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Editorial Note: Opinions are the writer’s own and not those of AfroTech. There is a persistent myth that investing in Black businesses is a charitable endeavor rather than a profitable one. In fact, almost twice as much money is donated to BIPOC focused nonprofits vs. invested in BIPOC founded startups. This myth assumes that Black entrepreneurs are not capable of producing the same level of returns as their white counterparts. However, research has shown that investing in Black-owned businesses can be extremely lucrative. A report by McKinsey & Company found that companies with diverse executive teams are 33% more likely to have above-average profitability than those without diversity. Furthermore, a study by the National Bureau of Economic Research found that companies with Black CEOs receive higher valuations than those with white CEOs. Despite these findings, Black founders continue to face significant obstacles when it comes to securing funding. In 2022, only 1% of all venture...
Your next do’ could be right in the palm of your hands thanks to this new app! Coily was designed by a Black woman so it’s only right that it has Black women in mind! Asha Christian created the app from the ground up to address the woes faced by the Black community as a whole when it comes to our tresses. “A common problem that I’ve noticed is that way too often we waste money on products that don’t always necessarily work,” Asha shared in an official interview with AfroTech. “And so based on my own personal experiences [and those that are shared with others], I decided to create a solution through Coily.” The new app uses artificial intelligence (AI) to help you find the best products, styles, and techniques for your unique hair profile. A hair profile that is curated through an interactive quiz completed by users when they first sign up for the app. Courtesy of Coily “When users first create their profiles, they are met with a hair quiz which assesses 40 different factors that...
Black-owned startup Meroxa just secured a Series A funding round to make operating way easier for businesses. TechCrunch is reporting that the data operations facilitator — which is owned by Chicago, IL native, and current Bay Area, CA resident, DeVaris Brown — successfully raised $15 million in a Series A funding round led by Drive Capital. Existing investors Root, Amplify and Hustle Fund also participated in this round, which together with the company’s previously undisclosed $4.2 million seed round now brings total funding in the company to $19.2 million. What Meroxa does is something that every company could possibly benefit from. By implementing the program into your company, you’ll be able to “feed” data to the system from different tools, and the program processes it all without expensive and confusing technology. “We aren’t a point-to-point solution,” Meroxa co-founder and CTO Ali Hamidi explained to TechCrunch. “When you set up the connection, you aren’t taking data from...
Infinite Looks, Inc. — the parent company of athleisure haircare brand Sunday II Sunday — has just announced a $4.2 million Series A funding round to help its dedicated haircare brand champion the active textured hair community. According to a press release shared with AfroTech, the funding round was led by Johnson & Johnson Innovation – JJDC, Inc. with participation from other investors such as Ignite Venture Studio and Symrise Inc. Infinite Looks, Inc. is now looking to use the new funds to fuel its continued development of innovative products underneath the Sunday II Sunday brand. “This funding round and the impressive demand we’ve seen from consumers so far reaffirms what we already knew; there is a massive gap in the hair care industry to provide pre- and post-exercise care for textured hair,” said Infinite Looks founder and CEO, Keenan Beasley in a statement. “ We’re proud to deliver and expand the products in our line with solutions for women who refuse to be held back by...
Black haircare has proven to be a billion-dollar industry for years with more and more Black businesses prioritizing products and services catering to all hair types. Sunday II Sunday — an award-winning Black-owned luxury haircare brand — is one of those businesses that’s helping to address Black women’s biggest hair problems, with the help of some big investors. The recently launched brand — founded by Keenan Beasley of Infinite Looks, Inc. — has caught the attention of Johnson & Johnson, the world’s biggest healthcare company, to invest a reported “seven figure sum,” according to Global Cosmetics News . Black Enterprise reports Sunday II Sunday has announced a seed financing round that will include funds from both Johnson & Johnson Innovation Studio and Ignite Venture Studio. According to Elizabeth Wu — Consumer External Innovation & Transactions Manager at Johnson & Johnson — the healthcare company predicts its investment will address “an unmet need in the multicultural hair care...