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STARTUPS

Japanese VC Beyond Next Ventures raised $67.7M in the first close of its deep tech fund.

by Alex Turner
written by Alex Turner

Despite a general decline in worldwide investment in moonshots, a Japanese fund focusing on early-stage Asian deep-tech businesses is doubling down on the potential. Beyond Next Ventures, based in Tokyo, said today that it completed a first close of $10 billion (roughly $67.7 million), or up to $25 billion (about $168 million), for BNV Fund 3, its third fund. This money will be used to invest in deep-tech startups in industries like robotics and biotech.

According to Tsuyoshi Ito, CEO of Beyond Next Ventures, the company intends to conclude the fund by March 2024 and will utilize the funds for seed, Series A, and later-stage rounds in about 25 startups. Its checks range from $670,000 to $2 million, or up to $13 million across several rounds for each firm. Compared to the prior funds, it is about trebling the upper limit.

The Japanese VC thinks the country’s shortage of later-stage capital prevents firms from expanding worldwide and lowers overall valuations.

The number of later-stage investments in Japan lags below that of Europe, North America, and other nations, according to a 2021 World Bank assessment. Ito said to TechCrunch that limited partners, such as institutional investors, have just lately engaged in active participation in VC companies, which is one of the reasons why there is a lack of later-stage funding in Japan.

Due to the country’s relatively limited VC fund size, many VCs were forced to concentrate on seed and early-stage entrepreneurs. According to Ito, another factor is that the Tokyo Stock Exchange Growth Market accepts firms with a market value of several billion yen, encouraging many entrepreneurs to obtain money through early initial public offerings (IPOs).

Ito remarked that while funding for middle- to late-stage businesses grows, entrepreneurs aren’t as eager to go public as they once were.

Beyond Next plans to boost later-stage investments, such as Series C and Series D, and further follow-on investments through the newest fund to provide ongoing financial assistance for businesses on a global scale. Additionally, it will increase the operating time of the fund to 11 years, which is one year longer than the operational period of the last fund, and add an extension of up to three years with the approval of the limited partners.

To market their cutting-edge technological and scientific ideas, Beyond Next seeks deep-tech businesses emerging from universities and research organizations. The VC firm matches research teams with more than 3,000 industry professionals in business and management.

After adding this most recent fund, it will handle more than $316 million in assets.

The Organization for Small and Medium Enterprises and Regional Innovation, MUFG Bank, Dai-ichi Life Holdings, and Tokyo Century are among the fund’s limited partners. Additionally, new investors SMBC Nikko Securities, Mitsubishi UFJ Trust and Banking, and FFG Venture Business Partners contributed funds to the round.

The VC established its regional office in India in 2020. According to the company, India’s startup sector is “growing remarkably, which makes it an attractive medium- to long-term business expansion destination for Japanese portfolios,” Ito said.

Beyond Next was established in 2015 and launched a first fund worth $37 million in 2015 and a second fund worth $111 million in 2019. It invested in more than 80 deep tech, agri-food, and healthcare businesses in India and Japan. Through initial public offerings (Susmed and QD Laser) and mergers and acquisitions (Repertoire Genesis and GigIndia), the Japan-based venture capital firm has sold off some of its portfolios from Fund 1 and Fund 2.

“Digital Therapeutics (DTx) is now gaining momentum in Japan,” claims Ito. One of its portfolio companies, CureApp, produced a therapeutics app that enables users to get insurance reimbursement and around $7 billion ($47 million at today’s currency rate) from Carlyle. Ito pointed out that Susmed is the first Japanese initial public offering (IPO) in digital healthcare. Susmed has created a therapy app for insomniac patients.

Aside from Regional Fish Institute, another food tech firm using genome editing to grow fish more quickly than normal, Beyond Next also invested in Elephantech, which makes environmentally friendly printed circuit boards, and iCare, a Japanese company that manages healthcare.

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Young Business Leaders

Howard Grad Makes History With HBCU Apparel Line That Inspires Higher Education in the Black Community

by Ava Robinson
written by Ava Robinson

With her fashionable collegiate wear line, Black & Scholared, Kamirria Wallace, a Howard University alumna turned businesswoman, promotes higher education within the black community.

Historically, fewer black students than their counterparts have enrolled in higher education. According to recent studies, enrollment rates rose from 17.9% in 2010 to 22.6% in 2023; nevertheless, the Census American Community Survey indicates that the figure is still below the national average, reported at 32.9%.

Through her purpose-driven fashion line, Kamirria hopes to change those numbers. She founded Black & Scholar in 2020 to leave her girls a legacy at an HBCU. Three years later, the brand has expanded on its goal by providing lines of HBCU collegiate wear that are legally licensed and created to commemorate and promote higher education within the black community. The collections include bags, caps, lapel pins, sweatshirts, t-shirts, and hoodies for graduates.

However, Black & Scholared serves more than simply present and former students. By encouraging young children’s and toddlers’ desires for higher education through the company’s youth line, Kamirria has remained faithful to the inspiration for founding the firm.

Black & Scholar is more than simply a company for Kamirria. She is dedicated to assisting black kids in financing their desire to attend college. As a result, Black & Scholared provides a scholarship fund to assist students with living and tuition expenses. “Education is the key to reducing the wealth gap in the black community,” she declared. I can vouch for the importance of a sense of belonging to students as a graduate of an HBCU. Because of this, we also donate some of our revenues to our HBCU partners.

Kamirria had just one HBCU license when she launched Black & Scholared. 7 HBCUs, including Howard University, Morgan State University, Norfolk State University, North Carolina A&T State University, Hampton University, Virginia State University, and Texas Southern University, now have licenses through the company, which has since grown. Wallace wants to increase the number of HBCUs covered by the company’s license, which now numbers more than 100 nationwide.

“We want to support institutions that offer education and the conditions for black students to flourish,” she stated. In addition to creating a name for ourselves, we also create a legacy.

Black & Scholar has touched more than 500K scholars and given more than $30,000 to the HBCU community since the company’s founding. Currently, the brand is offered online and at well-known department shops like Foot Locker and Barnes & Noble College on HBCU campuses.

About

A community- and purpose-driven apparel company called Black & Scholared® is on a mission to celebrate, support, and promote higher education within the black community. Black & Scholared supports students and alums who want to proudly represent their HBCU school or alma mater by selling empowering collections and licensed collegiate apparel with a portion of proceeds regularly donated to historically black colleges and universities.

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YOUNG ENTREPRENEURS

Twin Brothers, Founders of Black-Owned Battery Brand, Celebrate Being the First to Sell on Amazon.

by Ava Robinson
written by Ava Robinson

The creators of VoltCell, twin brothers Marcus and Markee Baskerville, are the first and only black people to operate a battery company that sells on Amazon. This historic event is a crucial turning point for diversity and representation in the battery sector.

As the brand gains traction, VoltCell hopes its unwavering dedication to the entrepreneurial spirit, outstanding product quality, and community empowerment will attract attention nationwide. High-performance batteries from VoltCell are offered for sale on Amazon’s site.
The VoltCell crew is extremely proud and happy at this time. Being Amazon’s first black-owned battery company speaks much about our commitment to quality and tenacity. Marcus Baskerville, co-founder of VoltCell, said: “It is a pleasure to represent diversity and provide clients with a diverse alternative for their battery needs.

Customers from around the country can access and support a black-owned company that prioritizes producing high-quality goods, thanks to VoltCell’s presence on Amazon. Customers have another choice with the company’s batteries for their regular power requirements.

Markee said, “We are grateful for God’s blessings through this process to get to where we are now. We are grateful for the journey.” This accomplishment would not have been feasible if my brother and I had not been committed to VoltCell’s goal of having a good effect on the world.

Customers now have access to various batteries, such as AA, AAA, 9V, and more, while helping advance diversity and sustainability in the business sector, thanks to VoltCell’s inclusion on Amazon.

Everyone is welcome to participate in marking this occasion and promoting diversity and ethical business practices with VoltCell. The business is still dedicated to changing the world and creating brand-new standards for the battery sector.

About

Marcus and Markee Baskerville started the first Black-owned battery firm, VoltCell, focusing on various battery products. The company aims to give customers top-notch batteries to power electronics while helping the local neighborhood. VoltCell takes pleasure in being the first battery company with a black owner to be featured on Amazon, creating opportunities for increased diversity and representation.

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YOUNG ENTREPRENEURS

Founder Launches Black Crypto News Platform to Empower and Educate the Black Community in Web 3

by Ava Robinson
written by Ava Robinson

BlackCrypto.news is a platform devoted to teaching, informing, and establishing a community of like-minded people in the quickly expanding Web 3 industry, according to Takevius Carmon, the founder and CEO of Raleigh-based Carmon Media Inc. Black Crypto News strives to be an advocate for the inclusion and portrayal of black people in the developing decentralized internet ecosystem as a black-owned company.

Black Crypto News encourages the black community to participate and thrive in this ground-breaking industry by providing the most recent news, insights, and resources in blockchain, cryptocurrencies, and decentralized technology. The platform intends to close the knowledge gap and give black people and companies the chance to engage in and profit from the expanding digital economy.

Takevius asserted that the black community has enormous potential to contribute to and profit from the Web 3 revolution. “I hope to empower our community to take advantage of new opportunities, spur innovation, and create a more inclusive digital future by making information and resources easily accessible.”

Follow Black Crypto News on X and Facebook to stay up to speed with the most recent events, news, and developments. Participate in the discussion and join a lively community devoted to strengthening the position of black people in Web 3.

About

Carmon Media Inc. is a Raleigh, North Carolina-based, black-owned media firm that builds platforms to engage, educate, and enlighten communities. The organization hopes to build a healthy and diverse digital environment by serving as a major voice and advocating for black people’s inclusion and portrayal in Web 3 through black crypto.

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YOUNG ENTREPRENEURS

Meet the Founder of the Black-Owned Ice Cream Brand Being Sold at Walmart, Target, and More

by Ava Robinson
written by Ava Robinson

While social media is urging consumers to support Chef Liz Rogers, the founder, president, and executive chef of Creamalicious, one of the only black-owned national ice cream businesses now in mass production, Walmart has controversially introduced a brand of Juneteenth ice cream. With her imaginative 2-in-1 treats that combine freshly baked pastries with handcrafted ice creams created with only the freshest ingredients, she takes pleasure in being inventive.

Aunt Poonie’s Caramel Pound Cake, Slap Yo Mamma Banana Pudding, Right As Rain Red Velvet Cheesecake, Thick As Thieves Pecan Pie, Porch Light Peach Cobbler, Grandma Gigi Sweet Potato Pie, and Uncle Charles Brown Suga Bourbon Cake are just a few of the award-winning varieties of her ice cream that are available.

Chef Liz honors her community and origins by creating her decadently Southern artisan delicacies. Creamalicious has a unique way of bringing back fond childhood memories of sweets while also paying homage to the long heritage of the South. Chef Liz offers a culinary experience of Southern indulgence that is distinctive, entertaining, and very delicious. She also exposes mouthwatering new dessert views.

Chef Liz, originally from Cleveland, Ohio, was raised under the close supervision of her mother and grandmother, who also helped her develop her love of cooking. Her never-ending passion and excitement inspired her to create popular restaurants, and she has received media attention for her highly sought-after cuisine and motivational work with the neighborhood.

Thousands of Walmart, Target, Meijer, Schnuck, and other supermarket stores currently carry thousands of her items.

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STARTUPS

Wanda Fish navigates VC waters to catch $7M for the production of cultivated bluefin tuna.

by Alex Turner
written by Alex Turner

An Israeli food technology business, Wanda Fish Technologies, has raised $7 million in seed money to hasten the initial production of bluefin tuna.

Using cultivated technology—also known as cell-cultured technology—animal proteins may be produced from cells without the animal being killed. The cells are cultivated in a bioreactor, frequently utilizing fermentation methods similar to those used to make beer.

According to Daphna Heffetz, co-founder and CEO of Wanda Fish, the firm hopes to produce whole-cut cultured fish filets, beginning with bluefin tuna miming wild-caught fish’s texture, flavor, and nutritional content.

We are one of the few businesses that produce bluefin, a highly sought-after and delicious fish, without any prior experience, according to Heffetz. But it’s also among the most polluted ones. Many businesses are attempting to achieve these things. Still, we will succeed because of our dynamic and the fact that we are highly skilled individuals approaching the issue from different angles.

The business collaborates with BlueNalu, which has funded over $80 million in bluefin tuna, especially the pricey toro cut. Amir Feder, the chief financial officer of BlueNalu, stated in 2022 that the company’s “projected 75% gross margin within the first year of production of our large-scale facility is unheard-of in the food industry.” Feder anticipated that the business’s first place of business would be open in 2027.

Heffetz and Strauss-Group’s food technology incubator, The Kitchen Hub, collaborated to launch Wanda Fish in 2021. Heffetz, who has a PhD in biochemistry, led PhytoTech Therapeutics and other biotechnology firms for 20 years before joining Wanda Fish. Malkiel Cohen, a specialist in stem cells and genetic engineering, and Yaron Sfadyah are present with her.

It collaborates with David Kaplan, a professor of biomedical engineering and an authority in cellular agriculture, and they have an exclusive license and supported research deal with Tufts University.

Although the business is still in its infancy, Heffetz said that it had made strides in developing a whole-cut prototype by creating a 3D filet structure using bluefin tuna cells that have undergone differentiation into both muscle and fat tissues. Wanda Fish’s innovative technique allows it to accurately regulate the amount of fat in its final goods, allowing it someday to produce different cuts, such as the toro cut.

Existing investors The Kitchen Hub, Peregrine Ventures, LLC, PICO Venture Partners, MOREVC, and CPT Capital, LLP also participated in the $7 million round, which Aqua-Spark headed. Wanda Fish has so far secured $10 million in venture capital investments.

With this additional funding, Wanda Fish can further the scalability of its farmed whole-cut filet of bluefin tuna prototype and improve its technology.

Commencing in 2025, Heffetz anticipates acquiring regulatory clearances from the U.S. Food and Drug Administration and other regulatory bodies and commencing to sell into restaurants in 2026.

We will now increase output while focusing on cost parity, according to Heffetz. “For distribution, we’ll work together with major food corporations. Our basic technology is being developed internally, but we must work together to reach the market as quickly as feasible.

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Young Business LeadersYOUNG ENTREPRENEURS

Tiffany Haddish is Raising $25M to Open a Black-Owned Grocery Store in Her Old Neighborhood.

by Ava Robinson
written by Ava Robinson

Tiffany Haddish, an actress and comedian, will soon realize her lifelong ambition of operating a grocery shop in her old South Los Angeles neighborhood by launching Diaspora Groceries. She has been raising $25 million to make her idea a reality over the last four years.

According to Newsbreak, Haddish intends to open Diaspora Groceries, an alternative and reasonably priced grocery store, in the Crenshaw district of South LA. Due to its cultural significance and association with notable figures like the late Nipsey Hussle and Ice-T, Crenshaw is mostly a black neighborhood.

Haddish expressed her joy at her achievement in the film business while highlighting the importance of the grocery store initiative to her. She is confident in the potential influence the business will have on the neighborhood.

According to the market’s website, serving BIPOC people will be its major priority. Haddish unveiled some of the intriguing features the store would have, although the opening date has not yet been made official.

“There will be specialty things, a normal market, and a nonprofit-like educational component where people can take cooking and financial literacy classes,” Haddish explained. “I’m a big believer that when you understand how money and food operate, you develop into a better, happier person. Additionally, your neighborhood, family, and yourself benefit from your improved health and happiness.

Haddish has been open about her prior difficulties with poverty. As a foster child, she was homeless and faced food shortages. She acknowledged that she struggles with food insecurity and expressed her hope that her grocery store effort may help others going through a similar situation.

Haddish is on pace to establish a meaningful and welcoming grocery shop that wants to help and enhance her neighborhood in Los Angeles with her resolve and $25 million in fundraising efforts.

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Young Business LeadersYOUNG ENTREPRENEURS

Meet the 25-Year-Old Black Lawyer Who Runs Her Law Firm.

by Ava Robinson
written by Ava Robinson

Sinenhlanhla Passcara Mthembu, who founded and served as director of her legal company, is a proud 25-year-old. Her company, Passcara & Partners Incorporated, is based in Durban, South Africa, and specializes in family law, personal injury, and other areas. Although she is far younger than most attorneys with their law firms, she did not let that stop her from creating history.

She graduated from law school and immediately began working. But because she had always wanted to start her own company, she bravely decided to leave her job and work for herself.

“I decided to undertake it as a challenge for myself. I then decided that I would do this, regardless of what others said, as she said on Power FM. “The transition from the beginning of my degree to this point was challenging. I have no regrets at all.

She recently described herself as the founder and director of her legal company on Twitter and announced the opening. “I am to inspire,” she wrote. “If I can do it, you can too!”

She acknowledges that marketing herself is difficult because of her youth and the daunting nature of her chosen profession. She is confident that word-of-mouth advertising from her customers will really help her.

“Marketing oneself is challenging in our industry. Between marketing and bragging, there is a fine line. Touting resembles pleading or begging for customers, the speaker explained. “It makes it hard to market because you don’t want to cross that thin line that the [legal] council has put for us.”

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YOUNG ENTREPRENEURS

Black Couple, Owners of $100M Private Mortgage Bank, Launch New Youth Investment Program Series

by Ava Robinson
written by Ava Robinson

Meet Troy and Ebony Smith, a married couple who founded G1 Investment, the sole private lender in Charles County, Maryland, the richest black county in America, with a $100 million loan capacity. They have started a free program called Youth Investment Program Series 1 (YIPs1), where kids ages 7 to 17 can collaborate and demonstrate the power of pooling economic resources and learn the intricate details of becoming a lender and real estate investor, in addition to teaching their own three young girls about financial literacy.

As the first African-American mortgage lender with delegated underwriting power over a $100 million warehouse line, Troy and Ebony’s business, Their Youth Investment Program, will be the first of several in a series that will allow kids to learn about and examine the specifics of mortgage financing and real estate investing while also getting a sense of the strength of collective economic resources. Only the first 10,000 children and teenagers who register for free will be accepted.

Depending on their educational level, each student will receive a digital monthly case-study curriculum package that will closely examine a recent mortgage transaction or a real estate investment. The curriculum includes studying history, which will include case studies and historical facts pertinent to the transaction or investment; learning finance terms, which encourages them to learn words beyond what the modern school system teaches; and math problems, which encourages them to appreciate how math is used in everyday business.

Access to carefully chosen educational materials that working experts have created is invaluable. But this program’s most significant potential is intertwined with how these forward-thinking visionaries want to use their lending resources to build wealth for our children.

It’s one thing to teach a child about how money works and the value of financial literacy; however, when placed in a child’s hands, this knowledge and information are frequently treated as seeds without any soil to grow. This can hurt a child’s outlook on shaping opportunities for the future. With this initiative, we hope to serve as the soil, water, and sunshine for their knowledge seed, according to Mr. Smith.

The money they make will be applied toward a “membership fee” for a monthly curriculum, depending on their age group. This is a program component since legal limits prevent kids from pooling money together to lend or invest.

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STARTUPS

Berlin’s climate tech Purpose Green bag €3.3M to accelerate decarbonization of the building sector

by Alex Turner
written by Alex Turner

Berlin-based climate technology company Purpose Green announced on Thursday that Speedinvest and Atlantic Labs had led a round of funding for it totaling €3.3 million.

The firm claims it would utilize the capital to expand its workforce by bringing in construction, climate, and ESG specialists. Additionally, it will help the business grow within Germany while continually expanding its service and support offerings.

Through comprehensive end-to-end solutions, Purpose Green focuses on assisting the building sector in lowering its carbon emissions. The company’s mission is to assist the building industry in achieving the 1.5-degree Celsius climate objective outlined in the Paris Agreement. To that end, it employs a staff of more than 35 real estate, construction, and digital industry experts.

According to Lucas Christel, co-founder and managing director of operations at Purpose Green, “financing on this scale and in such a short period of time in the current market environment confirms that we have created an offering that meets immense demand and contributes to solving current problems in the European construction industry.”

Christel continues, “We are happy to have attracted Atlantic Labs and Speedinvest, two of Europe’s most well-known early-stage investors.

The business’s mission

According to the European Commission, the construction industry is responsible for 40% of energy usage and 36% of greenhouse gas emissions in Europe. The construction industry is a significant contributor to CO2 emissions in Germany. According to the EU, 240 million European properties require refurbishment because they no longer adhere to emission regulations.

Purpose Green laments that most building owners don’t have a thorough understanding of the energy statistics for their buildings. Aside from administrative challenges, energy modernization initiatives can be expensive and time-consuming.

Because of this, both individual owners and portfolio holders find building renovation to be a challenging task. Current market solutions frequently emphasize total renovation, which is only feasible from an economic standpoint sometimes.

In this situation, Purpose Green is useful. It has created a comprehensive, hybrid end-to-end solution for managing ESG over the long term and energy retrofits. This “one-stop shop” offers a time- and money-saving method for decarbonizing the building industry.

How to use Purpose Green

The business offers various services to assist clients in decarbonizing their structures. These include initial ESG analyses, decarbonization paths based on CRREM standards, and inventory screening. Additionally, they provide energy counseling, customized renovation roadmaps for residential buildings (iSFP), simulations of energy-saving solutions, and energy consulting reports for non-residential buildings.

Additionally, they offer data collection, ACTUAL-TARGET analyses, data recording on-site, project management, on-site inspections, aid in obtaining funds from local programs and BAFA/KfW, and vigorous action plan execution. They provide a purposeful green asset service for managing inventories as a long-term support option.

Purpose The first step in Green’s method is gathering important property information and producing a digital 3D model that gives building owners a thorough understanding of its energy state. A team of energy consultants and construction specialists will use the data to plan and carry out crucial energy-related building and renovation procedures.

“As Europe works to become carbon neutral, the building sector urgently needs creative solutions. We were instantly impressed when we learned about Purpose Green’s mission and technology,” says Andreas Schwarzenbrunner, a partner at Speedinvest.
Schwarzenbrunner states, “We are convinced that their platform will play a crucial part in Europe’s energy transition and establish itself as the preferred partner of the real estate industry.”

More information on the services offered is available to new clients who sign up for a free first consultation and assessment. Purpose Green has completed more than 600 custom renovations, depending on the requirements of each property.

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