Topicals: Sephora’s Fastest-Growing Skincare Brand Lands $10 Million Series A
Cavu Consumer Partners led Series A financing of $10 million for Gen Z skincare brand Topicals, following a 3x increase in revenue in 2021.
WHO: Olamide Olowe was the founder of Topicals, a company that aims to combine self-care and treatment for skin-related problems. Topicals was founded in 2020 by Olamide Olowe, who is on a mission to reimagine how people treat skin conditions. Topicals uses effective products that contain herbs and ingredients that have been scientifically confirmed through third-party peer-reviewed clinical trials.
WHY: Topicals will use the funding to expand their omnichannel reach, hire new employees, expand channel channels, and increase brand awareness. The company will also continue to raise awareness about the relationship between mental and skin conditions.
IN THEIR OWN WORDS: “I love Cavu’s focus on mission-driven branding, and it was evident from our first conversation that they shared our vision for disrupting the ointment industry. This was their biggest advantage. Cavu is an investment partner that can bring value beyond capital at this stage of our growth. Olamide Olowe, founder of Topicals, said, “It’s critical for us to have someone who can help us grow this brand.”
“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 skincare—but also by destigmatizing the way consumers speak about their skin conditions,” said Jenna Jackson, Principal of Growth at Cavu Consumer Partners. Cavu’s philosophy is to invest in and build brands that create better-for you products and Topicals is a true category-creator in this regard. It’s an honor to be a partner with Olamide, a boundary-pushing beauty brand.
DETAILS:
- Cavu Consumer Partners, who led Topicals’ Series A funding round of $10 million, brought the total funding to date at $15 million.
- Brand sales increased by three times in 2021. Revenues are expected to rise by more 600 percent in 2022.
- Topicals, which is the fastest-growing skin care brand at Sephora, has sold one product per minute this year.
- Topicals has donated more that $50,000 to help nonprofits provide mental health resources for marginalized populations. Topicals has launched a 12-month accelerator program that will provide mentorship and leadership training to nonprofits working in the mental health sector.
- Topicals’ Board will also include Jenna Jackson (Principal of Growth, Cavu Consumer Partners).
- Topicals raised $2.6million in funding over three rounds. Topicals had several early investors and supporters, including Bozoma Saint John from Netflix, an entrepreneur and DJ, and Hannah Bronfman and other Emmy-nominated stars. Insecure Issa Rae, Yvonne Orji. Lerer Hippeau was the leader of the initial round. Humble Lukanga participated as did Mucker Capital and Warby Parker CEOs.