A 26-year-old Nigerian businesswoman, Olamide Olowe, has emerged as the youngest Black woman to raise ₦4.4bn ($10 million) in venture capital.
Olowe’s skincare company, Topicals, which creates 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.
A Forbes report says the news follows Olowe’s inclusion in the Forbes 30 Under 30 list for 2022 after Topicals raised $2.6 million.
Olowe intends to use the $10 million in funding to expand the company and fuel brand awareness through an effective product campaign on TikTok and Instagram.
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.
The brand has donated more than $50 000 to nonprofits that provide mental health resources to marginalized communities