The founder and CEO of Topicals, one of the fastest-growing skincare brands on the market, has become the youngest Black woman to ever raise more than $2 million in venture funding at just 26 years old.
According to Forbes, Olamide Olowe, the 26-year-old head of Topicals, made history as the skincare brand announced a $10 million financing round led by CAVU Consumer Partners last week. Olowe has topped her previous fundraise of $2.6 million dollars, which landed her on the 2022 Forbes 30 Under 30 list.
Topicals, founded in 2020 and now the fastest-growing skincare brand at Sephora, has found success appealing to Gen-Z customers through its TikTok and Instagram marketing, aesthetic packaging, and mental health advocacy. The company's revenues increased threefold from 2020 to 2021, according to Forbes. For every minute, Topicals has sold one product in 2022.
Aside from sales, the brand aims to end the stigma around skin-related conditions such as psoriasis and hyperpigmentation. Topicals has created innovative products to treat these conditions using ingredients and herbals scientifically proven to work by third-party, peer-reviewed clinical studies.
Topicals will use the CAVU funding for brand expansion and awareness. The $10 million will also go towards launching a 12-month accelerator program to support nonprofits in the mental health space.
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