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venture capital

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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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TestParty Secures $4M to Champion Inclusive Web Design

testparty

TestParty, an AI-powered company working to revolutionize digital accessibility, has secured a significant step forward with a $4 million seed funding round co-led by Harlem Capital and the Urban Innovation Fund.

This investment will fuel their mission, as outlined by CEO and co-founder Michael Bervell, “to make it easier for any software developer to write accessible code before it becomes a problem.”

Bervell highlights the vast need, stating “Even though 17% of the world’s population (over a billion people) has a disability, it is far too difficult and expensive today to make websites digitally accessible.” TestParty’s approach ensures everyone can benefit from the web.

Currently, 96% of the world’s top websites fail to meet accessibility standards, creating a barrier for people who rely on assistive technologies. TestParty tackles this challenge by automating accessibility testing and remediation using AI. This eliminates manual code reviews, saving businesses time and resources. Their platform proactively finds and fixes accessibility issues within the code itself, preventing violations from the start.

TestParty’s focus goes beyond finding problems. Bervell explains, “Our focus isn’t just on finding issues but on fixing accessibility bugs and providing senior leadership with critical insights and a corrective and future prevention path.” He emphasizes the cost-effectiveness of their approach, noting “Especially since research shows that every bug in production costs up to $10,000 to fix.” This full-stack, end-to-end approach sets TestParty apart, aiming to serve everyone from designers and developers to product managers and Chief Accessibility Officers.

The company’s vision extends beyond its current offerings. They are actively developing solutions for mobile app accessibility, advanced code remediation tools, and even exploring the potential of generative AI to write inherently accessible code from the start.

This ambition positions TestParty to become the industry standard in digital accessibility innovation.

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4 mins read

Acclinate Secures $7 Million to Revolutionize Health Equity and Clinical Trial Diversity

Acclinate

Acclinate, a Birmingham, Alabama-based healthcare technology company has secured a $7 million Series A funding round. Led by Cencora Ventures with contributions from Labcorp and Latimer Ventures, this investment fuels Acclinate’s mission to empower underserved communities and transform healthcare equity.

Building Trust, Empowering Participation

Acclinate’s approach breaks the mold of traditional clinical trial recruitment. They focus on building trust and creating long-term engagement with diverse communities. This is achieved through culturally sensitive education and outreach programs. Their platform, NOWINCLUDED, provides a safe space for individuals to learn about health issues, clinical trials, and the importance of representation in medical research.

But Acclinate goes beyond simple information sharing. They leverage data and analytics to personalize the experience for each user. This ensures individuals receive targeted information and resources relevant to their health background and interests. This fosters a sense of ownership and transforms them into active participants in their health journey.

Data-Driven Insights for Inclusive Trials

The data generated from this community engagement is another crucial aspect of Acclinate’s approach. They translate this data into actionable insights through their e-DICT (Enhanced Diversity in Clinical Trials) platform.

e-DICT: Powering Informed Decisions

This powerful tool utilizes predictive analytics technology to track user interest and report on community engagement at the individual level. This empowers organizations to:

  • Predict behavior: By understanding user interest and engagement patterns, organizations can anticipate how different communities might respond to a particular trial.
  • Plan inclusively: Armed with insights into diverse communities, organizations can design and plan clinical trials that are inclusive from the start.
  • Execute effectively: Acclinate’s data and insights help organizations refine their outreach strategies and improve their ability to connect with and enroll participants from underrepresented communities.
  • Learn and improve: The data collected throughout the trial process allows for continuous learning and improvement. Organizations can use these insights to refine their approach for future trials, ensuring ongoing progress toward greater diversity and inclusivity.

A Win for Patients and Pharma

The $7 million funding round will propel Acclinate’s growth and further enhance its data-driven approach. This benefits not only patients from diverse backgrounds who have a greater chance to participate in research and see themselves reflected in medical advancements, but also pharmaceutical companies.

By facilitating a more inclusive clinical trial landscape, e-DICT helps companies gain access to a richer pool of data, ultimately leading to the development of safer and more effective treatments that work for everyone.

Acclinate’s story is one of innovation and social impact. This investment marks a significant step towards a future where clinical trials are truly inclusive, healthcare is accessible to all, and diverse communities have a rightful voice in shaping the future of medicine.

In addition to its core platform, Acclinate offers a suite of services to further support organizations in their diversity efforts, including the Affective Trust Framework and custom training programs.

By combining community engagement with cutting-edge data analysis, Acclinate is paving the way for a future where clinical trials are truly representative of the populations they serve.

by Tony O. Lawson

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Community College Startup Campus Scores $23 Million to Expand Access to Top-Tier Education

campus

Campus, a startup focused on revolutionizing community college education, has announced an additional $23 million in funding.

This Series A extension round was led by Founders Fund, with participation from 8VC. The news comes just over a year after Campus secured $29 million in its initial Series A round.

Campus offers a unique approach to higher education, providing students with access to high-caliber instruction at an affordable price. They achieve this by employing adjunct professors who are currently teaching at prestigious universities like Vanderbilt, Princeton, and NYU.

These professors are compensated competitively, at a rate of $8,000 per course, which is significantly above the national average for adjunct faculty.

“Campus is obsessed with giving everybody access to these amazing professors,” said founder Tade Oyerinde, highlighting their commitment to quality education.

The funding will allow Campus to further develop its innovative learning platform and expand its course offerings. While the majority of students participate online, the company also maintains a physical campus in Sacramento, California. This campus offers hands-on learning experiences in fields like phlebotomy, medical assisting, and cosmetology.

This latest investment demonstrates the confidence that venture capitalists have in Campus’s ability to disrupt the traditional community college model. Their focus on affordability and access to renowned instructors positions them well to address the growing demand for quality higher education.

by Tony O. Lawson

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3 mins read

AI Squared Secures $13.8 Million to Bridge the Gap Between AI and Business Applications

AI Squared, a company empowering organizations to harness the power of AI, today announced a successful $13.8 million Series A funding round.

Ansa Capital led the investment, with participation from existing investors NEA and Ridgeline. This latest round brings AI Squared’s total funding to $20 million since its founding in 2019.

Unlocking the Potential of AI Investments

Despite significant investments in AI, many businesses struggle to translate models into actionable insights. AI Squared tackles this challenge head-on by streamlining the integration of AI into existing workflows. Their platform acts as a bridge, allowing data science teams to seamlessly connect AI models and data sources directly to business applications, regardless of the specific software used.

“Far too many companies aren’t getting enough ROI from AI,” said Benjamin Harvey, Ph.D., founder and CEO of AI Squared. “Our tools directly address this challenge, making it easier for businesses to deploy and leverage the power of AI within their teams.”

Industry Expertise Meets Cutting-Edge Technology

The AI Squared team boasts a deep understanding of the data science landscape. Led by Benjamin Harvey, Ph.D., who brings over a decade of experience working in the National Security Agency and Databricks’ data science team, AI Squared tackles a critical hurdle for businesses – implementation.

Impressive Results and Strategic Growth

AI Squared estimates their platform reduces the time to integrate data and AI into workflows from months to minutes and significantly lowers implementation costs. This translates to a substantial return on investment for businesses.

The company’s impressive results have attracted prominent figures to their board of directors. Allan Jean-Baptiste, co-founder and General Partner at Ansa Capital, emphasizes the vast potential of AI Squared’s solution: “With new AI models emerging constantly, organizations risk falling behind. AI Squared tackles this by simplifying integration and accelerating the time to value for AI investments.”

Looking Forward: Democratizing AI

Beyond its technological advancements, AI Squared is committed to fostering inclusivity in the AI space. As one of the few Black-founded AI companies, they actively support underrepresented communities through initiatives like the AI Squared Innovation Lab, which provides resources for students interested in programming and technology.

With this new funding and a commitment to accessibility, AI Squared is poised to revolutionize AI adoption and empower businesses to unlock the true transformative power of artificial intelligence.

by Tony O. Lawson

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Diagon Raises $5.1 Million to Revolutionize Manufacturing Procurement

Diagon

Diagon is a company that’s redefining the way manufacturers find and purchase equipment. They offer a next-generation procurement platform that streamlines the entire process, providing a consolidated user experience for a faster, more efficient workflow.

They recently announced that they have secured $5.1 million in seed funding in a round led by The Westly Group, with participation from Valia Ventures, Techstars, Foster Ventures, Foxe Capital, Anthemis Group, Ventures Together, and REFASHIOND Ventures: The Industrial Transformation Fund.

Tackling Manufacturing Challenges

Establishing new manufacturing capacity often comes with intricate challenges. Identifying qualified suppliers and managing complex equipment projects are two of the biggest hurdles. Diagon offers a comprehensive solution to address these issues.

The platform provides manufacturers with access to a qualified network of equipment suppliers, system integrators, and service providers. This ensures they can find the right partners for their specific needs. Additionally, Diagon offers a user-friendly toolkit specifically designed to manage complex equipment procurement projects effectively.

Empowering Manufacturers Across the Board

With Diagon’s platform, manufacturers can experience a significant shift in their procurement process. Traditionally, sourcing equipment has been a time-consuming and complex task. Diagon simplifies this by allowing manufacturers to locate and procure equipment with the ease and speed typically associated with larger enterprises.

Furthermore, the platform offers functionalities like milestone tracking, real-time project status updates, and comprehensive project management, empowering manufacturers of all sizes to navigate complex projects efficiently.

Positioned for Growth

Diagon’s leadership team possesses a deep understanding of the manufacturing industry’s needs. Co-founder and CEO, Will Drewery, formerly managed over $700 million in annual capital expenditure (CAPEX) spend at Tesla. This firsthand experience fueled the vision for Diagon’s platform, designed to address the critical shortcomings of traditional procurement tools.

The company’s strategic plan leverages the $640 billion North American manufacturing equipment market. The funding will enable Diagon to make strategic investments in its future.

This includes ongoing platform development, recruiting top talent to propel the company forward, targeting manufacturers in key industries like aerospace, automotive, and battery production, and exploring various equipment financing options to cater to a broader range of customer requirements.

Looking Ahead

Diagon is poised to become a pivotal force in American manufacturing. With its commitment to streamlining procurement and empowering companies to build the factories of the future, Diagon is a game-changer for the industry.

by Tony O. Lawson

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The Folklore Secures $3.4 Million to Scale B2B Platform for Diverse Brands

The Folklore

Fashion tech startup The Folklore, founded by Amira Rasool, has secured $3.4 million in seed funding. The fresh capital brings their total funding to $6.2 million.

The new funding round was led by venture capital firm Benchstrength and included participation from Techstars, Black Tech Nation Ventures, and Slauson and Co.

The funds will be used to further develop their B2B platform and empower more diverse and marginalized brands in the fashion industry.

Their B2B offerings include The Folklore Connect, an online wholesale management platform that equips brands with user-friendly sales technology and increased discoverability through a network of global retailers.

One new service is The Folklore Capital, offered through partners, which allows brands to receive loans of up to $1 million as working capital. Rasool said a pilot program showed that brands typically seek loans between $10,000 and $30,000.

“Access to capital is probably one of the biggest things that prevents small businesses from scaling,” founder Amira Rasool explained to TechCrunch. “For diverse brands in particular, there are a lot of economic hurdles that these groups face, which makes it even harder for them to access capital. Since a large makeup of our community is diverse, we wanted to make sure that they had more resources that they can use to access capital.”

The Folklore also plans to offer additional resources to brands, such as The Folklore Source, a freelancer and manufacturing marketplace, and The Folklore Hub, which will provide educational content and downloadable templates.

With this additional funding and focus on user needs, The Folklore is well-positioned to grow its reach and empower even more creators and brands in the fashion industry.

by Tony O. Lawson

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Cookonnect Secures $1 Million to Bring In-Home Chefs to Busy Families

Cookonnect

Atlanta-based startup Cookonnect is whipping up a recipe for success, having recently secured a $1 million pre-seed funding round from Los Angeles-based venture firm Slauson & Co.

Founded by Erica Tuggle, the company connects families with local chefs who prepare meals in the comfort of their own homes.

“Our service is all about helping people eat better, saving their time so they can focus on what matters most to them,” Tuggle explained to The Atlanta Journal-Constitution. “We also prioritize supporting our chefs and assisting them in building more lucrative and flexible culinary careers.”

Cookonnect targets busy families, particularly working mothers, who often face time constraints. The service offers a distinctive solution: the opportunity to enjoy delicious, home-cooked meals without the hassle. Chefs undergo background checks and quality screenings to ensure a professional and reliable experience for families. Meal prices start at $20 per plate, with options available to accommodate dietary needs and preferences.

Currently, Cookonnect exclusively operates in Atlanta, but expansion seems imminent with this recent funding infusion. The company’s vision is to extend its services to families nationwide, providing them with a taste of culinary convenience and a helping hand in the kitchen.

To join the company, chefs must undergo interviews, and background checks, and possess up-to-date food safety certifications. Presently, there are over 30 chefs on the platform.

Tuggle identifies Cookonnect’s competition as delivery services like Uber Eats and Grubhub, as well as meal kit providers. Currently, Cookonnect serves a 38-mile radius of Atlanta’s city center, encompassing suburbs like Johns Creek, Alpharetta, Marietta, and Sandy Springs.

This year, Tuggle aims to onboard more chefs onto the platform, expand the Atlanta client base, and prepare to enter another market. She plans to utilize the $1 million raised to increase marketing efforts, hire a backend website engineer, and recruit a head chef.

by Tony O. Lawson

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