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Published on
7 mins read

Nia Batts: A Journey from Entertainment Exec to VC Supporting Detroit’s Tech Ecosystem

Nia Batts

In this interview, Nia Batts, a General Partner at Michigan-based Union Heritage Ventures, provides insights into her journey into venture capital and her perspectives on the evolving landscape in Michigan.

With over three decades of experience in the capital markets, Nia is not only committed to driving growth in investment portfolios but also dedicated to empowering minority and women-led firms and the communities they serve.

Can you tell us about your journey into the world of venture capital?

My background is in corporate media and entertainment. I spent the majority of my professional career at what is now Paramount (formerly ViacomCBS) overseeing Strategic Partnerships and Social Impact. That work brought me back to my hometown of Detroit at a time when the city was undergoing a significant period of revitalization. When you’re from Detroit, even if you’ve only lived there briefly, it never leaves you. You carry it with you and talk about it every chance you get because you feel a responsibility to combat the dominant narrative with stories of your lived experiences.

In 2012 I helped put together a weekend with a group of friends to show our friends on the coasts what was possible in our city. We thought maybe 20 people would show up, but we ended with more than 125 participants. We named it after a mural created by youth in the Detroit Summer program: Another Detroit is Happening. Another Detroit is still happening.

I too, with my partners, Katy Cockrel and Sophia Bush, built and launched a business in Detroit, raised a pre-seed round of investment and unfortunately faced the reality of winding down a business that was not built for the economic effects of COVID that lasted much longer than expected. But that fueled the next chapter, bringing the conversation around equity for women of color from the beauty space into the investment space.

We’re currently the only African-American majority-owned venture capital firm in the state of Michigan, and we are also majority women-owned and led.

Are there any exciting trends or opportunities you’re currently observing in your focus industries within the VC space?

I’m a third-generation Michigander, so I’m long on Michigan. I also feel the same existential dread about climate change that most others my age and younger do. So I’m interested in building for the future. Not only are there great climate tech and clean energy companies coming out of Michigan, but many are diversely owned and led. One of the greatest wealth transfers in a generation is going to happen in this space, so as an investor, I’m interested in the long game.

A trend I don’t like is these grant competitions that are advertising non-dilutive capital for winners but then in the fine print you find out it’s a SAFE (Simple Agreement for Future Equity). I’ve seen this impact diverse founders especially. There needs to be more cultural competency from early-stage investors and truly value-added capital. We’re trying to be really intentional about not just critiquing the problem, but being a part of the solution, as well.

What excites you the most about Michigan’s tech and entrepreneurial landscape?

Michigan has always been a place where we make things, and we make things happen. We have shown over and again that we are a resilient and innovative community. The only place in the country that has more engineers per capita outside of Silicon Valley is Southeastern Michigan. Before there was Silicon Valley there was Detroit. If I were a betting woman, I’d say Detroit is going to Detroit again.

The other thing about Detroit and Michigan is we’re not waiting for anyone to save us. There’s an incredibly, diverse, leaderful movement of entrepreneurs here that have self-organized and are helping each other. The Black Tech Saturdays community that convenes at Newlab is really leading that charge, as well as Michigan Tech Week’s annual conference.

How can Michigan continue to build on its momentum as a tech hub, and what role do you see Union Heritage Ventures playing in this ongoing development?

We talk a lot about diverse entrepreneurs, and absolutely should. But we also need to talk about diverse allocators. So, that means everyone with a meaningful budget has to engage and participate. There has to be accountability in the system.

That means the state, corporations, and non-profits; everyone making the decisions needs to acknowledge that there is an ecosystem of entrepreneurship that doesn’t only begin and end with founders. Frankly, as venture investors, we owe a debt of gratitude to the angel community who have invested in companies and believed in founders before they had an MVP.

Without them, there is no us. I think part of our role moving forward has to be creating space for more diversity on the cap table of investments we make. How we go about doing that is an active conversation at our firm.

by Tony O. Lawson

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Published on
5 mins read

Black Tech Saturdays: Empowering Detroit’s Tech Ecosystem

black tech saturdays

In the resilient and innovative city of Detroit, Black Tech Saturdays is paving the way for Black entrepreneurs and founders to succeed.

We caught up with the visionary founders Johnnie and Alexa Turnage, to learn more about their transformative initiative and its impact on the Detroit tech community.

Black tech Saturdays
Alexa Turnage (L) and Johnnie Turnage (R)

The inspiration behind Black Tech Saturdays

The journey into the world of tech can often be challenging, and for founders of color, it can feel like the odds are stacked against them. Alexa and Johnnie shared their motivation, stating, “We had to learn really fast and oftentimes felt like the spaces weren’t designed for us to succeed.” Recognizing a shared experience among many in the community, they decided to take action.

Black Tech Saturdays began organically while working on their MVP fundraising platform at Newlab in the Michigan Central building. They started inviting other tech enthusiasts to join their weekly meetings, and it soon became clear that there was untapped potential in the room. The initiative gained momentum, and when the first public meeting was announced on April 29th, 25-30 individuals showed up. From there, the movement continued to grow, evolving into what it is today.

Milestones and Accomplishments

Since its inception, Black Tech Saturdays has grown from just a handful of participants in a conference room to nearly 500 attendees on Saturdays. With approximately 3,500 unique attendees in total, the impact is undeniable.

The organization’s accomplishments extend beyond numbers. They’ve helped founders secure significant deals, connected entrepreneurs with access to capital and networks, and provided essential soft skills training.

Support from federal, state, and local governments, as well as partnerships with foundations and VC firms, have reinforced their mission. Elected officials, celebrities, and government representatives have also joined the cause, elevating the narrative around Black Tech and sharing invaluable knowledge and resources.

Hosting events like the Venture 313 2nd annual celebration and participating in national conversations about entrepreneurship advocacy have further solidified Black Tech Saturdays’ position as a driving force for change.

The Future of Detroit’s Tech Ecosystem

When asked about the future of Detroit’s tech ecosystem, Alexa was optimistic. She emphasized a shift in the narrative, with a focus on abundance, collaboration, and a movement they call “#Togetherwecan.” The culture of supporting one another and celebrating successes is key to this transformation.

Detroit is on the path to becoming a federal tech hub, opening doors to more resources for the city’s growth. By centering the innovation conversation around diversity, equity, and inclusion, the city is poised to become a thriving tech hub that welcomes and empowers everyone.

Advice for Promoting Diversity and Inclusion in Tech

Their advice for individuals, companies, or organizations looking to make a positive impact on diversity and inclusion in the tech industry is clear. They stress the importance of supporting entrepreneurs, building communities, and creating safe spaces for authentic growth. Addressing specific areas needing improvement within an organization is also crucial.

Johnnie and Alexa invite those interested in improving their ecosystems or organizations to reach out, as collaboration and strategic planning can help advance the mission of diversity and inclusion in tech.

Getting Involved with Black Tech Saturdays

To get involved with Black Tech Saturdays and support their mission, interested parties can explore various avenues:

  1. Sign up as a founder.
  2. Sign up as a job seeker.
  3. Sign up as a partner.
  4. Connect with Johnnie and Alexa on Linkedin.
  5. Follow Black Tech Saturdays on Instagram 

As Black Tech Saturdays continues to grow and make a significant impact in Detroit and beyond, these opportunities offer a chance to be part of a movement that’s redefining the future of tech.

by Tony O. Lawson

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Published on
2 mins read

Fantasy Sports Stock Market, PredictionStrike Secures $10 Million

predictionstrike

PredictionStrike, a fantasy sports stock market that allows fans to buy and sell shares of professional athletes, announced yesterday that it has raised $10 million in Series A funding.

The round was led by Bullpen Capital, with participation from MaC Venture Capital, Sixty8 VC, Correlation Ventures, Elevate Capital, Gaingels, and HighSage Ventures.

The new funding will be used to expand PredictionStrike’s platform and reach new users. The company plans to add new sports leagues and countries, develop new features and products, and grow its marketing and sales team.

PredictionStrike is a unique and innovative way for fans to engage with sports. The platform allows fans to put their knowledge of sports to the test and potentially make money by making accurate predictions about the performance of athletes.

“There’s something revolutionary and fulfilling about helping Americans turn their pastimes into financial opportunities,” said Deven Hurt, Co-Founder and CEO of PredictionStrike. “With PredictionStrike, we’ve taken a new approach to participating in sports and leveled up to encourage and inspire our users to learn and understand how to invest. We’re committed to finding new ways to connect fans with athletes and building a platform where sports fans can invest in what they know”.

The company’s business model is based on charging fees and subscriptions. PredictionStrike charges a 2.5% fee on all trades, which is paid by the buyer or seller of the shares. Users also subscribe to receive lower transaction fees and gain access to other perks, such as the ability to trade more shares and participate in more contests.

PredictionStrike has seen rapid growth since its launch in 2021. It has over 100,000 users and has processed over $15 million in transactions.

by Tony O. Lawson

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Published on
2 mins read

FVLCRUM Closes $302 Million Fund to Address Racial Wealth Gap

FVLCRUM

FVLCRUM Partners, a prominent lower middle market buyout firm dedicated to tackling the U.S. racial wealth gap, proudly announces the successful final closing of FVLCRUM Fund LP, alongside its affiliated sister fund entities.

The Fund has not only surpassed its initial target but has also garnered significant attention, raising over $302 million in aggregate commitments, well beyond the anticipated $250 million. The accomplishment reflects the firm’s unwavering commitment to bridging the wealth gap and fostering positive societal change.

Comprising a diverse range of investors, including institutions like banks, consultants, endowments, insurance firms, fund of funds, public pension plans, and high-net-worth individuals, the Fund’s broad investor base underscores the widespread recognition of the critical need to address the racial wealth gap in the United States.

Chijioke Asomugha, Partner at FVLCRUM, remarks, “The market’s response to FVLCRUM underscores the potential of aligning impact and alpha in driving remarkable outcomes. We take great satisfaction in the success of our fundraising campaign and remain committed to maintaining the same level of dedication as we move forward with our investment and impact-oriented strategy.” Ben Carson Jr., Partner at FVLCRUM, echoes this sentiment, stating, “Our achievement in securing funds reinforces our resolve to concentrate our efforts on executing our investment and impact strategy.”

Yves M. Mombeleur, Chief Operations Officer for Clearinghouse CDFI and Managing Director of Impact for FVLCRUM, adds, “The innovative structure and meaningful impact of FVLCRUM are genuinely exciting. By aligning impact and investments, we aspire to reshape the landscape of private equity.”

The Fund’s primary focus will be on acquiring control equity in diverse, scalable companies that demonstrate substantial growth potential and sustainable competitive advantages. The sectors targeted by the fund include government contracting, healthcare, and technology-enabled business services, all of which are areas in which the FVLCRUM team boasts extensive investment expertise.

by Tony O. Lawson

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Published on
1 min read

Pioneering Inclusive Institutional Investing: A Conversation with JoAnn Price of Fairview Capital Partners

JoAnn Price

JoAnn Price is the co-founder and managing partner of Fairview Capital Partners, one of the largest minority-owned investment companies in the United States. Since its establishment, the company has amassed a remarkable aggregate fund capitalization exceeding $10 billion.

Fairview Capital Partners invests on behalf of institutional investors, including the world’s leading foundations, endowments, pension plans, and family offices.

Drawing from her extensive 30-year background in finance and investment, JoAnn Price has played an essential role in reshaping the landscape of diverse and emerging manager investing. Her visionary leadership has contributed significantly to Fairview Capital Partners’ ascent and its transformative impact on the industry.

In this conversation, we delve into JoAnn’s journey, from her early experiences that shaped her perspective to the pivotal moments that led to the inception of Fairview Capital Partners.

Her insights into the power of diversity, equity, and inclusion in the investment sector offer a unique vantage point on how to foster meaningful change in an ever-evolving financial landscape.

by Tony O. Lawson

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Published on
3 mins read

MoCaFi Raises $23.5M to Expand Financial Empowerment

mocafi

MoCaFi, a fintech platform that helps traditionally underserved communities build wealth, announced yesterday that it has raised $23.5 million in Series B funding led by Commerce Ventures.

MoCaFi’s mission is to help excluded communities create wealth through better access to public, private, and social capital. The company’s Financial Services as Infrastructure™ platform works with government and philanthropic organizations to provide cash assistance, mobile banking, and financial programming to individuals and families.

“We are excited to welcome the new investors to the MoCaFi mission, and appreciate the support of our existing investors, many of whom continue to show their trust by participating in the latest round,” said Wole Coaxum, MoCaFi CEO & Founder. “This Series B round allows MoCaFi to scale quickly and validates our unique business proposition. With this capital and more importantly, support from these terrific strategic investors, we can continue to innovate and bring our products and services to more municipalities, government entities and community partners – ultimately helping more people.”

MoCaFi’s platform has already had a significant impact on underserved communities. In Birmingham, Alabama, for example, MoCaFi has helped to distribute over $20 million in emergency assistance to thousands of families. The company has also worked with the City of Los Angeles to provide financial assistance to homeless individuals and families.

“MoCaFi has been the perfect partner for the City of Birmingham,” said Kelvin Datcher, Senior Advisor to the Mayor of Birmingham. “Over the last three years, we have delivered almost $20 million in emergency assistance to thousands of families – keeping them in their homes and keeping the lights on, and we couldn’t have done it without MoCaFi. More than just a payment processor- the MoCaFi team has been a fully engaged thought partner from conception through execution. We are incredibly appreciative of their support and hope to work with them again soon!”

MoCaFi’s products include a Mastercard branded Immediate Response Card and Demand Deposit Account providing no-fee cash withdrawals, no-fee deposit options, online banking services and access to credit-building tools and financial literacy programs. MoCaFi’s Blueprint program empowers users to manage their finances, track credit scores, reduce debt, and work towards mortgage readiness. On Our Block by MoCaFi™ community-banking pop-ups bring its banking products, financial programming and resources to support Black and brown communities in building personalized pathways to wealth.

Billions of dollars in public benefits are left unspent due to various complexities and inefficiencies in disbursement methods. MoCaFi’s platform provides governments with a solution that increases adoption and delivers benefits efficiently while reducing fraud.

With this new funding, MoCaFi plans to expand its platform to reach more underserved communities and to develop new products and services that will help individuals and families build wealth.

by Tony O. Lawson

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4 mins read

The Importance of Angel Investors in Bridging the Funding Gap for Black Founders

angel investors

The startup ecosystem can often be a challenging space for Black founders to navigate. Overall, Black entrepreneurs typically receive less than 2% of all VC dollars each year while companies led by Black women receive less than 1%, according to data from Crunchbase. This is a stark contrast to the fact that Black Americans make up nearly 13% of the U.S. population.

One of the reasons for this disparity is the lack of access to funding. Angel investors can be an important alternative source of capital for Black founders, helping to level the playing field and create more opportunities for success.

Access to Capital

One of the main reasons that angel investors are important for Black founders is that they provide access to capital that may not be available through traditional funding channels. Banks and other financial institutions are often hesitant to lend money to startup founders, especially those who are just starting out.

This is particularly true for Black founders who may not have the same networks or connections as their white counterparts. Angel investors, on the other hand, are often more willing to take a chance on a new business idea and are willing to provide the funding needed to get the business off the ground.

Mentorship

In addition to providing access to funding, angel investors can also offer valuable expertise and mentorship. Many angel investors are experienced entrepreneurs themselves, with a deep understanding of the challenges and opportunities that come with starting a new business.

They can provide guidance on everything from business strategy to fundraising to marketing and sales. For Black founders who may not have access to the same networks and resources as their white counterparts, this mentorship can be incredibly valuable.

Overcoming bias

Another benefit of working with angel investors is that they can help Black founders overcome some of the biases and barriers that exist within the traditional funding ecosystem. Unfortunately, many investors have unconscious biases that can affect their investment decisions.

This can make it difficult for Black founders to secure funding, even if they have a great business idea. Angel investors, on the other hand, may be more open-minded and willing to invest in a diverse range of founders and ideas. This can help Black founders overcome some of the systemic barriers that exist within the startup ecosystem.

Building networks

Finally, working with angel investors can help Black founders build important connections and networks within the startup ecosystem. Many angel investors are well-connected within the industry and can introduce founders to other investors, mentors, and potential customers.

This can be especially valuable for Black founders who may not have access to the same networks and resources as their white counterparts. By building these connections, Black founders can increase their chances of success and create more opportunities for themselves and their businesses.

Overall, angel investors can be an important alternative source of capital for Black founders. By providing access to funding, expertise, mentorship, and networks, they can help level the playing field and create more opportunities for success.

As more Black founders enter the startup ecosystem, it’s important that they have access to the resources they need to thrive. Angel investors can play a key role in making this happen.

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3 mins read

HealthTech Platform Free From Market Secures $2.1 Million for Expansion

Free From Market

Free From Market (FFM), a digital platform that helps lower-income Americans with chronic health conditions access personalized diet-specific foods and support, has closed a seed investment round of $2.1 million.

The funding will be used to improve the platform’s technology and expand the service to provide affordable, accessible solutions for improving health outcomes. The funding round was led by Bluestein Ventures and supported by Acumen America, Beta Boom, KCRise Fund, 1st Course Capital, AssetBlue Ventures and Google for Startups Black Founders Fund.

According to the Centers for Disease Control and Prevention (CDC), one in three Americans have a chronic health condition that can be managed through food. However, many Americans do not have access to the necessary resources and support.

Free From Market addresses this issue by offering bulk ordering for organizations and direct-to-door access for individuals to purchase diet-specific meals, produce and grocery items, along with telenutrition support. The platform also measures health outcomes for users with chronic conditions where food is the standard of care.

Free From Market
Emily Brown, Co-Founder and CEO of Free From Market

Emily Brown, Free From Market’s Co-Founder and CEO, is a recognized thought leader in the “food is medicine” space, serving on the NIAID National Advisory Council and the Children’s Hospital Association’s Next Generation of Quality Steering Committee. She is also a participant in the White House Conference on Hunger, Nutrition, and Health. Brown and co-founder Elise Bates created FFM with a mission to help all Americans manage their health through food, regardless of income or location.

FFM’s leadership team, which includes Chief Operating Officer Mark Jaffe, has extensive backgrounds in community health, food distribution, healthcare, technology, and nutrition. “Food has a powerful ability to heal our bodies, and we’re thrilled to support FFM as they build the future in the ‘food is medicine’ space,” said Andrew Bluestein, Managing Partner of Bluestein Ventures. Ed Frindt, Partner at KCRise, added, “This is an innovative model, and this is the type of disruptive tech company that will create real change in public health.”

“One in three Americans has a condition where food is part of the standard of care, yet many Americans do not have access to food and resources needed to treat it,” said Brown. “Our curated food is free from ingredients an individual does not want, and full of all the nutrients they need to manage a healthy life. This funding round is merely one milestone towards our goal to make a lasting impact to improve healthcare in this country and center health equity.”

by Tony O. Lawson

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Published on
4 mins read

The Power of Content Marketing for Investment Firms

Content Marketing for Investment Firms

For investment firms like venture capital, private equity, and asset managers, content marketing is an essential aspect of modern marketing.

In order to attract and establish trust with potential startups, portfolio companies, and institutional investors, content marketing is crucial. These entities are essential to the success of investment firms as they help firms grow and manage their investments successfully.

Increasing deal flow

One of the primary benefits of content marketing for investment firms is attracting potential startups. By producing and sharing high-quality content that is relevant and valuable to startups, investment firms can position themselves as thought leaders in their respective fields.

This helps establish their brand and generate interest among startups who are looking for investment opportunities. Investment firms can use a variety of content formats, including blogs, videos, webinars, and infographics to showcase their expertise and provide startups with valuable insights and advice.

Supporting portfolio companies

Another benefit of content marketing for investment firms is building trust with portfolio companies. As investment firms work closely with portfolio companies, it’s crucial to maintain open and transparent communication to build strong relationships. Content marketing can help facilitate this communication by providing regular updates and insights into the investment firm’s strategies, goals, and progress. By sharing information that is relevant and valuable to portfolio companies, investment firms can build trust and establish themselves as reliable partners.

Attracting Institutional investors

Institutional investors are another critical target audience for investment firms, and content marketing can play a key role in attracting their interest. Institutional investors are looking for reliable and trustworthy investment opportunities, and content marketing can help investment firms demonstrate their expertise and establish themselves as credible partners. Investment firms can use content to showcase their investment strategies, performance records, and thought leadership in the industry. This helps build confidence and trust among institutional investors and encourages them to consider investing in the firm’s investment fund.

Strengthening online presence

In addition to attracting potential startups, portfolio companies, and institutional investors, content marketing also helps investment firms create a strong online presence. With the rise of digital marketing, investment firms need to have a strong online presence to reach their target audience and stand out from the competition. Content marketing provides investment firms with a platform to showcase their brand, expertise, and thought leadership, which helps establish their online presence and reach a wider audience.

Establishing thought leadership

Finally, content marketing is an effective way for investment firms to educate their target audience and demonstrate their expertise. By producing and sharing educational content, investment firms can help potential startups, portfolio companies, and institutional investors understand the complexities of the investment industry and make informed decisions. This helps investment firms establish themselves as trusted advisors and positions them as valuable resources for their target audience.

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Published on
4 mins read

Alternative Investments 101: An Overview of Real Estate, Private Equity, and More

Alternative Investments

Alternative investments are a popular way for investors to diversify their portfolios and potentially earn higher returns. These types of investments are not the typical stocks, bonds, and cash, but rather a range of other assets that offer the potential for higher returns and lower volatility.

Real Estate

Real estate is one of the most popular alternative investments and can take many forms, including residential properties, commercial properties, and real estate investment trusts (REITs). Investing in real estate allows investors to earn income through rent and capital appreciation. Furthermore, real estate can provide diversification benefits as it doesn’t always move in sync with the stock market.

Private Equity

Private equity funds invest in private companies, typically with the goal of taking the company public or selling it to another company. These investments can provide significant returns, but they also come with a higher level of risk. Private equity is only available to accredited investors and institutional investors.

Hedge Funds

Hedge funds use a variety of investment strategies to generate returns that are not closely correlated with the overall stock market. These strategies can include short selling, leverage, and derivatives. Hedge funds are only available to accredited investors and institutional investors, and they typically have higher investment minimums and management fees than traditional mutual funds.

Commodities

Commodities are raw materials that are used in the production of goods and services. Investing in commodities can provide diversification benefits and the potential for higher returns. Commodities can be traded through futures contracts, commodity ETFs, and commodity-focused mutual funds.

Art, Collectibles

Investing in rare and valuable art, antiques, and other collectible items can be a great way to diversify a portfolio. The value of these items can appreciate over time and they can also provide enjoyment while they’re held. Investing in art, and collectibles can be difficult, as it requires knowledge and expertise to accurately value the items.

Venture Capital

Venture capital funds invest in start-ups or early-stage companies with high growth potential. These investments can provide significant returns, but they also come with a higher level of risk. Venture capital funds are typically only available to accredited investors and institutional investors.

Infrastructure

Investing in infrastructure projects such as roads, bridges, airports, and other public assets can provide a steady stream of income through tolls, fees, and rentals. Infrastructure investments also provide long-term growth potential as the economy grows and the infrastructure assets become more valuable.

Private Debt

Investing in loans made to companies or individuals, such as real estate loans or small business loans, can provide a steady stream of income through interest payments. Private debt investments can also provide diversification benefits as the returns are not closely tied to the stock market.

Alternative investments can provide diversification and the potential for higher returns. However, it’s important to note that they also come with a higher level of risk, and they may only be available to accredited investors and institutional investors. It’s also crucial to do your research and understand the investment before putting your money into it.

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