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In 2006, Yo Gotti released “That’s What’s Up (Intro),” and many from the rapper’s hometown of Memphis, TN, consider it a cultural anthem. The song sets up an open letter to his fans and haters, describing who he is, what he’s been through, and his current and impending impact at the time. Words in the opening lines serve as a preamble and manifest the upward trajectory of Yo Gotti’s success. “…Tha streets been beggin’, so I had to go ‘Back 2 Da Basics.’ This the intro to my life, entry to my world.” Although this mid-2000s track was an introduction of sorts, the song was not his entry point into the rap game. Born Mario Mims, Yo Gotti is a Memphis native who released his first musical work in 1996, titled “Youngsta’s On A Come Up,” under the alias Lil Yo. And a come-up was precisely what he’d experienced. Throughout his multi-decade career, Yo Gotti would release popular songs like “Rake It Up,” “I Know,” “Law,” and “Down in the DM” — working with top artists such as Nick Minaj,...
Founder Fawn Weaver’s Uncle Nearest is on the brink of reaching unicorn status, Fortune reports. As AFROTECH previously mentioned, Weaver leads the Black-owned whiskey company created in 2016 to commemorate Nathan “Nearest” Green, a formerly enslaved man who taught Jack Daniel how to make whiskey. The company has made significant strides in the spirits industry and is currently available in over 30,000 stores, bars, hotels, and restaurants in 12 countries, per Fortune. The company also boasts a 432-acre distillery located in Shelbyville, TN, which attracted 200,000 visitors in 2023, and has expanded to include an estate in Cognac, France, which encompasses “over 100 acres with Charente River frontage and a unique island.” A part of the company’s continued success has been its ability to secure funding from individual support. Weaver previously mentioned to AFROTECH that the company has raised $225 million that way, its total since launching. “I’ve never sent a pitch deck,” Weaver...
According to the Associated Press, Atlanta, GA-based venture capital firm Fearless Fund “faced tough questions from conservative judges” on Wednesday, Jan. 31, as it fought for its grant program to further support Black-women-owned businesses. As AFROTECH previously told you, Fearless Fund was hit with a lawsuit by Edward Blum and his American Alliance for Equal Rights (AAER) group in August 2023 on the basis that the fund was carrying out “explicit racial exclusion” and violated the Civil Rights Act of 1866.
In 2011, Cam Newton hit the football scene running as the No. 1 pick in the NFL Draft that year. As previously shared by AFROTECH, the former Carolina Panthers quarterback signed a four-year $22 million contract during his rookie season with the team. What’s more, he had a signing bonus of more than $14 million. Newton previously described the period as providing “the most money that I’ve ever seen.”
A step has been taken toward more transparency in the VC space. On Oct. 8, 2023, California Governor Gavin Newsom signed Senate Bill 54, a law that mandates VC firms to release annual reports regarding the number of diverse founders they’re investing in — making it the inaugural law focused on increasing diversity in VC funding in the U.S. — TechCrunch reports.
