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startups

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Different Ways to Invest in Black Owned Businesses

When it comes to supporting Black-owned businesses, some research is needed to discover which businesses are actually Black-owned.

Luckily, most public companies do not hide who is on their executive board, making the process easy with a little research. Once you have done some research on the businesses you wish to support, there are ways you can go about investing in them. If you have a desire to invest in Black-owned businesses, read on for a few ways to do so:

Take to the Stock Exchange

One of the easiest ways to support any publicly-owned business is to invest in the company on the stock exchange. Here are a few companies that have either a Black president or CEO, or have majority Black ownership that you can invest in:

  • Global Blood Therapeutics, Inc.
  • RLJ Lodging Trust
  • Urban One, Inc.

Invest in Companies That Financially Support Racial Justice

Supporting companies that have donated money to support racial justice can also be an option in the stock market. Several large companies have done so over the past few years, and supporting them can help them continue to do so. Choosing businesses such as these to get behind can help also grow your own money while showing your support for said business.

The Non-Stock Ways to Support Racial Justice

While taking to the stock exchange can be a great way to support Black-owned businesses and businesses that support racial justice, there are other methods available to investors as well, such as investing in startups or real estate crowdfunding.

You can join platforms such as The 10K Project, a community of everyday investors who actively fund Black-owned businesses.

You can invest in Buy the Block, another crowdfunding platform, for a minimum of $100. Many of the projects listed on Buy the Block are in historic Black neighborhoods or benefit a local community.

No matter what way you decide to invest, make certain you do your research. With investing in startups and real estate crowdfunding there is the risk of losing your entire investment, so it’s best to be careful.

Rethink Your Bank

Why not consider a Black-owned bank, especially if your current bank doesn’t meet all of your banking needs? Not only are you supporting a Black-owned company by using such a bank, but you can also ask them about any initiatives they have for the African American community to further your support.

Larger banks that are not Black-owned might also have community-focused initiatives as well, and it never hurts to ask, especially if you want to support such initiatives.

There are so many ways that you can support Black-owned businesses. Research the business you want to support, and think about how best you can support them, be it through purchasing stocks in the company or taking part in the company’s initiatives.

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Meet Sangu Delle, one of Africa’s Most Successful Investors

Sangu Delle is a Ghanaian investor, entrepreneur, activist, and author. He has received several international accolades including being named Africa’s “Young Person of the Year”, a TEDGlobal Fellow, one of Forbes’ top 30 most promising entrepreneurs in Africa.

Sangu serves as CEO of Africa Health Holdings, an innovative company focused on building Africa’s healthcare future.

In November, African Health Holdings raised $18 million to expand its telemedicine service beyond Ghana to Nigeria and Kenya, and scale its network of health facilities.

He is also the Chairman of Golden Palm Investments (“GPI”); an investment holding and advisory company focused on building world class technology companies in Africa.

Via GPI, Sangu has been an early investor in several African tech startups including Andela and Flutterwave, two of only three West African companies valued at one billion U.S. dollars.

In this interview, Sangu and I discuss:

  • His journey from Ghana to the U.S. and back to Ghana.
  • Why he pivoted from investing in agriculture to focus exclusively on technology
  • What inspired his passion for building Africa’s healthcare future.
  • The importance of Africans and the Black diaspora collaborating on economic and social issues.
  • Advice for those interested in investing in startups based on the continent.

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Tony O. Lawson


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From Homeless Refugee To Creating a $100 Million Investment Fund

Kanyi Maqubela is an entrepreneur and venture capitalist based in New York. He was born in Soweto, a township outside of Johannesburg, South Africa, during apartheid. To escape this life-threatening environment, his family moved to the United States as refugees in 1986.

 Kanyi Maqubela
Kanyi Maqubela, cofounder of Kindred Ventures | Credit: Techies

After arriving in the U.S., he and his parents lived in a homeless shelter and were on food stamps until his mother got a job as an ESL teacher at Fashion Institute of Technology, and his father got a job as a cashier and coat checker at the Museum of Natural History. (His parents are now accomplished educators.)

Temba Maqubela
Kanyi’s parents, Vuyelwa and Temba Maqubela

In 2014, Kanyi and co-founder Steve Jang, raised $56 million to create Kindred Ventures. The fund has invested in over 40 companies located in North America, Asia Pacific, Europe, Latin America, Middle East, and Africa. Previous Kindred Ventures investments count companies like Uber, Coinbase, and Virgin Hyperloop One.

Kindred Ventures recently closed its second fund with $100 million in capital commitments from a mix of major university endowments, foundations, fund-of-funds, and strategic investors.

Kanyi is also the co-founder of Heartbeat Health — a platform that invites patients who are at risk of heart disease and other chronic ailments to talk remotely with experts for care management.

 

Tony O. Lawson


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Calendly, The Black Owned Scheduling App, Just Raised $350M, and Is Now Valued At Over $3Billion

Calendly is a Black owned scheduling app, designed to make the process of finding meeting times easy. Currently, about 10 million people use the platform on a monthly basis.

Today, Calendly announced that they have closed a $350 million investment which now values the company at more than $3 billion. OpenView Venture Partners, along with new investor Iconiq Capital, were part of the investment.

black owned scheduling app
Tope Awotona, Founder and CEO of Calendly

Tope Awotona founded Calendly in 2013. Since then, the Atlanta based company has been very popular and very profitable.

Last year, the company made about $70 million in subscription revenues and is projecting revenues will get to $1 billion in the near future.

The investment will be used to provide liquidity for early shareholders and employees as well as continue product innovation, according to the announcement. The software startup also added two new senior executives at the end of 2020 to grow its employees and revenue.

black owned scheduling app

“Our profitable, unique, product-led growth model has led to Calendly becoming the most used, most integrated, most loved scheduling platforms for individuals and large enterprises alike,” said CEO Tope Awotona. “While we considered outside investment an unnecessary distraction, we made the decision to partner with OpenView and Iconiq because of their insight and extended network within the tech industry.”

 

Tony O. Lawson


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Black Owned EdTech App Raises $10.6 Million in Two Years

A year after it raised a seed round of $3.1m, Nigerian Education Technology (Edtech) platform, uLesson announced last week that it has closed a $7.5m Series A round.

US-based Owl Ventures led the financing round. The VC fund is the largest fund focused on the world’s edtech market, with over $1.2 billion in assets under management.

uLesson, the largest and fastest-growing learning platform in West Africa, is trying to bridge educational gaps for K-7 to K-12 students in Nigeria, Ghana, Sierra Leone, Liberia, and the Gambia.

The online education platform launched in March of 2020, right at the beginning of the pandemic. However, due to school closings, students turned to online learning.  Between March and August, the company saw its number of paid subscribers quintuple.

Black Owned EdTech

“We are now witnessing an increased availability of data networks in Africa. With more affordable smartphones and the change in attitudes towards online learning accelerated by COVID-19, the foundations are now in place for an education revolution.

At uLesson, we know we have a critical role to play in this ‘new normal’ and this funding will be crucial in our drive to fill the major gaps in Africa’s education system through tech,” said Sim Shagaya, founder and CEO of uLesson.

 

Tony O. Lawson


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