiserv, Mass Mutual Catalyst Fund, Sterling National Bank, and a host of others, the funding will allow Goalsetter to further its B2B partnerships that align with its mission to transform financial education and access to wealth for all Americans. “For the first time in the history of America, Goalsetter is merging culture, media and entertainment with the world of finance to bring financial education tools that are fun, engaging, and accessible to every kid and family in the country,” Goalsetter Founder...
Bitcoin rewards company Lolli has announced a raise of $5 million for its pre-Series A funding round from a slew of notable investors, including tennis superstar Serena Williams. Both Lolli and Williams share common interests in financial empowerment and inclusion, which are the main reasons why the bitcoin rewards platform was able to garner support from her and her team. “I’m excited to announce my investment in Lolli, a company on a mission to make bitcoin more accessible,” Williams said in a statement. “Earning and owning bitcoin is a step towards financial inclusivity for all people.” Along with Williams’ investment company Serena Ventures, the round also features her husband Alexis Ohanian’s management company Seven Seven Six and Night Media, as well as other influential investors such as Casey Neistat, Phil DeFranco, Cody Ko, Noel Miller, Ian Borthwick and Gabriel Leydon, Coindesk reports. Last year, Lolli attracted participation from popular figures Michelle Phan and Ashton...
Nigeria’s Kuda Technologies raised $25 million in a Series A funding round led by Valar Ventures with participation from Target Global and other investors. Co-headquartered in London and Lagos, Nigeria, Kuda offers mobile-first banking services to help people from the African diaspora manage their money and credit digitally. Kuda’s services are currently only live in Nigeria and this is the first African startup that Valar has financially backed. Kuda’s CEO Babs Ogundeyi says the company plans to use the Series A to expand its credit offerings, add more integrations to its platform, build services excessively for businesses and expand to more markets. “Nigeria is at a tipping point in the adoption of digital banking,” Andrew McCormack, a general partner and co-founder at Valar, told TechCrunch . “With the rapidly growing, youthful population who are open to new financial alternatives, Kuda is well-positioned to benefit and will transform the landscape of African banking.” This...
Payment technology company Promise secured more than $20 million in a Series A funding round last month. With this fresh investment, the company’s co-founder and CEO Phaedra Ellis-Lamkins told AfroTech that she has big growth plans moving forward. Promise launched in 2017 and its original focus at that time was creating payment technology for the criminal justice system to help scale bail reform. Ellis-Lamkins said the company did that for about a year and a half before making a pivot after participating in Y Combinator’s Spring 2018 cohort. Promise has since created a payment solution that makes customizable plans and offers digital payment options to users who need to make government payments like parking tickets, child support, utilities and more. Ellis-Lamkins said this idea came to her when she was in New Orleans and realized people were in jail for simple parking tickets. She realized the same issue was happening in Oakland, where her company is based. After doing some...