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General News of Sunday, 13 November 2022

Source: billionaires.africa

26-year-old Nigerian entrepreneur becomes youngest black woman to raise $10 million

26-year-old Nigerian businesswoman, Olamide Olowe 26-year-old Nigerian businesswoman, Olamide Olowe

Olamide Olowe, a 26-year-old Nigerian businesswoman, is the youngest black woman to raise $10 million in venture capital.

Her skincare company, Topicals, which creates safe, effective products for all skin tones, received the capital injection in its most recent funding round led by consumer-focused investment firm CAVU Consumer Partners.

Olowe, a serial entrepreneur who recently graduated from the University of California, Los Angeles (UCLA), is the former co-founder of SheaGIRL, a Sundial Brands subsidiary now owned by Unilever. She is also the youngest Black woman to raise $1 million and $2.6 million in venture funding.

According to a Forbes report seen by Billionaires. Africa today, the news follows Olowe’s inclusion in the Forbes 30 Under 30 list for 2022 after Topicals, the fastest-growing skincare brand at Sephora, raised $2.6 million.

Olowe will use the $10 million in funding to expand the company and fuel brand awareness through an effective product campaign on TikTok and Instagram, as the firm continues to raise awareness about the link between mental health and skin conditions.

The funds will also be used to develop products to treat chronic skin conditions such as hyperpigmentation, eczema, and psoriasis.

Topicals have now raised a total of $15 million in venture funding since its inception in August 2020, as it continues to transform the way people feel about their skin through effective products and mental health advocacy, which continues to appeal to Gen-Z consumers.

In keeping with its commitment to raising awareness about the link between mental health and skin conditions, the brand has donated more than $50,000 to nonprofits that provide mental health resources to marginalized communities.

As it continues to develop products to address chronic skin issues such as hyperpigmentation, eczema, and psoriasis, the recent funding will put Topicals on track to launch a 12-month accelerator program to support nonprofits in the mental health space.

Olowe, who spent much of her childhood dealing with chronic skin conditions such as hyperpigmentation, advises young people with entrepreneurial aspirations not to wait.

“Don’t even consider what you can’t do,” she advised, “just ask why not me?”

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