November 14, 2022
26-Year-Old Black Founder Makes History After Raising $10M in Funding for Her Skincare Company
Skincare products are some of the most in-demand items in the beauty industry, and more Black entrepreneurs are developing products that provide more natural options to treat diverse skin types.
Topicals founder and CEO Olamide Olowe, 26, became the youngest Black woman ever to raise $10 million in funding after the skincare company announced the amount from a financing round led by CAVU Consumer Partners.
As previously reported in BLACK ENTERPRISE, Topicals launched in 2020 to provide a skincare product for treating stigmatized skin conditions.
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According to Forbes, the former intern for Shea Moisture said she was inspired to build Topicals around a social mission. Olowe said the company is committed to using the CAVU funding to expand the company and brand awareness, including raising awareness of the connection between mental health and skin conditions.
“Storytelling is the heartbeat of what we do at Topicals,” Olowe said, according to Forbes.
“It starts with media, it starts with mental health, it starts with all of us believing that we don’t have to subscribe to certain beauty standards.”
“Beyond disrupting the ointment category, Topicals helps people accept and embrace flare-ups and have fun taking care of themselves. As someone who grew up with chronic skin conditions, it’s so rewarding to see people talking about their skin journeys in a positive way,” she added.
Olowe revealed to the outlet her struggles growing up with chronic skin conditions. During research for her concept, she found that 50% of dermatologists reported not being knowledgeable about treating skin of color. These results led her to develop products that were inclusive of individuals of darker skin tones, containing ingredients and herbals scientifically tested by third-party, peer-reviewed clinical studies.
Topicals donated more than $50,000 to fund nonprofits that provide mental health resources to marginalized communities. Olowe hopes to be able to launch a 12-month accelerator program to support nonprofits that target mental health.
Olowe spoke to BLACK ENTERPRISE during a previous SistersInc. episode after her company raised $2.6 million as a startup with the help of some Black women celebrity angel investors.