There’s $80 million up for grabs, thanks to a new partnership between Techstars and JPMorgan that’s looking to invest in more than 400 minority-owned startups in nine cities over the next three years. Great news, until you realize that works out to about $200,000 per business, which in funding terms, is not all that much.
Let’s see more investment like the $2 million raised by Clockwork’s founders, both men of color. The company is looking to make accounting easier for the small and mid-sized businesses that can’t support a finance department, but still have to pay bills. Already a helpful idea, made even better by the duo’s commitment to offering discounts and support to other minority-owned businesses interested in using the tool.
BriteCo also raised some cash for its idea, picking up $9 million to build out its direct-to-consumer jewelry insurance. Considering the business goal here is to resolve the hardship of getting a proper policy for your diamonds, it is not terribly surprising to learn that the startup was founded by extremely overrepresented white dudes.
Others skipped the funding and went straight for the kill. Goldman Sachs is aiming to be the sole owner of consumer investing platform NextCapital, offering to acquire the startup and its 100-odd Chicago employees. Nielsen is also going off to the highest bidder. After loudly rejecting a $9 billion offer a few weeks ago, the market research firm is happily selling to a private equity consortium for $16 billion.
Is there any phrase in the English language more chilling than “private equity consortium?”
CDK Global was fine with $9 billion from private equity. It only took $8.3 billion to buy out the currently-public company, which provides software for car dealerships. CDK had already been on a shopping spree of its own, acquiring smaller tech startups that could bring new features to its platform. Presumably the new owners will give them the resources to continue doing so — or at least to integrate what the company already bought.
And if you’re willing to travel, Salesforce customizer Logik.io is looking to hire another 15 or so software developers as it scales over the next year … in its new Highland Park office space.
Jobs, Glorious Jobs
Director of Marketing at the US Soccer Foundation
A job made easier by the fact that the U.S. Men’s National Team actually qualified for the World Cup this time.
Head of Communications-Prepared Foods at Tyson Foods
The company insists, “We are more than just chicken” — but is it rEsoNaTinG? Sounds like you’ll have plenty to do, Jimmy Dean or Sara Lee.
Tool of the Week
This database of the family leave policies more than 500 companies, compiled by newsletter theSkimm. Tell your HR team to keep it growing.
Inspiration of the week
“My ambition is no longer just for me.”
—Building on last letter’s call for ambition without qualms, a reminder from June Diane Raphael that we get to decide what ambition looks like, and that those definitions can change any time.
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