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venture capital

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Nigerian Fintech, Moniepoint Secures $110 Million, Gains Unicorn Status

moniepoint

Moniepoint, a leading Nigerian fintech company, has announced the successful closing of a $110 million Series C funding round.

Moniepoint currently processes over 800 million transactions, with a monthly total value exceeding US$17 billion.

Led by Development Partners International’s African Development Partners (ADP) III fund, the funding round also saw participation from prominent investors including Google’s Africa Investment Fund, Verod Capital, and returning investor Lightrock.

Growth Strategy & Market Position

With this fresh infusion of capital, Moniepoint aims to strengthen its position as a dominant player in the African fintech landscape.

Processing over 400 million transactions annually, the company plans to invest heavily in technology, talent acquisition, and strategic partnerships to drive innovation and enhance its product offerings.

Expansion Plans

By expanding its reach to new markets, Moniepoint seeks to provide a wider range of financial solutions to individuals and businesses across Africa.

This includes introducing new products and services such as cross-border remittances and comprehensive banking solutions to meet the evolving needs of its customers.

The platform already handles payroll for more than 1.5 million employees through their business customers.

Company Background & Evolution

Since its inception in 2015, Moniepoint has emerged as a leading provider of financial technology solutions in Nigeria.

The company offers a comprehensive suite of products and services, including payment processing, merchant acquiring, and business banking solutions.

Having evolved from its origins as a POS terminal provider, the company now serves businesses across various sectors including retail, hospitality, and local services.

Future Outlook

This latest funding round underscores the immense potential of the African fintech market and highlights Moniepoint’s commitment to shaping the future of financial services on the continent.

With its proven track record of processing transactions worth over $170 billion annually, the company is well-positioned to expand its impact across Africa.

by Tony O. Lawson

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MaC Venture Capital Secures $150M for Third Fund

Mac Venture capital

In a significant milestone for the venture capital landscape, MaC Venture Capital has successfully closed its third fund at $150 million, as exclusively reported by Fortune.

This latest achievement brings the firm’s total assets under management to an impressive $600 million, marking a remarkable trajectory for a company founded just four years ago.

Rapid Growth and Expanding Influence

MaC Venture Capital, established in 2019, has quickly become a notable player in the seed-stage investment arena. The firm’s rapid ascent is evident not only in its growing fund size but also in its ability to write larger checks.

MaC has increased its initial investment range to $2-3 million per deal, up from $1.5 million in 2023, signaling increased confidence and capacity to support promising startups.

Notable Exits

MaC Venture Capital has already demonstrated its ability to generate returns through strategic exits:

  • Wonder Dynamics: The AI-powered visual effects platform was acquired by Autodesk in 2023, generating a 5.4x return for MaC VC. This exit validated the firm’s investment thesis in AI and content creation tools.

The founding partners’ track record before forming MaC VC includes successful investments in:

  • Gimlet Media: The podcast network that was successfully acquired by Spotify
  • Truebill: The personal finance platform that was acquired by Rocket Companies

Looking Ahead

With this new $150 million fund, MaC Venture Capital is well-positioned to continue its mission of identifying and nurturing innovative startups at the seed stage.

The firm’s unique blend of expertise—spanning politics, entertainment, technology, and finance—provides a multifaceted approach to venture capital that resonates with founders and investors alike.

As MaC Venture Capital enters this new chapter, the venture capital community will be watching closely to see how this dynamic team leverages its growing resources and diverse expertise to shape the next generation of groundbreaking companies.

by Tony O. Lawson

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NAACP Launches $200M Fund to Invest in Diverse Founders and Fund Managers

NAACP Capital

Yesterday, the NAACP, the nation’s oldest and largest civil rights organization, announced the launch of NAACP Capital, a $200 million fund of funds that will invest in diverse fund managers and startups focused on addressing systemic inequities.

This bold initiative aims to drive economic empowerment and social change by providing capital and support to underrepresented entrepreneurs.

The fund, conceptualized in partnership with Kapor Capital and Kapor Center, is a testament to the NAACP’s commitment to advancing racial justice and economic equality. By investing in diverse fund managers and startups, NAACP Capital seeks to unlock the full potential of innovation and technology to address critical societal challenges.

“As an ever-evolving legacy organization, the NAACP knows that innovation is born out of inclusivity,” said Derrick Johnson, President and CEO of the NAACP. “Impact investing has the power to drive historic financial returns and uplift overlooked communities.”

Jay Lundy, Managing Director of NAACP Capital, brings a wealth of experience in venture capital and impact investing to the role. He is passionate about leveraging technology to create a more equitable future and is excited to lead this groundbreaking initiative.

“Through this fund, we have an opportunity to invest and capitalize the next generation of managers and founders who will work to bring technology and innovation into our communities,” said Lundy. “Our investment strategy will target the intersection of generational impact and tech innovation, driving both impact at scale and top returns on investment.”

NAACP Capital will operate as a standard fund of funds and co-investing strategy, providing capital and support to diverse fund managers and startups.

The fund will focus on sectors such as fintech, healthtech, edtech, and climate tech, where innovation can have a significant impact on underserved communities.

By investing in diverse talent and innovative solutions, NAACP Capital aims to create a more inclusive and equitable future for all.

by Tony O. Lawson

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Fearless Fund’s Investment in Zimi Signals a New Chapter Post-Lawsuit

Fearless Fund

Fearless Fund, a venture capital firm dedicated to supporting women of color entrepreneurs, has made a significant seven-figure investment in Zimi, a rapidly growing e-commerce platform.

This bold move underscores Fearless Fund’s unwavering commitment to its mission, even in the face of recent legal challenges.

Zimi: Transforming the E-commerce Experience

Zimi is revolutionizing online shopping with its innovative platform, offering a personalized and curated experience for customers. Leveraging advanced algorithms and data analytics, Zimi tailors product recommendations to individual preferences, setting it apart from traditional e-commerce platforms. Key features of the platform include:

  • Personalized Recommendations: Zimi’s sophisticated algorithms analyze user behavior to provide highly relevant product suggestions.
  • Curated Collections: With a focus on discovery, Zimi offers carefully curated product collections, helping shoppers find new and exciting items.
  • Sustainable Shopping: Committed to eco-friendly practices, Zimi features a range of ethically sourced and sustainable products.
  • Community Engagement: Zimi fosters a vibrant online community where customers can connect, share recommendations, and participate in exclusive events.

By blending personalized recommendations, curated collections, sustainability, and community, Zimi offers a differentiated and engaging shopping experience, positioning itself as a leader in the evolving e-commerce landscape.

A Strategic Partnership for Growth

Fearless Fund’s investment in Zimi is perfectly aligned with its core mission of backing high-potential startups led by women of color. Zimi’s innovative approach, strong market traction, and dedication to empowering women entrepreneurs make it an ideal addition to Fearless Fund’s portfolio.

This strategic partnership not only provides Zimi with the capital needed for expansion but also amplifies Fearless Fund’s impact in the venture capital ecosystem. Together, they are creating new opportunities for women entrepreneurs in the tech and e-commerce sectors.

Overcoming Challenges, Reinforcing Commitment

Fearless Fund recently navigated a lawsuit that challenged one of its grant programs, which was specifically designed for Black women entrepreneurs. The legal dispute, which claimed discrimination against non-Black founders, threatened to overshadow the fund’s mission. However, with the lawsuit now settled, Fearless Fund has emerged even more determined to fulfill its purpose.

This investment in Zimi reflects Fearless Fund’s resilience and continued dedication to investing in women-led businesses, despite external challenges. The firm’s ability to stay true to its vision reinforces its standing as a trailblazer in the venture capital world.

The Future of E-commerce and Women-Led Innovation

Fearless Fund’s investment in Zimi is not just a financial commitment—it’s a powerful endorsement of the potential for women of color entrepreneurs to reshape industries. With Fearless Fund’s backing, Zimi is poised to expand its reach and transform the online shopping experience.

As Zimi continues to innovate and grow, this partnership represents a step forward in creating new pathways for women-led businesses to thrive. Fearless Fund’s support ensures that Zimi will have the resources it needs to become a dominant player in the e-commerce market, setting a powerful example for other women entrepreneurs to follow.

by Tony O. Lawson

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Slauson & Co. Closes $100M Fund II to Invest in Early-Stage Tech Startups

Slauson & Co

Slauson & Co., a Los Angeles-based venture capital firm dedicated to supporting early-stage founders from underrepresented backgrounds, has successfully closed its second fund, raising a total of $100 million.

This milestone represents a substantial increase from its initial $75 million fund, demonstrating the firm’s growing reputation and investor confidence.

“To date, we’ve invested in 38 companies from our first fund led by 66 founders across the U.S., whose lived experience is their competitive advantage. Notably, 95% of our portfolio companies are led by founders of color, with over half of our founding teams led or co-led by women. These companies have gone on to raise hundreds of millions of dollars following our initial investment,” said a company representative in an online statement.

Fund II will focus on investments ranging from $500,000 to $2 million, with plans to lead most rounds and make approximately 30 investments over the next three years. The firm has already begun deploying capital from Fund II and remains dedicated to its mission of advancing inclusivity in venture capital.

Despite a challenging fundraising environment in recent years, Slauson & Co. persevered and successfully closed Fund II. The firm faced numerous rejections but remained steadfast in its mission. As noted in the statement, “Our hurdles are akin to those faced by the founders we support — fundraising while operating the business, volatile markets causing constant shifts in investor sentiment, all while building a transformational product.”

The closing of Fund II marks a significant step forward for Slauson & Co., positioning the firm to continue its work of empowering founders from underrepresented backgrounds and driving innovation in the tech industry.

Echoing the sentiment, “The greatest loss is what dies inside while you’re still alive. Never surrender,” Slauson & Co. embodies this spirit of perseverance and inclusivity.

by Tony O. Lawson

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Workpay Raises $5 Million to Enhance African HR and Payroll

workpay

Workpay, a leading cloud-based HR, payroll, and benefits platform in Africa, has successfully raised $5 million in Series A funding.

This investment will enable the company to expand its presence across the African continent and enhance its financial services offerings.

The funding round was led by Norrsken22, with participation from major investors such as Visa, Y Combinator, Saviu Ventures, Axian, Plug n Play, Verod-Kepple Africa Ventures, and Acadian Ventures.

The funds will be strategically allocated to scale Workpay’s operations across Africa, enabling the company to serve a broader range of businesses and employees. Additionally, the investment will support the further development of its financial services, enhancing the platform’s value for customers.

Workpay’s mission is to revolutionize HR and payroll management across Africa. By providing an all-in-one platform that simplifies these processes, Workpay is committed to optimizing business operations for companies of all sizes, from startups to large enterprises.

Workpay offers a comprehensive cloud-based platform that automates payroll calculations, ensuring accurate and timely payments. Key features include:

  • HR Management: Tools for employee onboarding, offboarding, and performance reviews.
  • Payroll Management: Automated payroll processing that guarantees compliance with local regulations.
  • Benefits Administration: Management of employee benefits, including health insurance, pension plans, and paid time off.
  • Time and Attendance Tracking: Tools to monitor employee hours, manage leave requests, and calculate overtime.

In addition, Workpay provides compliance management tools to help businesses adhere to local labor laws and regulations. The company is also expanding its platform to include financial services such as insurance, savings, and investment options.

With this new injection of capital, Workpay is poised to extend its reach, enhance its platform, and introduce even more innovative solutions to businesses that are driving economic growth across Africa.

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MYAVANA Raises $5.9 Million for AI-Powered Hair Care

MYAVANA

In the rapidly evolving landscape of beauty and technology, MYAVANA is making waves with its innovative approach to personalized hair care.

The Atlanta-based company, known for its AI-driven hair analysis technology, has just secured $5.9 million in seed funding to further its mission of revolutionizing how people understand and care for their hair.

Founded by Candace Mitchell in 2012, MYAVANA has spent the last 12 years pioneering the intersection of beauty and artificial intelligence. The company’s unique platform uses AI to analyze hair strands, providing consumers with personalized recommendations for hair care products based on their specific hair type, texture, and overall health.

“A person’s hair is as unique to them as a fingerprint, and we’ve unlocked powerful, personalized insights with our AI platform,” Mitchell explains. “Hair is the longest record of your body’s health, providing as much as a decade of information about a person’s health and needs. I’m grateful to our investors who see the long-term potential and share our mission.”

This latest round of funding, led by investors including Prisma Ventures (the innovation fund of Ulta), H/L Ventures, and Amazon, underscores the growing confidence in MYAVANA’s vision. The investment will be used to accelerate the company’s growth across its four key business lines:

  1. Strategic Retail Partnerships: By leveraging its real-time data analytics, MYAVANA is helping retail giants like Ulta and Amazon tailor their product offerings to meet consumer needs. Partnerships with organizations like the National Black-Owned Beauty Supply Association also expand MYAVANA’s reach to over 1,000 retailers and salons.
  2. Consumer Data Solutions: MYAVANA’s extensive database, HairCl, provides valuable insights for hair brands and R&D companies such as Unilever and BASF. These insights help brands better understand their target audiences, ultimately driving sales.
  3. Personalized Hair Analysis: Through its HairAI™ technology, MYAVANA offers a personalized alternative to traditional hair care methods, giving consumers tailored product recommendations.
  4. Scientific Intelligence Services: MYAVANA’s proprietary HairSI™ Strand Analysis Kit provides detailed hair care plans based on scientific data, addressing individual hair challenges and goals.

The company recently hosted its inaugural Techturized Beauty Tech Summit at Georgia Tech, where industry leaders gathered to explore the transformative potential of technology in the beauty sector.

by Tony O. Lawson

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POSH Raises $22M to Power Your Social Life Through Events

posh

Founded by Avante Price and Eli Taylor-Limire, POSH, a leading innovator in the event discovery space, has secured $22 million in Series A funding.

The round was led by Goodwater Capital and signifies a significant validation of POSH’s approach to connecting people through shared event experiences.

What sets POSH apart? It’s not just about finding events; it’s about finding the right events – the ones where you’re likely to connect with people who share your passions.

Here’s how it works:

  • Personalized Matching: POSH goes beyond simple event listings. Their intelligent algorithm takes a deep dive into your interests, past behavior on the app, and even your social connections to curate a personalized feed of events.
  • Forget FOMO, Find Your Tribe: Imagine a world where your event discovery app recommends concerts by your favorite bands or fashion shows that perfectly suit your style.
  • Community Builder: By focusing on shared interests, POSH fosters a sense of community among users attending the same events. This increases the chance of striking up conversations and making real-life connections.
  • Seamless Booking: Once you discover an event that sparks your interest, you can easily purchase tickets directly through the app.

The results speak for themselves:

  • Over 2 million users have already embraced the POSH platform.
  • The company has facilitated a staggering $95 million in ticket sales.
  • But perhaps the most compelling metric is the explosive 1400% year-over-year growth in user-event matching. This highlights the effectiveness of POSH’s algorithm in connecting people with experiences they’ll truly enjoy.

“In our digital age, human connection is fraying,” says Avante Price, CEO of POSH. “At Posh, we believe in reversing this trend by creating a platform that champions real-world connections and meaningful interactions.”

With this new funding, POSH is poised to further personalize the user experience, invest in product development, and expand its reach to a wider audience. The future looks bright for Posh and its mission to redefine event discovery through the power of shared passions.

by Tony O. Lawson

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Uncover Secures $1.4M for Global Skincare Expansion

uncover

Africa’s burgeoning beauty market, valued at $62.5 billion in 2022 and projected to reach $103.5 billion by 2030, is experiencing rapid growth. This surge is driven by rising disposable incomes, increasing urbanization, and a growing young population eager to embrace personal care.

Uncover, a data-driven Kenyan skincare company, is capitalizing on this trend. The startup has raised $1.4 million in seed funding to accelerate its global expansion. The round was co-led by EQ2 Ventures and IgniteXL Ventures, with participation from Chui Ventures, Samata Capital, and Altree Capital.

uncover

Founded in 2021 by Sneha Mehta and Jade Oyateru, Uncover leverages user data collected through its app to create tailored skincare solutions. The company uses quizzes and interactive features to gather information and develop customized regimens.

With a digital community of over 200,000 women across Kenya, Nigeria, and the diaspora, Uncover has reportedly grown its revenue 10x in the last 24 months. The company has recently expanded into Uganda and Ghana and is now poised for further growth.

Uncover distributes its products through its e-commerce platform and partners with major retail chains in Kenya and Nigeria. The company is committed to inclusivity, prioritizing testing on women of color who have historically been underrepresented in the beauty industry.

“We are delighted to partner with a remarkable group of investors who share our vision for the future of women’s skincare and wellness, both on the continent and beyond,” said Jade Oyateru, COO and co-founder of Uncover. This latest funding round marks another successful capital raise for the company.

“We’re proud to be among the first to prioritize testing on African women,” said Uncover CEO Sneha Mehta. “We’re thrilled to be starting in Africa, but the potential for our solution is clearly global,” Mehta added, highlighting the exciting prospects for Uncover’s personalized skincare approach in new markets.

by Tony O. Lawson

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IMB Partners Announces $130 Million Payout for Investors in Military Food Supplier

imb partners

IMB Partners, a lower middle-market private equity firm targeting companies that provide business services to electric and gas utilities and government agencies, recently facilitated a successful $130 million dividend recapitalization for Pro Food Solutions.

Pro Food Solutions is their holding group for three leading military food suppliers: Alder Foods, Elite Brands, and Richmond Wholesale.

This financial maneuver involved securing $153 million in debt financing. IMB will use $130 million to pay off existing debt and distribute the remaining amount to IMB Partners and its investors, marking a significant return on investment for the firm.

IMB’s commitment to partnership is evident throughout its involvement with Pro Food Solutions. They began building the group in 2016 with the acquisition of Alder Foods. Tarrus Richardson, Founder & CEO of IMB Partners, emphasizes this approach in a recent press release: “As part of IMB Partners’ mission, we bring our relationships and networks to each investment partnership so we can help build out management teams, grow sales, and develop more diverse workforces and supply chains.”

Tarrus Richardson further highlighted the impressive growth achieved through collaboration via a recent LinkedIn post: “Over the last eight years, we have acquired three leading military food suppliers, and together we have grown our revenue to over $300 million.” This achievement speaks volumes about the combined strength of the companies under the Pro Food Solutions umbrella and the effectiveness of IMB’s partnership strategy.

The success of the recapitalization underscores the strength of Pro Food Solutions’ position within the growing military food supply market. IMB Partners’ ability to identify and cultivate promising companies in this sector, while fostering strong partnerships, has yielded a substantial return for their investors.

by Tony O. Lawson

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