THE DAILY PULSE
Business Intelligence for Black American and African Leaders | Friday, December 12, 2025 | Issue #1
Welcome to THE DAILY PULSE
Good afternoon,
Welcome to the inaugural issue of THE DAILY PULSE—your daily briefing on the news, deals, and insights shaping Black American and African business leadership.
Every day, we’ll deliver what you need to know in under 5 minutes: funding announcements, leadership moves, policy changes, and opportunities you can act on today.
No fluff.
No filler.
Just intelligence that matters to leaders building businesses and wealth across the diaspora.
Let’s dive into today’s news.
TOP STORIES
Africa’s Startup Funding Surpasses $3 Billion in 2025
African startups have crossed the $3 billion funding mark as of December 8, 2025, marking the highest total in three years and signaling a robust recovery from recent downturns.
This represents approximately 50% more capital raised compared to the same period in 2024, with equity funding and the number of ventures raising $1 million or more both showing strong growth.
November saw $162 million in announced funding, with major deals including South Africa’s SolarSaver ($60 million), Tunisia’s nextProtein ($21 million agritech), and West Africa’s SolarX (€15 million energy).
The recovery is particularly notable given two fintech IPOs in November—Optasia listed on the Johannesburg Stock Exchange raising $345 million, while Morocco’s Cash Plus raised $82.5 million on the Casablanca Stock Exchange, marking the first African startup IPOs since pre-pandemic 2019.
Why it matters: After years of contraction, African tech is showing institutional-grade exit opportunities. This creates pathways for follow-on funding and validates the continent’s startup ecosystem to global investors.
Africa’s Business Heroes Competition Concludes in Rwanda
The seventh Africa’s Business Heroes competition wrapped up Friday in Kigali, Rwanda, hosted by Alibaba Philanthropy and the Jack Ma Foundation.
The two-day summit brought together over 1,700 entrepreneurs, investors, and industry experts, with 10 finalists from Kenya, Senegal, Rwanda, Tanzania, Egypt, South Africa, and Cameroon competing for $1.5 million in grant funding.
“Africa has never lacked entrepreneurial spirit,” said Sun Lijun, chairman of Alibaba Foundation. “Many of Africa’s development challenges can be explored and solved through African innovation.”
Since its inception, the program has received over 150,000 applications, with past grant recipients creating over 120,000 jobs and impacting 40 million people through their businesses.
Chinese Ambassador to Rwanda Gao Wenqi emphasized expanding China-Africa cooperation into AI, digital economy, green energy, fintech, and sustainable development, adding that “China will continue to broaden market access to Africa.”
Why it matters: As US-Africa trade relations face uncertainty with AGOA’s expiration looming, China is deepening commercial ties and funding infrastructure that enables African businesses to scale.
UK Simplifies Trade Rules to Boost Africa Commerce
The United Kingdom abolished rules of origin requirements under its Developing Countries Trading Scheme this week, making it significantly easier for African businesses to export to the UK.
Previously, businesses in eligible countries like Nigeria had to prove goods didn’t include components from non-eligible nations—a bureaucratic barrier now removed.
The reform comes as the UK unveils a new “Africa Approach” aimed at building relationships “based on genuine partnerships and rooted in mutual respect,” according to UK officials.
Up to 3,000 products from Nigeria now qualify for low or no tariff access under what officials describe as “one of the most generous trading schemes in the world.”
The timing is strategic: deteriorating US-Africa trade relations due to sweeping tariffs and the imminent expiry of the African Growth and Opportunity Act (AGOA) have complicated export prospects for many African economies.
Why it matters: UK market access creates alternative export routes as AGOA uncertainty creates risk. African manufacturers and exporters should evaluate UK opportunities immediately.
FUNDING & CAPITAL
Black Entrepreneurship Program Opens $3M Funding Round
Canada’s Black Entrepreneurship Program Ecosystem Fund has opened applications for its Atlantic Canada region, with a deadline of December 12, 2025 (today), and Southern Ontario applications due January 9, 2026.
The program offers non-repayable contributions ranging from $125,000 to $3 million for Black-led nonprofits delivering business support services including mentorship, networking, training, and capacity building.
Eligible organizations must be incorporated Canadian nonprofits with at least two-thirds Black governance and leadership, focused on supporting Black entrepreneurs and communities.
Action item: If you’re connected to Black business support organizations in Canada, applications are due TODAY for Atlantic Canada.
Venture Capital Access Remains Critical Challenge
Black founders continue facing severe capital constraints, with just 0.3% of venture capital funding in the first half of 2024 going to Black-founded teams, consistent with 2023’s 0.48% annual average.
However, investment crowdfunding is showing promise: Black founders’ participation increased from 9.5% in 2020 to 11% in 2024—more than three times the 3.47% VC average.
While Black-founded teams raised only 4.4% of all capital from online private markets in 2023-2024, that percentage is growing, rising from 4.1% in 2023 to 5.0% in 2024. The data suggests investment crowdfunding offers a more equitable alternative to traditional venture capital for Black entrepreneurs seeking funding.
Why it matters: If traditional VC remains inaccessible, equity crowdfunding platforms like Wefunder, Republic, and StartEngine may offer viable alternatives for early-stage capital.
LEADERSHIP & APPOINTMENTS
Michigan Black Business Alliance Names New COO
The Michigan Black Business Alliance appointed Vincent Pierson as Chief Operating Officer this week, strengthening leadership as Black entrepreneurship gains momentum across the state.
Pierson will lead statewide operations, deepen member engagement, and guide strategy rollouts designed to expand resource access across urban, suburban, and rural communities.
“Vincent brings a proven record of transformative leadership, innovation, and community impact,” said MBBA President and CEO Charity Dean. “His ability to connect purpose with performance aligns perfectly with MBBA’s vision of connecting and transforming the ecosystem.”
Pierson’s appointment comes as Black entrepreneurs continue raising concerns about capital access, procurement inequities, and limited entry into major economic development initiatives—issues MBBA has been vocal about addressing.
Fortune 500 Black CEO Representation Holds Steady
Nine Fortune 500 companies are led by Black CEOs in 2025, representing 1.8% of the largest US businesses—a slight increase from 1.6% in both 2023 and 2024. These nine companies generated $244.76 billion in revenue for fiscal year 2024.
Lowe’s CEO Marvin Ellison leads the highest-ranking company at No. 52, with $83.67 billion in revenue and nearly 300,000 employees. Ellison is the first Black executive to lead two different Fortune 500 companies, having previously helmed J.C. Penney.
Only two Black women currently serve as Fortune 500 CEOs: Thasunda Brown Duckett at TIAA and Toni Townes-Whitley at Science Applications International Corp.
Why it matters: Progress remains glacial. At current rates, it would take decades to reach proportional representation in America’s largest companies.
POLICY & ADVOCACY
US Black Chambers Release 2025-2026 Policy Blueprint
The US Black Chambers released its 2025-2026 BLACKprint policy framework focused on four pillars: bringing Black capabilities to all marketplaces, investing in entrepreneurial development programs, preparing the next generation of entrepreneurs, and guaranteeing policy enables wealth creation.
Key advocacy priorities include preserving Section 199A of the tax code (providing a 20% deduction for pass-through entities used by many small businesses), extending expiring Tax Cuts and Jobs Act provisions, and reforming the SBA’s 8(a) Business Development Program to simplify access for Black-owned businesses.
The organization is also pushing for expanded implementation of the African Growth and Opportunity Act (AGOA) to benefit Black-owned businesses, arguing that “streamlining access to AGOA benefits and providing targeted support to Black entrepreneurs” would open new markets and create more inclusive pathways for economic engagement with Africa.
Corporate DEI Rollbacks Continue Amid Political Pressure
Major US retailers including Walmart, Target, and Google have scaled back or eliminated diversity, equity, and inclusion (DEI) programs in recent months amid political pressure and threats of legal challenges.
The rollbacks have created uncertainty for Black-owned businesses that pursued corporate partnerships following the 2020 racial justice protests.
“It becomes a question of, are the big box stores going to be there?” said Ericka Chambers of Puzzles of Color. “We are really having to evaluate our strategy in how we expand and how we want to get in front of new customers.”
Some companies are shifting approaches rather than eliminating programs entirely, embedding diversity efforts within broader business strategies and focusing on measurable impact through Employee Resource Groups (ERGs), mentorship programs, and leadership accountability.
Why it matters: Black-owned businesses that relied on corporate DEI procurement commitments need alternative distribution and customer acquisition strategies.
ECONOMIC INDICATORS
South African Rand Strengthens on Gold Prices
The South African rand appreciated 0.2% to 16.84 per dollar on Friday, buoyed by rising gold prices approaching a seven-week peak. As a significant precious metals producer, South Africa frequently benefits from stronger bullion prices.
Markets are watching for November consumer inflation data scheduled for December 17, following South Africa’s decision to lower its inflation target to 3% last month from the current 3.6% annual headline rate. South African bonds rallied as key inflation expectations fell to record lows, moving closer to the central bank’s new target.
ACCOUNTABILITY WATCH
African Startup Controversies Marked 2025
Several high-profile controversies shook Africa’s startup ecosystem in 2025, forcing conversations about governance, transparency, and accountability. Major incidents included:
54 Collective Liquidation: The venture studio (formerly Founders Factory Africa) was court-ordered into liquidation in July after a forensic review uncovered over 2,000 backdated journal entries and a $4.59 million transfer from its nonprofit to for-profit entity.
The Mastercard Foundation terminated a major grant following revelations of a $689,000 unauthorized rebrand.
Thepeer’s Breakdown: Nigerian fintech’s 2024 shutdown was revisited when co-founder Sultan Akintunde alleged fraudulent activities and $1.2 million in missing funds, including $50,000 spent on car purchases for a company generating less than $1,000 in annual revenue.
Banxso Deepfake Scandal: South Africa’s Financial Sector Conduct Authority issued a record ZAR 2 billion (~$118 million) penalty against the trading platform for systematic financial misconduct involving deepfake-driven deception. The Western Cape High Court placed Banxso under provisional liquidation in August, with 30-year industry bans imposed on key executives in December.
Why it matters: As African startup funding grows, institutional governance and accountability must keep pace. Investors and founders alike need to prioritize transparency.
OPPORTUNITIES & DEADLINES
Closing Today:
Black Entrepreneurship Program (Atlantic Canada): Up to $3M for Black-led nonprofits supporting entrepreneurs. Deadline: December 12, 2025 (TODAY)
Opening Soon:
Black Ambition Prize: February 24 - May 2, 2025 applications (up to $1M for Black and Latinx entrepreneurs)
NAACP Powershift Entrepreneur Grant: Opens October 24, 2025 ($25K grants)
Mark Your Calendar:
Africa CEO Forum: May 12-13, 2025 in Abidjan, Côte d’Ivoire—Africa’s largest annual private sector gathering
UK-Africa Investment Forums: Multiple events throughout December focusing on horticulture, minerals, and trade
QUOTE OF THE DAY
“Entrepreneurship is not just a tool for development; it is the engine of transformation. Young people, women, and innovators are no longer waiting for opportunities; they are creating them.”
— Juliana Muganza, Deputy CEO, Rwanda Development Board
What’s Next
Monday’s issue will cover:
Weekend startup funding announcements
US Federal Reserve decision implications for African currencies
Year-end grant opportunities before the holidays
Q4 Black business performance data
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