(MENAFN- GlobeNewsWire - Nasdaq) Over 400 attendees gather as "Black Means Business" Summit delivers the most funding in its five-year history, reinforcing investment in Black founders as an economic driver.

Toronto, Oct. 31, 2025 (GLOBE NEWSWIRE) -- Toronto Metropolitan University's DMZ held its fifth annual Black Innovation Summit, where 10 Black-led tech startups from across Canada pitched their businesses for the chance to secure over $300,000 CAD in funding to accelerate their growth - a total that ultimately surpassed expectations, reaching $400,000 CAD awarded by the end of the event.

DMZ's largest Black Innovation Summit to date, the event gathered over 400 guests from the Black entrepreneurial community. Designed to bring together the Black tech ecosystem and celebrate Black excellence, this year's theme, 'Black Means Business,' underscored a powerful message: investing in Black founders is not only the right thing to do, it is a strategic imperative that fuels economic growth and the startup economy. According to a recent report by the BDC, Black entrepreneurs remain underrepresented in Canada's business landscape yet demonstrate strong export potential and optimism for growth, clear indicators of untapped economic opportunity. The Summit put capital behind this conviction, awarding the most in its history.

The Summit featured a powerful lineup of speakers, including successful Black entrepreneurs such as Frank Baylis, Canadian businessman and Executive Chairman of Baylis Medical Technologies, and award-winning artist, entrepreneur and DMZ Advisory Council member Keshia Chanté and The Honourable Graham McGregor, Minister of Citizenship and Multiculturalism for the Government of Ontario. The day brought together entrepreneurs, investors, corporate leaders and government to celebrate Black-led innovation, culminating in a startup pitch competition exclusively for Black founders.

DMZ Ventures, Tribe Network, and Capital M Ventures led this year's investments and grants were made possible by DMZ and the Black Founders Network. The investment funds are now proceeding to finalize investment terms.

• OutreachGenius, a solution that provides AI-powered agents to answer sales calls and revive cold prospects for home-service businesses, received 200,000 CAD in investment commitments.
• Happly, a platform that helps startups find and secure funding, received 75,000 CAD in investment commitments and a $50,000 CAD grant.
• Kiwi Charge, a solution that provides autonomous charging units for electric vehicles in buildings that lack a charging infrastructure through a charging-as-a-service model, received a $30,000 CAD grant.
• Cellect Laboratories, nanotech-powered products for women to screen for HPV and cervical cancer, received a $20,000 CAD grant.

When asked about his biggest takeaway from DMZ's Black Innovation Summit, David Owasi, the CEO of OutreachGenius emphasized the power of community:“Relationships, relationships. The connections built here have been incredible. From my fellow founders, who I truly believe will shape the next few decades in Canada and beyond, to the investors and partners who are genuinely invested in seeing Black entrepreneurs grow. It's been a real pleasure building these relationships, and I hope this is just the first of many.”

"This year's Summit was our biggest yet, bringing together over 400 attendees from the Black entrepreneurial community and handing out the most funding in the event's history. That's not by accident," said Abdullah Snobar, Executive Director of DMZ and CEO of DMZ Ventures. "The theme 'Black Means Business' speaks to what we see every day: Black founders perform, drive innovation and fuel economic growth. While players in the space are pulling back, we're doubling down because backing Black founders isn't just the right thing to do, it's one of the smartest bets you can make.”

The Black Innovation Summit also recognized exceptional Black-identifying young entrepreneurs through its Youth Entrepreneurship Award. The Honourable Graham McGregor, Minister of Citizenship and Multiculturalism from the Government of Ontario, joined the Summit to present the awards. Five outstanding young entrepreneurs shared a $25,000 pool in youth grants:

• Daniel Martinovic, Nodalli
• Samira Mohamed, Stardoe Studio
• Merveille Mukoko, Yekola
• Chevon Riley, NORM
• Alexis Stackhouse, Global Elevation Network
  

The Ontario Government, a longstanding partner of DMZ's Black Innovation Programs, invested $16.5 million in over 65 Black-focused programs earlier this year, including renewed support for DMZ's programs.

DMZ is proud to have brought the Summit to life in collaboration with presenting partners Scotiabank and the Government of Ontario; contributing partners Black Founders Network, CapitalM Ventures, DCCM Foundation, DMZ Ventures, Humi by Employment Hero, Torys LLP and Tribe; and community partners Black Entrepreneurship Alliance, Black Women Talk Tech, Brampton Innovation District, Founders Connect, Futurpreneur, LBIH, Nobellum, Rep Matters and Startup Ecosystem Canada.

The annual Black Innovation Summit serves as the marquee event for DMZ's Black Innovation Programs (BIP), which were launched in 2019. A first-of-its-kind initiative in Canada, DMZ's Black Innovation Programs were created to increase the number of Black-led startups in the tech ecosystem and break the cycle of inequity. To date, DMZ has supported over 2,500 Black-identifying founders and has distributed over $3 million in grants and services.

Black founders in DMZ's Black Innovation Programs receive additional opportunities and specialized support, such as free legal services, subsidized hiring grants, professional development opportunities, mentorship, a peer network, exclusive events, and connections to investors dedicated to supporting Black-led innovation-on top of the standard programming all DMZ founders receive.

Black founders seeking hands-on, tailored support to take their businesses to the next level can learn more about DMZ's Black Innovation Programs at.

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• Black-led startups secure record $400,000 at DMZ's largest Black Innovation Summit to date

CONTACT: Luvy Hardy DMZ...

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