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Uncle Nearest’s founders are requesting the receivership to be terminated, according to The Lynchburg Times. As AFROTECH™ previously reported, Uncle Nearest — a whiskey brand that reportedly surpassed a $1 billion valuation — was placed under receivership in August 2025 following claims by its lender, Farm Credit Mid-America, that the company defaulted on more than $108 million in loans . The Weavers allege that Uncle Nearest’s former chief financial officer, Mike Senzaki, exaggerated barrel inventory, which led to a $24 million credit increase from Farm Credit, per AFROTECH™. U.S. District Judge Charles E. Atchley Jr. appointed Tennessee attorney Phillip G. Young Jr. as receiver. Young now oversees Uncle Nearest’s Shelbyville, TN, distillery and its “real estate holdings, intellectual property, affiliated ventures, and related entities,” according to the Moore County Observer. On Nov. 24, the Weavers filed an emergency motion to prevent the receiver from taking any further actions...
Beauty trend setter Pat McGrath is exploring an asset sale of her beauty company. Pat McGrath Labs was founded in 2015 and launched its first product, Gold 001, a gold-pigmented mixing liquid used on eyes, lips, limbs, or lashes. It “sold out in record-breaking time” following its launch on social media, according to the brand’s website. One thousand units sold on the site in six minutes, Modaes reported. The brand is sold at retailers including Sephora, Ulta, Nordstrom, Bluemercury, Bergdorf Goodman, Harrods, Revolve, and Selfridges, notes the brand’s website. At Selfridges, it became the retailer’s best-selling beauty brand after launching in stores in April 2019. McGrath’s makeup looks have also appeared on runways for Dior, Prada, Gucci, and Balenciaga, per Pat McGrath Labs. McGrath has served as British Vogue’s beauty editor-at-large since 2017, as AFROTECH™ previously reported. In 2018, Pat McGrath Labs reached a $1 billion valuation, supported by a $60 million investment from...
Tyra Banks is reportedly being sued for her ice cream venture. As AFROTECH™ previously reported, the supermodel and her mother always shared a love for ice cream, which inspired Banks to open an ice cream truck in Dubai, United Arab Emirates, that also shipped pre-packaged pints to the U.S. SMiZE & DREAM From there, Banks expanded the business. In June, Banks opened up an ice cream shop called SMiZE & DREAM in Sydney, Australia, which was a sweet surprise for her mother, Carolyn London. “The woman who gave me everything, even when she had nothing left to give. And here we are, in front of the wildest dream I’ve ever built: An ice cream paradise come to life. Her strength. Our long journey. One massive dream, scooped into reality,” Banks wrote on Instagram. View this post on Instagram A post shared by Tyra Banks (@tyrabanks) A month later, it was announced that Banks was bringing SMiZe & DREAM to Washington, D.C. As AFROTECH™ previously reported, the ice cream shop was set to carry...
Darrell Spencer is shattering various glass ceilings. The Chicago native credits his hustling nature to his parents. His mother works as a postmaster for the United States Postal Service. His father worked for the Chicago Police Department and rose through the ranks to become a commander before retiring. His father also has a real estate portfolio, which was an additional stream of revenue for the family and was an early sign for Spencer that there are other financial paths to follow outside the confines of corporate America. Working In Big Tech After completing a bachelor’s in economics at Connecticut College on a full-tuition national scholarship, Spencer got a job in finance but later pivoted into big tech. He has worked at Facebook, Google, Pinterest, and LinkedIn within their customer sales department in advertising, he told AFROTECH™. Still, he felt called to entrepreneurship. “I helped them generate millions of dollars in revenue through a strategy across each different...
Bun B always saw the full potential of what has become a beloved burger spot in Houston. The UGK rapper is co-founder of Trill Burgers, which offers smash burgers, lemonade, and fries, and on Tuesdays, smash tacos. Andy Nguyen (creative director) and Nick Scurfield (chief marketing officer), as well as chefs Mike Pham (chief operating officer) and Fernando Valladares (executive chef) are also co-founders in the business. Trill Burgers’ first storefront opened in the Montrose neighborhood of Houston in 2023 and had already secured the accolade of making the best burger in America by “Good Morning America” a year earlier, as AFROTECH™ previously told you. The business has been a fixture at the Houston Livestock Show and Rodeo since 2023 and also earned its Gold Buckle Foodie Award for Best Classic Fair Food. Additionally, Trill Burgers is a vendor at Texas Dow Employees Credit Union Stadium for University of Houston football games, according to information shared with AFROTECH™. “I’ve...
Deidre Mathis caught the travel bug, and it led her to become an entrepreneur in the hospitality industry. While pursuing a bachelor’s degree in graphic communication and broadcast journalism at Florida Agricultural and Mechanical University , she studied abroad in the Dominican Republic during her sophomore year, she told AFROTECH™. After graduation, she wasn’t fulfilled in her profession, which prompted her to return to school to earn a master’s degree in corporate communications. Then she moved to Australia, staying in a range of hostels and boutique hotels. “I was living there, and I was just traveling around by myself, and I was staying in a bunch of hostels and a bunch of boutique hotels because those were places that were easy for me to meet people because I was by myself,” she told AFROTECH™. “I always tell people I had my ‘Oprah aha moment’ one day when I was staying in this beautiful hotel, and it was this small, cute hotel. It had 12 rooms, and I said, ‘You know what? I...
Beyoncé has another blooming partnership under her belt. As AFROTECH™ previously reported, the Houston-born singer inked a partnership with Levi’s following the release of her single featuring Post Malone titled “Levii’s Jeans.” The partnership has led to $65 million in media value for the company and a 12% increase in its women’s denim business. “What I can tell you is our partnership has exceeded expectations, both in terms of what it has done to be part of the equation to drive our top-line sales, you know, year to date — our sales are up in the high single digits. And our profit margins are expanding,” Levi Strauss CEO Michelle Gass shared with CBS News. What’s more, Beyoncé has also been making waves with her partnership with Ulta Beauty, which carries her award-winning, science-backed haircare brand Cécred. This brought the self-funded venture to customers across 1,400 Ulta Beauty locations beginning in April 2025, according to a press release. “Launching Cécred exclusively at...
Avante Price and Eli Taylor-Lemire are finding great success with their live events platform, POSH. The pair were students at New York University (NYU) and met while working at events. Price was a DJ, and Taylor-Lemire was a photographer. During an interview with Forbes, Price shared that the pair initially worked with other event brands geared towards college students, who he claims were missing the mark. POSH The founders believed they could create a solution that would provide a better overall event experience for students and organizers, which led to the formation of the live events platform POSH. Though the platform was initially built in 2019 as a software product to benefit the pair directly, it launched to the public in 2023 along with a mobile app. “POSH at the onset was just an IRL events company for NYU and Columbia kids to have a posh upscale experience,” Price told Forbes. “We got a lot of different experience with Eventbrite or these other products that existed at the...
A new cohort of small businesses has received a financial boost to power their business with AI. The C oramino Fund Through The Coramino Fund, the investment arm of Kevin Hart and Juan Domingo Beckmann’s tequila company Gran Coramino, $10,000 grants have been allocated to small business owners over the past three years so they can utilize AI training provided by 1st Street Partnerships to improve their operations. The program was launched in partnership with Local Initiatives Support Corp. (LISC) and is part of a $1.5 million commitment to support more than 150 under-resourced entrepreneurs across the U.S. and Mexico as they compete with larger companies, according to information provided to AFROTECH™. “According to the U.S. Bureau of Labor Statistics, about 20% of new businesses fail within their first year, and nearly 50% fail by their fifth year. The most successful entrepreneurs — locally and nationally — are the ones that have support, whether from their networks, communities,...
It’s a family affair over at the Shaq Brand. Walking Away From Reebok As AFROTECH™ previously told you, Shaquille O’Neal had a multi-million-dollar shoe deal on the table from Reebok. However, he walked away from the deal in 1998 to launch an affordable shoe line in partnership with Walmart. This was prompted after a mother told him that his younger fans couldn’t afford his shoes being sold by Reebok . O’Neal recounts on “The Big Podcast” that he went to his mom in hopes she would counter what the woman had said. However, his mother not only agreed but she also reminded him about his hometown of Newark, NJ. “She’s like, ‘Remember, you ain’t never had no shoes that cost more than $40.’ So, I said to myself, ‘All right, I’m gonna start my own line.’ I called Reebok and said, ‘Hey, we’re not going to renew.’ I had like $50 million on the table. I had no idea what I was going to do. So, I was thinking about where do my people go. Walmart. Walmart is the best distribution in the world....
With Giving Tuesday underway, a New York-based nonprofit is calling for support of Black-owned small businesses and highlighting their impact on local economies. According to a press release, the African American Small Business Foundation Inc. is using the Dec. 2 observance to raise funds that will help minority-owned businesses navigate rising costs, shifting market conditions, and limited access to capital. Currently, the organization serves as a resource center for African American entrepreneurs seeking funding, training, and business connections across New York. The foundation reports that many Black-owned businesses continue to face challenges securing loans, grants, or investment funding. To address this, it connects entrepreneurs to micro-grants and loan programs, community financial institutions, credit-building tools, and capital-readiness training intended to support growth and hiring. Training and technical assistance are another key part of the foundation’s work. Through...
Uncle Nearest is reportedly attracting buyer interest. As AFROTECH™ previously told you, Uncle Nearest whiskey brand, founded by Fawn Weaver and her husband, Keith, has been opposing a court order that placed them under receivership in August 2025. This decision stemmed from claims by lender Farm Credit Mid-America that Uncle Nearest defaulted on more than $108 million in loans. In August, Tennessee attorney Phillip G. Young Jr. was named receiver by U.S. District Judge Charles E. Atchley Jr., so he now oversees Uncle Nearest’s assets, including its distillery in Shelbyville, TN, as well as “real estate holdings, intellectual property, affiliated ventures, and related entities,” according to Moore County Observer. The Weavers had placed fault with Uncle Nearest’s former chief financial officer, Mike Senzaki. They claimed he inflated the company’s whiskey barrel inventory, which resulted in a $24 million credit increase from Farm Credit, according to a separate article from...
Miami-based founders Justin Elliott and Jahreem Samuels have scored an investment for their AI and blockchain-verified commerce platform. The pair’s journeys brought them together, and they became united in business through shared pain points in their respective industries. Elliott explored mechanical engineering while in high school, but in college, he shifted to marketing, maintaining an interest in web development, and eventually became the head of digital marketing and e-commerce for a jewelry company that launched several businesses. “I’ve always had my own businesses where I’ve had to learn how to build websites, learn how to do the marketing, learn about SEO, so I’ve always been on that side of things,” Elliott told AFROTECH™. “I’ve also been in music, so like engineering, technical side, and music has always been parallel in my life.” For 10 years, Elliott worked as a full-time DJ, touring globally, until the pandemic hit. At what felt like the height of his career, he no...
Darrick Johnson and his team have launched a new software to put actionable insights at the fingertips of sports agents and teams. Johnson is a South Central, LA, native who knew technology would always be in his playbook. His father worked at various tech companies, including IBM and Intel, so Johnson always maintained positive sentiments toward the sector. In college, his undergraduate studies centered on business administration, marketing, and management. He then had a short nine-month stint as a professional football player in Canada, but he always knew there was more in store for his career. “I got back home from Canada and was sitting on the couch waiting around for phone calls. Phone wasn’t ringing. I was like, ‘You know what? I got a degree.’ So I literally looked up technology sales jobs and found an inside sales job … So I was making 100 calls a day for almost 18 months before I actually landed my first tech job at Dell,” Johnson told AFROTECH™. One year into his time at...
Black-woman-owned Prismm has secured significant funding to help families in times of crisis. Prismm Prismm is a transaction-enabled digital vault. It stores critical records that become essential during an emergency. Users can upload documents, property and asset information, and financial accounts. They can also add beneficiaries, trusted persons, lawyers, executors, or advisors as connections, granting them view-only, view-and-modify, or no access across all categories, according to the company’s website. All information stored on Prismm is encrypted using HTTPS and kept in a digital vault that can be decrypted only with an authorized user account and the correct account key. Prismm intends to protect deposits for financial institutions and automate the inheritance transfer process, which is timely given that $84.4 trillion in wealth is projected to be transferred to Millennial and Gen X heirs by 2045, according to financial services organization, Cerulli Associates. Inception...
