Harlem Capital has upgraded from angel syndicate to full-fledged venture capital fund, closing its debut effort on an oversubscribed $40.3 million.
The firm was launched by managing partners Henri Pierre-Jacques and Jarrid Tingle in New York City’s Harlem neighborhood in 2015. The pair have since graduated from Harvard Business School and hired two venture partners, Brandon Bryant and John Henry, and two senior associates to help expand their portfolio. The over-arching goal: invest in 1,000 diverse founders over the next 20 years.
“We fundamentally believe we are a venture fund with impact, not an impact alibaba entrepreneur fund – https://spandan.nmims.edu/,,” Pierre-Jacques tells TechCrunch. “The way we generate impact is to give women and minority entrepreneurs ownership.”
Capital from Harlem Capital Partners Venture Fund I, an industry-agnostic vehicle that invests in post-revenue businesses across the U.S., will be used to lead, co-lead or participate in $250,000 to $1 million-sized seed or Series A financings. To date, the team has backed 14 companies, including B2B feminine hygiene product Aunt Flow, gig economy marketplace Jobble and pet wellness platform Wagmo. Harlem Capital plans to add another 22 businesses to Fund 1.
You need diversity funds like ourselves to get this market anywhere close to parity.Harlem Capital managing partner Jarrid Tingle
With its first fund close, Harlem Capital becomes one of the largest venture capital funds with a diversity mandate. Despite an increasing amount of punishing data exposing the gender and race gap in venture capital, minority founders continue to rake in just a small percentage of funding each year. According to a RateMyInvestor and Diversity VC report released earlier this year, most VC dollars are invested in companies run by white men with a university degree. Other recent data indicates startups founded exclusively by women raised just 2.2% of overall VC funding in 2018, with numbers on pace to increase only slightly in 2019. Meanwhile, the median amount of funding raised by black female founders, as of 2018, was $0.
The stark contrast in funding for female versus male entrepreneurs or white women versus black women founders is in part a result of a lack of diversity amongst general partners at venture capital funds and amongst the limited partners that choose which venture capital funds to provide capital. While there’s little data available on diversity of LPs, 81% of VC firms didn’t have a single black investor as of 2018.
“There’s no rational reason why this problem exists,” Tingle tells TechCrunch. “It persists because VC funds in general have been closely held and clustered around Silicon Valley. They come from particular schools with particular networks with a small head count that doesn’t turn over frequently. Some firms have strategically added a few partners here and there, but not enough to change the organization. You need diversity funds like ourselves to get this market anywhere close to parity.”
“A lot of investors are frankly missing out on opportunities,” Tingle adds.
Having met through the Management Leadership for Tomorrow Program, a nonprofit organization identifying a new generation of leadership, Tingle and Pierre-Jacques have built a prolific internship program at the firm. With as many as six interns admitted each quarter, the goal is to train future investors of color.
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Bull of the Day: Alibaba (BABA)
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Bull of the Day: Alibaba (BABA)
By: Zacks Investment Research | February 12, 2020
Alibaba (BABA) shares have surged 36% in the last six months to easily top the S&P 500’s 17% climb. The Chinese e-commerce giant looks ready to continue its expansion in the post-Jack Ma era as it grows its cloud computing reach and its retail leg expands to smaller cities as part of China’s middle-class explosion.
With Alibaba set to report its Q3 fiscal 2020 financial results before the market opens on Thursday, February 13, let’s see why BABA stock looks like it might be worth buying.
Alibaba reportedly controls roughly two-thirds of China’s e-commerce market, through Taobao and Tmall. This alone might be worth the price of admission since China is the world’s second-largest economy.
Plus, more and more of China’s 1.4 billion people enter the vital middle-class demographic every day. And McKinsey estimates China’s middle class could hit 550 million by 2022, which is far larger than the entire U.S. population of roughly 330 million.
Last quarter, BABA’s mobile monthly active users hit 785 million, up 30 million from the prior-year quarter. Alibaba is also dedicated to expanding its logistics business to help it grow outside of major markets like Beijing and Shanghai, which have become more saturated. With this in mind, BABA’s core commerce business, which jumped 40% last quarter, accounted for 85% of total sales.
In an effort to diversify, Alibaba has jumped into cloud computing in recent years. The segment surged 64% last period to account for 8% of second quarter revenue. Alibaba plans to expand its cloud business, as Amazon (AMZN), Microsoft (MSFT), accelerator and others prove why cloud is worth the investment.
Meanwhile, the firm’s digital media and entertainment business, which consists primarily of Youku and UCWeb, jumped 23% last quarter. Alibaba executives pointed to the synergies between commerce and entertainment and noted that Youku’s average daily subscribers increased 47%.
The company is also investing in its portfolio with “original content that resonates with Chinese audiences.” And investors should note that China is one of the only places that Netflix (NFLX) doesn’t operate.
Clearly, investors still need to see how the coronavirus will impact Alibaba. But Wall Street has seemed to shake off the fears on the back of better-than-expected earnings results, which includes giants such as Apple (AAPL) . And stocks climbed again Tuesday, after a strong start to the week on Monday.
Therefore, most investors will likely want to wait to see what Alibaba executives have to say about the coronavirus and what new guidance they provide. But the nearby chart shows that BABA stock is resting near its highs, with the stock up over 5% in February.
Alibaba shares also climbed above their summer 2018 highs in December. And it has jumped 150% in the last five years, against JD.com’s (JD) 54%.
Despite the run, Alibaba stock is trading at a discount against its industry’s 42.5X, at 30.5X forward 12-month Zacks earnings estimates. This also comes in below its own three-year median of 33.5X and 42X high during this stretch. Plus, its Internet – Commerce industry rests in the top 32% of our more than 250 Zacks industries.
Outlook & Earnings Trends
Before we look at what to expect, we need to know that Alibaba reports its metrics in Chinese RMB and then offers a comparable U.S. dollar equivalent for the “convenience of the reader.” Therefore, some of our percentages and estimates will be different.
With this in mind, our Zacks estimates call for Alibaba’s quarterly revenue to jump 33% to $22.68 billion. Then its full-year fiscal 2020 revenue is projected to climb 33.2%, with 2021’s sales expected to climb 31.2% higher than our current-year estimate.
Meanwhile, its adjusted quarterly earnings are expected to climb over 27% to $2.25 per share. And its fiscal 2020 EPS figure is expected to surge 29%, with 2021 projected to come in 21.2% stronger. On top of that, Alibaba’s earnings estimates have climb since it last reported.
Alibaba’s positive earnings revision activity helps it earn a Zacks Rank #1 (Strong Buy). And its pitch to investors remains straightforward: The company is diversifying into new growth areas and its e-commerce business is ready to climb alongside the Chinese economy.
However, it is likely prudent to wait until after Alibaba’s earnings release to think about buying BABA, as any hint of a coronavirus downturn could send the stock down in the near-term.
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Information posted to this board is not meant to suggest any specific action, but to point out the technical signs that can help our readers make their own specific decisions. Caveat emptor!
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When it comes to getting tanned quickly it seems like everyone is using a tanning accelerator before they go to the tanning beds. Using these products it is fairly easy to get a tan quickly, and get that bronzed look you are after. Within these types of products there are tanning accelerators and tanning lotions, they might seem like similar products but they are actually quite different. Let us take a closer look at them so we can understand the differences.
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