- Nigerian-American becomes the first black woman ever to raise more than $2 million in venture funding.
- The vision of her company is to end the stigma surrounding skin-related conditions.
- The funding will be used to expand the company and fuel brand awareness while still being committed to raising awareness for mental health in connection with skin conditions.
A Nigerian-American by the name of Olamide Olowe has become the youngest black woman to raise $10 million in funding.
Olamide Olowe is the founder and CEO of Topicals, a skin-care brand. This skin-care brand is the fastest-growing skin-care brand at Sephora and it appeals to Gen-Z consumers through its TikTok and Instagram marketing, eye-catching packaging, and mental health advocacy.
Her brand was founded in 2020, it saw revenues increase three-fold in 2021, and in 2022, the company sold one product every minute. The 26-year-old owner is the youngest black woman ever to raise more than $2 million in venture funding. She was also included in the Forbes 30 Under 30 list for 2022 for her previous fundraise of $2.6 million. All these were achieved in just two years after the brand was formed.
The vision of her company is to end the stigma surrounding skin-related conditions. They have also reimagined how consumers can treat flare-ups by developing products that contain ingredients and herbs scientifically proven to work by third-party, peer-reviewed clinical studies.
Topical will harness the CAVU funding to expand the company and fuel brand awareness, while still being committed to raising awareness around the connection between mental health and skin conditions.
Till today, the company has donated more than $50,000 to support nonprofits providing mental health resources to marginalized communities. With their recent funding, the company will be able to launch a 12-month accelerator program to support nonprofits in the mental health space.
As a point, Olamide offered three tips for building a brand that consumers fall in love with. They are, to identify your purpose, don’t shy away from your culture, and find true partners that share your vision.