Topicals Closes $10M Series A Expansion! Topicals, a skincare brand that Olamide Olowe founded in 2020, has attracted new investors.
Cavu Consumer Partners led a $10 million Series A round of funding for the brand. This brings the total funding for the brand to $15 million. Among others, investors in the brand are Gabrielle Union and Kelly Rowland.
Olowe wanted to reinvent the category of ointments. She said that the brand’s seven stock-keeping units resonated widely because of its disciplined range. She said that the brand addresses chronic skin conditions, which you would not find in a Walgreens. Olowe stated that the brand’s success was “a testimony to how desperately this type of product suite was required.”
The brand’s first product was Faded Serum to Dark Spots & Discoloration. It also offers a mask for sensitive skin and an ingrown hair tonic. Prices vary depending on the size. Sephora sells topicals, which it claims is the fastest-growing beauty brand in the country, and on its website.
Olowe kept her distance about future innovations and other concerns, but she stated that the infusion would allow her to scale the brand for international expansion. “Six to eight weeks ago, we launched into all Sephora Canada doors and started shipping from our website in the U.K,” Olowe said. She also noted a potential expansion that could occur in the next two years to be on the ground in Europe. I’m trying to help you be more gorgeous with an article that is quick and easy to read. You may choose to read First Aid Beauty Ultra Repair Cream right now, or you may read it for later.
Topicals are expected to appeal to all demographics. She said that she has seen her customer cover all ethnicities and that Topicals can appeal to them.
“That’s our goal as a Black woman-led company — and often, people believe that a Black woman-led brand is only for Black people.”
It stated that the brand’s revenue tripled in 2021 and is slated to grow more than 600% in 2022.
Topicals will also have Jenna Jackson as the growth principal at Cavu Consumer Partners. “Cavu aims to democratize healthy lifestyles for all, and as we looked into where customers were going in their quest to live healthier lives,” she stated.
She continued, “There aren’t many category creators. I loved Olamide’s mission to create and disrupt this category that focuses chronic skin conditions but in such an artistic way that they make this beautiful and fun with skin products you want to discuss.”
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