Topicals founder and CEO Olamide Olowe is reportedly the youngest Black female entrepreneur to raise millions in funding. Her previous investors have included Gabrielle Union, Kelly Rowland, Hannah Bronfman, Bozoma Saint John, Yvonne Orji and Marcy Venture Partners.
The latest funding will support omnichannel growth, new hires, channel expansion and brand marketing awareness.
Jenna Jackson, principal of growth at Cavu Consumer Partners, will also join Topicals' board of directors.
The brand reportedly achieved 300% revenue growth in 2021, making it the fastest growing skin care brand at Sephora, per the brand, selling one product every minute of 2022 to date.
To date, Topicals has donated more than $50,000 to support nonprofits providing mental health resources for marginalized communities. To expand this mission, the brand is launching a 12-month accelerator program to support nonprofits in the mental health space.
Olowe said, "I love Cavu's focus on mission driven brands and from the first conversation with their team, it was clear that they shared our vision of disrupting the ointment category. They're very hands on with their portfolio brands, which was the biggest differentiator. At this stage of growth, it's crucial for us to have an investment partner who can provide value outside of capital, and with Cavu we have a team of experts ready to roll their sleeves up and do the hard work of taking this brand to the next level."
Jackson added, "Through Topicals, we believe Olamide has set a new standard in beauty—not only by formulating and marketing effective over-the-counter replacement products for skin care—but also by destigmatizing the way consumers speak about their skin conditions. Topicals is truly a category creator in that regard and truly aligns with Cavu's philosophy of investing in and building brands creating better-for-you products. I'm thrilled to partner with Olamide and this boundary-pushing beauty company."