According to Forbes, Topicals skincare announces a $10 million financing round led by CAVU Consumer Partners. The 26-year-old founder and CEO Olamide Olowe is the youngest Black woman ever to raise more than $2 million in venture funding. Already she was included in the Forbes 30 Under 30 list for 2022 for her previous fundraise of $2.6 million.
The fastest-growing skincare brand at Sephora, Topicals appeals to Gen-Z consumers through its TikTok and Instagram marketing, eye-catching packaging, and mental health advocacy. Founded in 2020, Topicals saw revenues increase three-fold in 2021. In 2022, the company has sold one product every minute.
It comes as a surprise to many to learn that more than 85 million Americans, or one in four, suffer from a chronic skin disease such as psoriasis or hyperpigmentation. Topicals is on a mission to end the stigma around these skin-related conditions. The company has reimagined how consumers can treat flare-ups by developing products that contain ingredients and herbals scientifically proven to work by third-party, peer-reviewed clinical studies.
Topicals will harness the CAVU funding to expand the company and fuel brand awareness. The company is also committed to raising awareness around the connection between mental health and skin conditions. To date, Topicals has donated more than $50,000 to support nonprofits providing mental health resources to marginalized communities. Now the company will be able to launch a 12-month accelerator program to support nonprofits in the mental health space.
Photo Credit: Topicals
