A UK-based legal tech startup has secured new funding that helps lawyers streamline their workflow with the aid of AI. Definely Co-founded in 2017 by CEO Nnamdi Emelifeonwu and Chief Strategy Officer Feargus MacDaeid, Definely offers AI solutions geared toward lawyers, allowing them to create, draft, and review legal documents. The company was named one of the 50 fastest-growin g tech companies in the UK by Deloitte in 2023. “A Microsoft Word add-in, the Definely suite contains a suite of products that help you through the complete pre-execution stage of contract drafting with AI power. Surface precedent clauses, better understand provisions and automate hundreds of your proofreading checks,” its website describes. In a LinkedIn post, Emelifeonwu revealed the platform has more than 100 customers, including BT, IKEA, JPMorgan, DLA Piper and Shoosmiths. $30M Series B With a $30 million Series B funding round led by Revaia with participation from Alumni Ventures, Beacon VC, Clio,...

Collab Capital, which backs early-stage founders, has closed its second fund. Collab Capital’s Mission The venture capital firm was co-founded in 2019 by Jewel Burks Solomon, the former head of Google for Startups in the U.S., to advance innovation across work, health care, and infrastructure and invest in financial, human, and network capital, its LinkedIn mentions. The firm had previously raised $50 million in its first fund, which has enabled investments in 38 early-stage startups, including Goodr, a food waste startup that is launching a “first-of-its-kind” community space in Atlanta, GA. The new Goodr Community Market at Edgewood will allow 200 families to shop for free and will give $5 deli meals to kids that visit the space with books, the company noted on LinkedIn. Everything in the market is also SNAP-eligible. $75M Raise Collab Capital wants to further its investments in founders addressing “big, systemic problems,” according to TechCrunch. It has now closed its second...

Spelman College is investing in the future of learning. According to a press release shared with AFROTECH™, Zeal Capital Partners, a Washington, DC-based venture capital firm founded by Nasir Qadree, has secured new funding that will go towards opportunities in financial technology, health care, and the future of learning and work. The firm has secured $82 million for its Zeal Fund II, which brings its overall managed assets to $186 million. Investors in the round include limited partners Citi Impact Fund, M&T Bank, MassMutual, Wells Fargo, Zaffre Investments, and Spelman College. Returning investors from its previous raise include Capricorn Investment Group, Hampton University, and nearly 80% of the other investors from Zeal’s Fund I. “In a market that rewards discipline, efficiency, and resilience, the confidence of our limited partners allows us to champion bold founders who are building enduring companies,” Qadree said in the press release. “We are committed to continuing to...

Millions have been raised to simplify the workflow of tax returns. Founded in 2024, Filed is an accounting software company that utilizes artificial intelligence (AI) to prepare tax returns in minutes rather than hours, according to its website. Its inception was inspired by real-time observations of accounting firms, including those in India, which revealed that their challenges stemmed not from a lack of tools but from labor shortages. This is where AI comes into play. “Filed automates the most time-consuming parts of tax prep. It organizes documents, validates returns, and flags anomalies based on the logic your team already uses. It integrates directly with CCH Axcess, UltraTax, Lacerte, Drake, and other major tax software,” a post shared by the company read. So far, Filed has proven to be a success. Tens of thousands of tax returns were processed using Filed in the Q1 2025 tax season with firms sharing hopeful testimonials, as seen on the company website. One includes Josh...

South Loop Ventures has officially closed a $21 million Fund I to support early-stage startups, with a strong focus on founders of color, TechCrunch reports. The Houston,TX-based venture firm is part of a growing movement to reshape who gets access to capital and where that capital flows. Fueling Founders From The Ground Up Founded in 2022 by Zach Ellis, South Loop Ventures, according to TechCrunch, focuses on seed and pre-seed investments, writing average checks of about $400,000. Anchor investors include Rice Management Co. and Chevron Technology Ventures. Additional contributions came from Texas Capital Bank and The Great Commission Foundation of the Episcopal Diocese of Texas. The tech outlet reports that the firm has made 13 investments and plans to back at least 30 companies from the fund. “We thought it was important to have a fund focused on diverse founders here in Houston, given Houston’s diversity,” Ellis told the outlet. Though South Loop Ventures invests nationally, its...

Mark Cuban is stepping into a new game — this time alongside leaders working to reshape the face of professional sports ownership. According to Bloomberg, the billionaire entrepreneur and former Dallas Mavericks majority owner has been named a general partner in Harbinger Sports Partners Fund, a newly launched $750 million private equity fund targeting minority stakes in legacy U.S. sports franchises. The fund is co-founded and led by Rashaun Williams, a venture investor and limited partner in the Atlanta Falcons, and Steve Cannon, former CEO of AMB Sports and Entertainment, the parent company of the Falcons and soccer club Atlanta United FC, Bloomberg reports. Per the outlet, Harbinger is focusing on investments in teams across the NFL, NBA, and MLB. Williams, Cannon, and Cuban together bring operational experience, league relationships, and deal flow access to the table, significant factors that could set the fund apart from other institutional players entering the sports world....

New funding has been raised to help movie fans benefit from the entertainment industry. MoviePass On May 1, 2025, tech platform MoviePass — with the help of its partner, the C3 Foundation — announced the launch of Mogul, a “daily fantasy entertainment platform” for Hollywood, according to a press release. The platform, which is the first of its kind, allows fans to participate in fantasy-style tournaments, head-to-head matchups, and solo challenges where they can apply their insights to predict audience attendance, critic scores, award winners, and more. “You basically create your own studio by picking real movies, real actors, real directors and the way those projects behave in the real world, and your ability to pick and predict what might happen, impacts your scoring,” explained Stacy Spikes, co-founder and CEO of MoviePass, via an exclusive from Variety. Furthermore, fans can receive incentives such as blockchain -based digital rewards, including new avatar images and artwork,...

A Nigerian healthtech startup has secured funding to scale its next-gen proactive health initiative. According to TechPression, Lagos-based Platos Health has announced $1.4 million in pre-seed funding to expand Platos 3.0, an AI-powered metabolic health platform. The funding indicates significant interest in Africa’s emerging digital health sector, with support from Google for Startups, Invest International, and angel investors from Google, Tesla, and Unicredit, according to the outlet. As part of Platos 3.0, the outlet also states that Platos Health has designed Platos Body Monitor, a home medical device intended to address the rising prevalence of lifestyle-related illnesses in Nigeria. The device is sold in more than 300 pharmacies in Nigeria, including Medplus, Justrite, and Alpha Pharmacy, and costs between ₦80,000 and ₦120,000 ($50 and $80). It’s also available online, with two different options to choose from. “We saw a gap. Health isn’t just clinical; it’s personal,” said...

Aruwa Capital Management, one of Africa’s few woman-led private equity firms, has secured $35 million for its second fund to invest in inclusive, impact-driven businesses across Nigeria and Ghana, according to a press release. Aruwa Capital Fund II drew backing from major institutions, including the Mastercard Foundation Africa Growth Fund (MFAGF), Visa Foundation, British International Investment (BII), and Nigeria’s Bank of Industry (BOI), the fund’s first local institutional investor, based on the release. It also attracted capital from global family offices and others with a target of $40 million. However, that number has since changed to $50 million, with a hard cap of $60 million. “In the midst of the current challenging fundraising environment, we are excited to have raised 90% of our target fund size for Fund II and to be upsizing due to strong investor interest,” said Adesuwa Okunbo Rhodes, founder and managing partner of Aruwa Capital Management, in a press release via her...

ChurchSpace has secured $1.2 million in an oversubscribed funding round with a goal of better activating underutilized sacred spaces for contemporary community use, a press release states. The technology startup was founded in 2021 by pastors’ children Emmanuel Brown and Day Edwards, per the company’s website. The company, which is relocating its headquarters from Houston, TX, to Detroit, MI, repurposes underused real estate on church campuses — like fellowship halls and classrooms — to create passive income streams for churches and offer small businesses more affordable ways to connect with local consumers, according to the release. The funding round was led by Black Ops Ventures. Michigan Rise and Dug Song of Minor Capital also participated. “From Motown to ministry, Detroit’s always had soul. ChurchSpace is bringing fresh tech to sacred spaces—helping churches thrive, serve, and connect across communities. We’re proud to support their mission and welcome them to Detroit,” Song...

Symphonic Capital has launched its inaugural fund targeting overlooked founders in fintech and health care. Symphonic Capital’s Inception Sydney Thomas, who always displayed an “entrepreneurial spirit,” founded the venture capital (VC) firm in 2022. Having already dedicated years to being a serial investor, her work in venture capital began in 2016. It was during that time that she observed a common pattern: Many firms placed broad bets on numerous founders, accepting that most would fail in hopes that a few would yield outsized returns. However, she believed it was possible to have a more refined approach that would put more early-staged founders in a better position. “While it is still incredibly risky to work in early stage, a way to actually de-risk your investment is to have a much more structured and focused support strategy with those companies that increases the likelihood that they graduate from pre-seed to seed, and increases the likelihood that they graduate from seed to...

Former NBA player Jason Kidd has invested in another soccer team. As AFROTECH™ previously told you, the 10-time NBA All-Star and current head coach of the Dallas Mavericks has continued to pursue his passion for sports well beyond his playing days. As an investor, his portfolio includes two soccer teams based in his hometown of Oakland, CA: Roots SC (men’s) and Soul SC (women’s). “In The Town when you talk about sports, we all had heroes. I’m excited to join the Roots and Soul family,” Kidd said at the time, according to Andscape. “I’ve been seeing videos of all the support they get. I’m just trying to help the family. I especially like that there are both male and female teams. Also, with the teams being in The Bay, I felt like it was a great fit.” Everton Added To Portfolio Now, Kidd has invested in another soccer team, this time joining Roundhouse Capital Holdings, which is part of The Friedkin Group, the ownership group of English Premier League club Everton, mentions ESPN. The...

Twin brothers and co-founders Oliver and Alexander Kent-Braham are now behind a multi-billion-dollar company alongside David Goaté. As AFROTECH™ previously told you, the siblings founded U.K. -based digital car insurance startup Marshmallow to combat “unfair insurance prices” for migrants. “We now help 100,000s of UK newcomers get a fairer deal on their car insurance every year. We do this by building our own technology, developing pricing and fraud models that let us cater to their unique experiences, and investing time in getting to know them on a deeper level,” a statement on the company’s website reads.   View this post on Instagram   A post shared by Marshmallow (@getmarshmallow) According to TechCrunch, Marshmallow made history in 2021 as one of two Black-founded startups in the U.K. to reach a $1 billion valuation. As AFROTECH™ previously reported, the company raised $85 million in a Series B funding round with investors that included Passion Capital, Monzo, Investec, and...

Yale University students Nathaneo Johnson And Sean Hargrow have launched what they call “the first AI social network.” Business Insider reports that the duo was inspired to found Series because vanity metrics, such as likes and follower counts, were becoming a barrier to connection on platforms such as LinkedIn, X (formerly Twitter), and Instagram. “I see it within our generation, the FOMO, the ‘I’m not good enough, I won’t reach out to that person, he’s better than me,'” Hargrow told Business Insider. “Forget your likes, forget your followers, let’s focus on who you are and what you can bring to the table and what you need, and what somebody else can bring to your table if it makes sense.” In 2024, Series was founded with a focus on student entrepreneurs . The platform allows people to chat with an “AI Friend,” whether they’re using an iPhone or Android, to gauge what kind of connections they’re looking for. From there, the AI agent matches them with another Series user who fits...

Growth Warrior Capital has raised new funding to support enterprise companies being fueled by artificial intelligence (AI). The operator-led venture firm, which invests in early-stage Enterprise AI companies, was created by Promise Phelon, a former Silicon Valley tech CEO with more than 15 years of experience as an angel investor. According to a news release shared with AFROTECH™, her career trajectory has led to an expansive network , some of whom have now invested in Growth Warrior Capital’s first fund, which totals $26 million. Limited partners include Ho Nam and Han Kim (Altos VC) and well as Seth Levine and Brad Feld (Foundry). Amazon Catalytic Capital, Bank of America, Bessemer Venture Partners, Pivotal Ventures, and more are also listed as limited partners. “My goal is to be the first VC fund of significant scale run by a woman of color,” Phelon, founder and managing partner, said in a news release. “We have the backing of VC industry legends, and their support is proof of...