An inclusive beauty that was born out of frustration just made history.
After realizing that each makeup she used caused her eczema to flare up, Alicia Scott founded Range Beauty in 2018, an all-natural makeup line that soothes the skin as an alternative of just covering it. The founder recently appeared on ABC’s
Shark Tank and received an investment, the primary time that’s happened for a Black woman-owned beauty brand within the show’s history.
Her product line includes foundation, primer, powder and body oil, all priced affordably for many who are fans of drug store beauty staples.
“It was like the final word pitch for me,” Scott said as reported by the Atlanta Journal Structure. “I’ve been pitching for years raising money at grant competitions. I like pitching. I like speaking. That is just like the master level in video games.”
Scott asked for $150,000 from the investors for six% of the corporate. They received $150,000 but for a 20% stake from the investors. “What you’ve done is admittedly good,” Emma Grede said, who was a co-host on the episode.
Although that is the primary time a Black woman-owned beauty has received an investment from the Sharks, it wasn’t from lack of trying from other founders.
Melissa Butler, founding father of The Lip Bar, appeared on the show in 2015 and was ultimately rejected by the investors with one even calling the road “clown makeup.” She got the last laugh in the long run. Seven years later, Butler closed on $6.7M in seed funding and has continued to make strides within the clean beauty space.
As previously reported by ESSENCE, the round was led by Pendulum, an inclusive and strategic growth investing and advisory platform designed for founders and leaders of color, with The Fearless Fund and Endeavor rounding out the cap table. Butler said she plans to proceed growing The Lip Bar, changing societal beauty norms along the way in which.
No Comments
Sorry, the comment form is closed at this time.