Why Are Black Beauty Entrepreneurs Still Fighting For Investment
Some of your favourite beauty and cosmetics brands - Fenty, Pat McGrath, Ami Colé, Uoma Beauty, Bouclème, and so many others - were founded by black women. But data reports consistently show that black women founders in both the US and UK receive less than 1% of venture capital funding (swipe for some stats!).
For a feature in Service95, I spoke to the wonderful founders of Topicals (Olamide Olowe), Charlotte Mensah, and Dizziak (Loretta De Feo) to find out more about why market conditions in the beauty industry remain adverse for black women entrepreneurs. Each of them made amazing points about how every detail, from cosmetic science to retail merchandising, plays a huge role in legitimising early stage beauty businesses in the eyes of investors. Representatives from Glossier also weighed in on how minority focused initiatives like the Glossier Grant Program can deliver on their promise to level the playing field.