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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...
Travelsist is where travel and technology collide! The travel tech company — founded by Veronica Woodruff — works to introduce concierge services and the gig economy to the airport ecosystem. Now, to continue in its mission, it can also celebrate as it’s received an investment of $250,000 from the Fearless Fund, the first venture capital fund built strictly by women of color for women of color. “Travelsist is perfectly positioned to capitalize on growing demand for personal on-demand services and the post-COVID air travel rebound,” said General Partner and Co-Founder of Fearless Fund, Arian Simone, in an official press release shared with AfroTech. “We have been amazed by Veronica’s business background and her vision, and Fearless Fund is thrilled to welcome Travelsist to our portfolio.”
Adventr — an interactive streaming platform — is looking to disrupt the tech world with its patented voice-control technology. Founded by Devo Harris, a Grammy-award-winning producer, Adventr serves as a low-cost, easy-to-use SaaS platform and it’s just closed a $5 million seed round, according to a press release shared with AfroTech.
Harlem Capital, a diversity -focused venture capital firm, led a $3.7 million seed round for Singuli, according a press release provided to AfroTech. Founded in 2019 by Benjamin Kelly and Thierry Bertin-Mahieux, Singuli created an AI-powered platform that allows retailers to use consumer behavior to better inform inventory decisions. This seed round is the first major funding deal the company has closed, which includes participation from High Alpha Capital, AVG Basecamp Fund, existing investors Interlace Ventures and LAUNCH, as well as angel investors Paul Goodman and Darwish Gani. The fresh funding also includes a previously unannounced $700,000 pre-seed round. “Our mission is to provide commerce brands of all sizes with state of the art tools to make optimal inventory decisions,” Singuli co-founder and CEO Benjamin Kelly told AfroTech. “This is a gnarly space and there are lots of tricky problems.” Kelly was inspired to launch Singuli with Bertin-Mahieux after working as a data...
Alfluence, a Kenya-based influencer marketing platform, has announced that it has secured $1 million in seed funding. TechCrunch is reporting that the company, which was founded by Nelson Aseka, George Issaias, Lamusia Anzaya, and Ankit Jindal in 2019, had the funding led by the Dubai-based company EQ2 Ventures. Other investors include Antler East Africa, Oui Capital, ArabyAds, and an unnamed European family office. “We are at the cusp of a revolution. Globally the way marketing works is changing. We find ourselves at an intersection of advanced technology and the fastest-growing region in the world in terms of digital and social media penetration. It’s an exciting place to be. Africa’s rich tradition for storytelling is alive and kicking,” said Aseka, the CEO of Alfluence, in a statement made to TechCrunch. “People are the new media in today’s digital world, and AIfluence is uniquely positioned to turn this reality into tangible results for advertisers. We’ve been impressed by the...
For the first time ever, a U.S. state is developing a fund strictly dedicated to supporting Black and Latinx-led companies. An exclusive from TechCrunch reports that New Jersey Governor Phil Murphy announced this week a proposal to direct funds from the state budget to form a $10 million seed fund for Black and Latinx startups. Based on research conducted by New Jersey, The Black and Latinx Seed Fund is the first-of-its-kind for any state in the nation and will be administered by the New Jersey Economic Development Authority (NJEDA). NJEDA CEO Tim Sullivan told TechCrunch that the new development is a “direct response to the systemic racial inequities in access to capital for Black and brown entrepreneurs” and aims to provide a solution for “the racial wealth gap.” “I think two of the centerpieces of Gov. Murphy’s strategy overall for the economy is to build a stronger and fairer New Jersey and a stronger and fairer economy,” Sullivan added. He also shares that the new seed fund is...
Citi announced a $200 million Impact Fund dedicated to making equity investments in U.S.-based companies that strive to achieve measurable social and financial outcomes. So far, Citi has donated to 11 women and minority-owned businesses, and each individual investment can reportedly reach up to $10 million. The most recent round includes three Black-led startups dedicated to making a positive impact on society, as reported by The Grio. One of the focus areas of the fund were companies with solutions in financial inclusion. Clerkie, one of the three recipients, is an AI financial planner that helps users escape debt and build credit. It was founded by Guy Assad with the purpose of providing financial literacy and democracy for middle class Americans. The second recipient, Perch is also an app that focuses on solutions in financial inclusion. Founded in 2019 by Michael Broughton, Perch was created as a way for users to build credit through their already recurring expenses such as rent...
Loop — an Insurtech startup led by John Henry and Carey Anne Nadeau — announced today that it has raised $3.25 million in seed funding. According to its website, Loop is “building an inclusive future for auto insurance.” In their announcement, they stated: “Loop, a B-Corp auto insurance MGA that leverages AI, big data, and telematics to create more fairly priced insurance products, announced today it has closed a $3.25M seed round led by Freestyle VC, with participation from Blue Fog Capital, Fontinalis Capital Partners, Concrete Rose, Uprising Ventures, and Backstage Capital.” After the events surrounding the death of George Floyd, Nadeau and Henry partnered in July of 2020 to embark on something more meaningful. “We believe there’s a large market opportunity in pricing people more fairly and building a community-first brand in the auto insurance space,” Henry said in a statement. Nadeau, co-founder and co-CEO of Loop, also added: “The technology and data to assess risk more...
Gentem , a health services reimbursement company, recently closed its initial round of venture capital funding with an impressive $3.7 million. The funds signal good news and speedy growth for a company that is less than one year old, placing Gentem on the fast track to becoming an invaluable contribution to the healthcare industry. If not for the vision of one aspiring doctor, Gentem may never have come to be. A passion for patient care led Fisayo Ositelu — MD, CEO, and co-founder of Gentem — to pursue his dream of becoming a doctor. However, his clinical experiences led to the realization that patient care was only one major aspect of becoming a physician. The role was also fraught with time-consuming billing issues and other administrative complexities. While Ositelu went on to obtain the medical degree, he stopped short of practicing when he conferred with other physician friends who noted the same frustrations he had. The “physician fatigue” that they observed is underscored by...