Ben Horowitz, co-founder of the venture capital firm Andreessen Horowitz (a16z), has shifted his personal political support for the presidential election, now pledging donations to Kamala Harris’ campaign after previously backing Donald Trump. In an email update to a16z supporters about “political activity,” Horowitz said Harris has been a “great friend” to him and his wife, Felicia — who is Black — in the 10 years they’ve known her. He noted the vice president’s support for their firm in its early days, mentioning her involvement in events that helped establish the Cultural Leadership Fund network, which supports Black cultural leaders and organizations. “As a result of our friendship, Felicia and I will be making a significant donation to entities who support the Harris Walz campaign ,” Horowitz wrote, per Business Insider. However, he added that a16z remains committed to positions aligned with its “Little Tech Agenda,” focusing on candidates who advocate for a strong startup...

When Malcolm Jenkins secured stake in England’s Burnley FC, he made history in the process. Sports Illustrated reported the three-time Pro Bowl safety became an investor — through Malcolm INC and Disrupt Sports Partners — in the Burnley, Lancashire-based professional team within the English Premier League (EPL) back in 2021. He joined the new ownership group, ALK Capital. Jenkins, playing for the New Orleans Saints at the time, saw the opportunity as a perfect alignment to values that have been central to his business portfolio, noted a press release. He pointed to the club’s “tenacity, work ethic, good sportsmanship and efficient operational infrastructure.” His decision was finalized following a visit to the team’s Turf Moor stadium in England before watching the team, nicknamed “The Clarets,” play against Manchester City. “I think the club’s doing a great job with some of the updates around the stadium and to see the vision of where they want to go in creating a venue that’s not...

Following PowerSchool Holdings Inc.’s multi-billion-dollar acquisition, Vista Equity Partners has retained its minority stake in the company. According to a press release, PowerSchool Holdings Inc., which operates as a cloud-based K-12 education software, was acquired by Bain Capital through a transaction that was valued at an estimated $5.6 billion, with the company paying $22.80 per share in cash. Bain Capital plans to build on PowerSchool’s successful track record, with its software impacting 60 million students and 18,000 customers across more than 90 countries. “PowerSchool is aligned, throughout its entire organization, to its mission to personalize education and improve learning outcomes,” David Humphrey, a partner at Bain Capital, said . “We’ve had the privilege of seeing the leadership team’s dedication to this mission through a world-class product innovation engine.” Bain Capital Partner Max de Groen added, “We are thrilled to support PowerSchool’s mission and growth as it...

A new venture capital firm is on the block with significant capital at its launch. According to WWMT-3 TV, Kalamazoo Forward Ventures (KZFV), reportedly the first Black-owned investment fund in Southwest Michigan, has launched with $50 million in capital, derived from limited partners. The firm has as its purpose to arm underrepresented founders residing in Kalamazoo, MI, as well as startups. “We came up with that fund by thinking about what we want to accomplish in the community, the ecosystem, and the funds started growing as the ideas started growing,” Eric L. Wimbley, CEO and founder of First Line Risk Management and managing partner of KZFV’s venture capital fund, explained, according to the outlet. Jamauri A. Bogan, CEO of Bogan Developments and KZFV general partner, commented: “It’s our job now as investors to this community and this ecosystem to now get that capital to folks who traditionally never have it.” Also a part of the group is Bobby J. Hopewell, who was the former...

The AFROTECH ™ community continues to push the mission and discussion of inclusivity in the tech space. As we gear up for AFROTECH™ Conference 2024, let’s dive into a session of the past.   View this post on Instagram   A post shared by AFROTECH™ Conference (@afrotech.conference) On the Executive Stage at the 2023 AFROTECH ™ Conference, Kapor Capital’s founding partners Freada Kapor Klein and Mitch Kapor were part of the panel “Closing The Equity Gap: C reating Wealth and Fostering Justice in Startup Investing” — titled after their book, released in March 2023. Alphonzo Terrell, co-founder and CEO of social media platform Spill, moderated the panel, addressing equity gaps in the startup landscape and how to build a more inclusive future. Klein and Kapor shared that the company has invested more than $106 million into over 170 companies, 62% of which are women-led or underrepresented founders , according to their website . In addition, Kapor Capital has achieved an internal rate of...

A multi-million-dollar investment towards Black farmers is underway. As AFROTECH™ previously reported, the Black Farmer Fund, created by Karen Washington and Olivia Watkins, raised $11 million in September 2023 to support Black-owned agricultural systems through wealth-building opportunities. Since then, the New York-based nonprofit has reached its target goal in a second fund, which will deploy $20 million in capital to improve the Black food system, a press release states . It will specifically target food businesses in the Northeast region and provide support in the form of “low-interest loans and gifts.” The intention is for the awarded businesses to enable Black growers to strengthen their presence in the market and gain greater authority in the supply chain. This is timely when considering Black farmers have been faced with various challenges throughout the decades, which includes discrimination that has led to the denial of low-interest loans, grants, and further assistance,...

Investment firm partners Monique Idlett-Mosley and Erica Duignan Minnihan are level-headed in their approach to allocating capital to companies. Forming Reign Ventures The duo lead Reign Ventures, an early-stage investment fund targeting consumer technology and software startups led by women and minorities. Both founders, who met more than a decade ago during an executive MBA program, bring distinct experiences to their roles, which fall on opposite ends of the spectrum. Idlett-Mosley, co-founder and managing partner, brings 20 years of experience spanning entertainment, marketing, press, and entrepreneurship, and previously worked as CEO for Mosley Brands and Mosley Music Group. Minnihan, co-founder and general partner, has collected 15 years of experience as an investor and advisor. She began her career in investment banking with roles at Citigroup, Credit Suisse, and Cantor Fitzgerald. She later transitioned to venture capital as managing director at DreamIt Ventures, executive...

DryMerge has raised $2.2 million to make automation easier with the help of artificial intelligence (AI). The company was co-founded by Edward Frazer and Samuel Brashears. The pair, who first met in elementary school, made sacrifices to focus their full attention on the company. University of Wisconsin graduate Brashears walked away from a role at Hive AI while Frazer dropped out of Yale University to pursue the venture, a press release mentions. The founders recently participated in the Y Combinator Winter 2024 Batch startup accelerator program. “…I’m a pretty young founder – I dropped out of Yale to build the company and my cofounder Sam had just graduated from the University of Wisconsin,” Frazer wrote on LinkedIn . “I knew very little about how people worked, what problems they had, or how to solve those problems — and importantly, I didn’t care — I figured it’d be enough to build cool technology and watch the users appear out of thin air.” He continued, “It wasn’t until midway...

Buying a home can be an overwhelming and expensive purchase. On Friday, August 30, 2024, the current national average interest rate for a 30-year, fixed-rate mortgage was 6.38%. The interest rates have gotten so high that John Hope Bryant , the founder of Operation HOPE , is trying to convince people that a 40-year mortgage plan is more fair. But when first-time homeowners and first-time investors are listening to Realtors, real estate attorneys and mortgage lenders discuss percentage rates, it may not seem as clear. That is, until new homeowners see property and interest (P&Is) really affect their monthly budget. (Varying property taxes can make budgeting even more complicated.) Photo credit: ArtTower Using Chicago as an example, if you bought a home in the Windy City right now (with very good credit between 700-739) for the city’s average home value of $305K , you’d pay about $1,729 per month for P&I. If that sounds high, the average rent in Chicago is $1,836 per month for a...

Meghan Markle has been intentional about investing in female-led companies over the years, The New York Times reports. Markle, a former actress and Duchess of Sussex through her marriage to Britain’s Prince Harry, has taken advantage of the limelight to provide greater visibility to brands. A bag she wore from Scotland brand Strathberry after her engagement in 2017 was sold out in 11 minutes. She said that moment “changed everything in terms of how I then looked at putting an outfit together.” It has led her to become more intentional about what brands she aligns with and wears. Markle also mentioned, “Times where I know there is a global spotlight, and attention will be given to each detail of what I may or may not be wearing, then I support designers that I have really great friendships with, and smaller, up-and-coming brands that haven’t gotten the attention that they should be getting. That’s one of the most powerful things that I’m able to do, and that’s simply wearing, like,...

History is being made in the 2024-2025 NFL season. Diverse Representation shares on Instagram that the current season, which kicks off Thursday, Sept. 5, 2024, reportedly has the most Black team minority owners in league history. The list is filled with various trailblazers across entertainment, sports, and business, which you can find below. Venus And Serena Williams Kicking things off are trailblazers Venus and Serena Williams, who made history as the first Black women to become minority owners in the NFL. As AFROTECH™ previously told you, they became minority owners in 2009 when the team was reportedly worth $1.02 billion, per Statista. “I am honored to be a partner in the Miami Dolphins franchise and thankful to owner Stephen Ross for allowing Serena and I to be part of Miami Dolphins history,” Venus said at the time, according to People. Serena added, “I am so excited to be part of such a renowned organization. Having spent so much of my childhood in the area, being involved...

Myles Garrett has invested in an energy company owned by a former NASA engineer. Boardroom reports the Cleveland Browns defensive end has invested in Johnson Energy Storage. Per the company website, it is on a mission “to transform the way the world stores energy; to more safely and efficiently store energy; to leave a softer footprint where we tread.” Through years of research, Founder Dr. Lonnie Johnson holds more than 140 patents and is widely known as the inventor of the Super Soaker water gun as well as an all-solid-state battery (ASSB) that was created using a glass electrolyte separator. “Our ASSB is 2 times the energy density of lithium ion batteries in the same size and weight package,” a description on the company website reads. “Our ASSB withstands higher and lower voltages than lithium-ion batteries and is designed for significantly lower self-discharge. Due to our unique, proprietary manufacturing process, the cost to manufacture our ASSB is 25% that of the current...

Magic Johnson now has five teams in his investment portfolio. As AFROTECH™ previously reported, the NBA-legend-turned-serial- entrepreneur has ownership in the MLB’s Los Angeles Dodgers, MLS’s Los Angeles Football Club, WNBA’s Los Angeles Sparks, and NFL’s Washington Commanders. Now, he is announcing his involvement with a fifth team. “CBS Mornings” reports he joined the investor group for the National Women’s Soccer League (NWSL) team Washington Spirit , which is led by Michele Kang, the first woman of color to have majority ownership in the NWSL. The pair first met in Los Angeles, CA, and immediately connected over a shared excitement for the growing popularity in women’s soccer in the U.S. “I’m so excited to join the Washington Spirit’s investor group at such a pivotal time in the club’s history! Partnering with a visionary like Michele Kang and her team to advance the growth of the Washington Spirit and the NWSL is an incredible opportunity,” Johnson wrote on Instagram. View...

Slauson & Co., a venture capital fund that prides itself on investing in anyone, has raised substantial funding. TechCrunch reports Slauson & Co. was established by Ajay Relan and Austin Clements in 2020 with interests around SaaS and consumer tech. They were interested in investing in any early-stage founders. Slauson & Co. had previously been supported by its first fund with $75 million at the time, exceeding its initial funding goal by $25 million. The funding helped to support 38 companies, with the majority led by people of color and women. “We invest in everybody,” Relan told the outlet. “We’re investing in a way that’s a bit more representative of the shifting demographics in this country.” Now, Slauson & Co. has received additional funding in its second fund, valued at $100 million from the support of nearly 40 investors. “What we really wanted was just for people to look at us for the merits of what we can achieve and the opportunity that we’re going after,” Clements said....

Chpter, an AI-powered company based in Kenya, has secured significant funding. Chpter Launched in 2022 by Mesongo Sibuti (chief technology officer), Kuria Kevin (chief product officer), Mark Kiarie (chief operating officer) and Tesh Mbaabu (CEO), the conversational commerce company allows businesses to scale their revenue — on platforms such as WhatsApp, Instagram, and TikTok — by up to five times through features that include automated abandoned cart recovery, post-purchase chat messages, and automated responses through chatbots, per its website. “We are thrilled to pioneer the social commerce revolution, starting in Africa, as more and more consumers turn to social channels such as WhatsApp, Instagram, Facebook, and TikTok to communicate and purchase from the brands they love.” Mbaabu, co-founder of Chpter, said in a post shared on Medium. “Specifically, WhatsApp’s role in business communication cannot be overstated. With more than two billion active users, it offers an...