Tech Company Makes History After Being Only One of 20 Black Women-Owned Businesses to Secure $5M in Financing

by Xara Aziz
Courtesy of Kanarys

A Black woman-owned company is making major waves in the tech industry after it has been announced that it has raised $5 million in its Series A financing round.

Kanarys, Inc, founded and owned by Mandy Price, is only one of 20 Black women-owned businesses to raise that amount of funding. The financing round, led by Seven Capital, also includes Portfolia Rising America, Rackhouse Venture Capital, Revolution’s Rise of the Rest Seed Fund, StartFast Ventures, TechNexus Venture Collaborative and Tech Square Ventures.

Kanarys has raised $10.5 million to date.

“The momentum demonstrated through our Series A round underscores the importance and growth we’ve seen in DEIB solutions over the past several years. DEIB remains a critical driver to a thriving business, in every economic climate, and company leaders should continue to bolster their efforts when it comes to prioritizing DEIB,” said Price said in a news release obtained by ESSENCE. “We’ve been on a mission since 2018 to develop and deliver data-driven technology tools that not only advance DEIB in the workplace but also create a culture of meaningful engagement across the global workforce. Our solutions empower companies to not only address the unique needs of their employees but also foster inclusion among their stakeholders and customers. This funding, along with the hiring of leading industry experts on our leadership team, will catapult us towards fulfilling our mission.” 

The funding raised will allow Kanarys to recruit six members to its executive team, who will be focused primarily on diversity, equity, inclusion, belonging, engineering, finance, operations, product marketing and sales.

“As the leading provider of data-driven DEIB solutions, Kanarys demonstrates its value to companies and employees worldwide,” George Spencer III, Senior Managing Director of Seyen Capital, said in the press release. “Today companies are being held to higher standards when it comes to DEIB, and Kanarys has developed the platform companies need to manage DEIB and make accountability more transparent and reliable for company boards, managers, investors, employees, and other key stakeholders. I am confident that our investment will further advance greater equity and transparency in the workplace, and we are excited to see the impact our investment has on furthering their mission.”

The tech company closed its $3 million seed round in 2021, and at the time, Price was only one of 93 Black women to have raised over $1 million. “Today, with the closing of Kanarys’ landmark Series A, Mandy joins less than 20 Black female founders who have raised more than $10 million,” reads the report.

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