Olamide Olowethe 26-year-old co-founder of the skincare brand Topicshas become the youngest Black woman to raise $10 million in funding, according to Forbes.
Olamide co-founded Topicals two years ago when she was 24, to make safe, effective products for all skin tones. She spent much of her childhood dealing with skin conditions like hyperpigmentation, boils, and ingrown hairs. Topicals is now the fastest-growing skincare brand at Sephora, with a 675% increase in sales every year. In August 2020, the brand raised $2.6 million in funding, making Olamide the youngest Black woman ever to raise more than $2m in venture funding, per the Forbes report.
On Thursday, Topicals announced that it had raised $10 million in a Series A round led by the venture capital firm CAVU Consumer Partners.
Olamide also shared the news on his Instagram page and talked about how far Topicals has come in the last two years. She also thanked her team and investors, including Kelly Rowland, Gabrielle Union, Hannah Bronfmanand Jay Z‘s Marcy Venture Fund for working with her to build the brand:
Raising millions and the bar at the same time 🥂 Excited to announce @Topicals $10M Series A led by CAVU Consumer Partners. In just 2 years, Topical stats include:
📈675% year over year revenue growth
📈 Fastest growing skincare brand at Sephora
📈 1 product sold every minute this year
📈 $100K donated to mental health organizations
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.
While speaking with Forbes, Olamide, who also appeared in the Forbes 30 Under 30 list for 2022, shared her top three tips for building a brand that people fall in love with quickly.
- 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.
And her advice for young people with an entrepreneurial drive is not to hesitate to get started. She says, “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?”