Ever heard of the brand Faded or Slather by Topicals? Well if you haven’t then you should because between the finance world, and beauty world, no one seems to be able to keep the names of founders which includes Nigerian, Olamide Olowe out of their mouth.
Topicals skincare recently received a $10 million financing round led by CAVU Consumer Partners. Making the 26-year-old founder and CEO Olamide Olowe the youngest Black woman ever to raise more than $2 million in venture funding. She had earlier been included in the Forbes 30 Under 30 list for 2022 for her previous fundraise of $2.6 million, but this is a record breaking sum for a women-led company.
Last year, Topicals was recognized as the fastest-growing skincare brand at Sephora. The brand has been known to appeal to a much younger audience through its TikTok and Instagram marketing, eye-catching packaging, and mental health advocacy.
Founded just in 2020, Topicals revenues was said by Forbes to have increased three-fold in 2021, According to the magazine, this year, the company has sold one product every minute, recording a growth of 675% in sales year-over-year as of November 2022.
Unlike some of their counterparts, 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.
In another Interview, Olowe mentions her top three tips for building a brand that consumers fall in love with quickly:
1. Identify your purpose
2. Don’t shy away from culture
3. Find true partners that share your vision
Olamide believes one of the brand’s greatest asset, is its ability to tell real stories, however she does not fail to point out of their biggest challenges being tackling industry norms.
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