Plus, Bux acquires Ninety Nine's retail trading arm
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According to research by Federal Reserve Governor Lisa Cook, black startup founders raise two-thirds less venture capital than their peers in the first five years. The disparity shrinks after five years. More: - Researchers listed several reasons that partially explain the funding gap.
- According to the National Bureau of Economic Research study, black founders often have smaller teams, attend universities away from VC centers, and are less likely to have their products patented.
- The funding disparity remained even when black-founded startups operated near VC centers.
- Researchers argue that "taste-based discrimination," where investors "consciously dislike working with black founders," was also partially responsible for the funding gap.
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The gift card company Wolfe announced it acquired the startup Give InKind for an undisclosed amount. Give InKind is a fundraising platform that helps people raise money for their friends and family. More: - Give InKind will continue operating its platform from its HQ in Tacoma, Washington.
- Give InKind's CEO Laura Malcolm commented that the team is "really excited" about the acquisition because it will allow the startup to develop new products.
- The startup was wary of fundraising during the current economic climate.
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A Forbes article highlights that getting the first customer is the most challenging as entrepreneurs have limited resources to reach their target customers. Anna Talerico advises entrepreneurs to contact a list of ideal clients and close the first sale by themselves. Background: - Joe Famalette recommends that founders must pay close attention to the feedback they receive from the initial customers.
- Google Ventures' Bill Maris encourages founders to offer freemium services to initial customers.
- Michael Grabham says that the first few customers offer insight into what made them buy your product, how much they were willing to pay, and why they chose your service.
- But most importantly, the first sale validates your product idea and shows investors that your business has potential.
Share your thoughts: - How did you get your first customer?
- What were the challenges you faced in getting the first customer?
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Dutch online retail brokerage startup Bux acquired Spanish startup Ninety Nine’s retail trading arm for an undisclosed sum. The company is set to receive Ninety Nine’s retail investment clients as part of the transaction. The acquisition will strengthen Bux’s market position in Spain. More: - Bux’s platform facilitates U.S. and European stocks, ETF, crypto, and CFD trading for customers.
- The firm has secured €67M in funding in 2021 through a Series C round led by Prosus Ventures and Tencent.
- To date, it has raised $115.8M.
- Tiger-backed U.S. trading platform Public.com was poised to acquire Bux but instead opted to build its European operations.
- Ninety Nine has raised $8.6M in total funding to date.
- Ninety Nine will continue providing banks with embedded financing solutions in Spain.
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Kenyan social commerce startup Kapu raised $8M at an undisclosed valuation. Kapu lets consumers order groceries in bulk via its B2C e-commerce platform. The company says users receive discounts of up to 30% on its platform. More: - Kapu is currently focused on growing in the Kenyan capital of Nairobi before it enters other markets.
- The company plans to roll out a feature that lets users place orders via WhatsApp.
- Giant Ventures and First Minute Capital co-led the investment round.
- Kapu was founded in January by Sam Chappatte, a former executive at the African e-commerce platform Jumia.
Zoom out: - Tushop, another Kenyan social commerce startup, secured $3M at an undisclosed valuation in March.
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Operative Intelligence, a startup that improves automatic customer inquiries, just raised $3.5M in seed funding from Bonfire Ventures. The startup helps contact centers determine what customers will usually ask and reduce wait times. More: - Operative Intelligence was founded in 2019 by brothers Peter and James Ianesk after 25 years of working in customer contact centers.
- The startup offers a software system that analyzes customer inquiries and delivers reports on the root causes of why customers reach out.
- Operative Intelligence also reports performance by agent, team, and contact center.
- The deployment time of the software only takes two weeks.
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Quick Hits: - Final days to invest in the startup disrupting the $1.2T vacation rental industry. Become a reAlpha shareholder before 12/8.*
- Prince William gave five climate startups Earthshot prizes of $1.2M (£1M) each. The five startups were biomass-powered stoves maker Mukuru Clean Stoves, greenhouse developer Kheyti, seaweed-based biodegradable packaging maker Notpla, an ocean conservation training program in Australia, and carbon dioxide to peridotite startup 44.01.
- Partech closed its early-stage startups focused Entrepreneur IV fund with $124M (€120M) in capital commitments.
- Pier 70 Ventures, a healthcare focussed venture firm launched by former Boeing executives, is targeting a $100M debut fund to back diverse founders and women entrepreneurs.
- Swiss startup Loft Dynamics secured $20M in fresh funding from Craft Ventures, Sky Dayton, and Up Ventures. The firm develops virtual reality simulator technology for training helicopter pilots. It rebranded itself to VRM Switzerland.
- Aruwa Capital Management raised $20M from Visa Foundation and Mastercard Foundation Africa Growth Fund to provide capital to women-led healthcare, fintech, and renewable energy startups across Nigeria and Ghana.
- Taking care of yourself matters, and BetterHelp connects you to a therapist within 48 hours without having to leave home. Get 25% off your first month.*
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 |  | Karan Chafekar is a Management Consultant, Business enthusiast, and Licensed Pilot.
Jigney Pathak is a Business Researcher at Inside who loves technology, finance & sports. He has a Bachelor of Business Administration with a finance specialization & has previously worked at Salesforce.
Courtney Rawlings is an Inside Research Analyst living in Los Angeles, California. She has returned to her hometown of LA after spending several years working at Emory University in Atlanta, Georgia, where she is completing a Ph.D. in Art and Architectural History.
Martin Ruiz-Cantu has an MS in Global Business and Finance from Georgetown University. He previously worked for HSBC and the World Bank.
| | | | Editor | Vibha Chapparike is a Freelance Writer & Editor at Inside.com. With her post-graduation in Management and Finance completed, Vibha is expanding her knowledge in venture capital, business, startups, and technology. She has had a career in public relations and communications. An ardent reader and writer currently residing in Singapore, you can follow Vibha on Twitter @VChapparike. | |
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