A 26-year-old Los Angeles native has become the youngest Black woman to raise $10 million to fund her skincare brand, Topicals.
Olamide Olowe made Forbes’ highly-coveted 2022 30 Under 30 list for the feat and was applauded for raising more than $2 million in venture funding, according to the publication.
Topicals was founded when Olowe was 24 and was created to make
safe and effective products for all skin tones. As a woman who suffered from hyperpigmentation, boils, and ingrown hairs, the entrepreneur was able to build a brand that has become one of the highest-selling skincare brands at Sephora, where the products are sold. The line has had a 675% increase in sales since it launched and has raised more than $2.6 million in funding when she unveiled the brand in 2020.
Venture capital firm CAVU Consumer Partners announced last month that Topicals had raised $10 million in a Series A round, making her the youngest Black woman to secure that amount for a business.
In a post on Instagram, Olowe thanked her team and investors for helping to bring her vision to life.
“Thank you to the spottie hotties, my team, and our investors like Kelly Rowland, Gabrielle Union, Hannah Bronfman, and Jay Z’s Marcy Venture Fund for working alongside me to build a category-defining brand,” she captioned the post.
“Raising millions and the bar at the same time…in just 2 years, Topicals stats include: 675% year over year revenue growth, Fastest growing skincare brand at Sephora, 1 product sold every minute this year and $100K donated to mental health orgs,” she added.
In her Forbes feature, the young businesswoman shared three tips for building a brand that will break new ground.
- Identify your purpose and your brand ethos, and stick to them.
- Don’t shy away from culture.
- Find true partners that share your vision and support your mission.
She added that once you have the urge to pursue a new business venture, simply begin.
“If you psych yourself out, even just a little bit, you won’t do it.” Don’t even think about what you can’t do. Just ask, “Why not me?”