Nigerian entrepreneur Olamide Olowe, 26, is the youngest black woman to secure $10 million in venture funding.
Her skincare business, Topicals, obtained the cash in its most recent funding round, which was spearheaded by consumer-focused investment firm CAVU Consumer Partners. Topicals develops safe, efficient solutions for all skin tones.
Olowe is a multi-millionaire businessman who recently earned his MBA from the University of California, Los Angeles (UCLA). SheaGIRL, a former Sundial Brands subsidiary that is now owned by Unilever, was co-founded by Olowe. She is also the youngest Black woman to secure venture capital funding of $2.6 million and $1 million.
The development followed Olowe’s placement on the Forbes 30 Under 30 list for 2022 after Topicals, the fastest-growing skincare brand at Sephora, raised $2.6 million, according to a Forbes report reviewed by Billionaires.Africa today.
Through a successful product promotion on TikTok and Instagram, Olowe will use the $10 million in capital to grow the business and promote brand awareness as it works to spread awareness of the connection between mental health and skin issues.
Additionally, the money will be utilised to create treatments for persistent skin problems like eczema, psoriasis, and hyperpigmentation.
Since its founding in August 2020, Topicals has raised a total of $15 million in venture capital. The company’s mission is to change how people feel about their skin by creating effective products and promoting mental health awareness.
The company has contributed more than $50,000 to NGOs that offer mental health services to underserved communities as part of its commitment to spreading awareness about the connection between mental health and skin issues.