It is not even February yet, but Olamide Olowe is already making Black history. The skincare mogul has reportedly led a $10 million financing round for her skincare brand, Topicals. By achieving this feat, she has become the youngest Black woman to lead a financing round of more than seven figures.
Founded in 2020, Topicals has quickly become one of the fastest-growing skincare brands at Sephora and around the world. In 2021, the brand’s sales tripled. This year, the brand has managed to sell at least one product per minute. With this round of financing, Forbes reports that Topicals will “expand the company and fuel brand awareness.” The company will also “[raise] awareness around the connection between mental health and skin conditions.” In order to achieve this goal, the company plans to launch an incubator to assist companies entering this space.
“Storytelling is the heartbeat of what we do at Topicals,” Olowe said, according to Forbes.
“It starts with media, it starts with mental health, it starts with all of us believing that we don’t have to subscribe to certain beauty standards. Beyond disrupting the ointment category, Topicals helps people accept and embrace flare-ups and have fun taking care of themselves. As someone who grew up with chronic skin conditions, it’s so rewarding to see people talking about their skin journeys in a positive way.”
