Topicals is a Black-owned skincare brand devoted to solving chronic skin issues such as hyperpigmentation, eczema, and psoriasis.
Topicals was founded in 2020 and has grown 675% in sales year-over-year as of November 2022.
Today, the company announced $10 million in new financing to continue the innovative production and sufficiency of the brand. The funding round was led by CAVU Consumer Partners.
The historic occasion marks Founder and CEO Olamide Olowe as the youngest Black woman ever to raise more than two million in venture-backed funding.
The funding will be used to further propel Topicals’ omnichannel growth, drive new hires, support channel expansion, and fuel brand marketing awareness.
“I love to keep the company fresh and new, with [employees] who understand beauty or maybe who don’t understand beauty but are coming in with a different point of view,” said Olowe. “We’re looking for people from different industries who can continue pushing a cultural narrative but also have experience because scaling a business is a bit formulaic.”
The company will also continue its mission of 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 for marginalized communities. To expand this mission, Topicals is launching a 12-month accelerator program designed to provide nonprofits in the mental health space with leadership training, mentorship, and business advisory.
In addition to CAVU, Topicals has garnered an extremely diverse portfolio of investors including Gabrielle Union, Kelly Rowland, Hannah Bronfman, Bozoma Saint John, Yvonne Orji, and Marcy Venture Partners.
Topicals has now raised a total of $15 million in outside funding to date.