The funding, which comes on the heels of the brand’s 3X revenue growth in 2021, will be used to further propel the brand's omnichannel growth, drive new hires, support channel expansion and fuel brand marketing awareness.
Topicals says it is the fastest growing skincare brand at Sephora and has sold one product every minute this year.
"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,” said Olowe.
“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," Olowe 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 skincare—but also by destigmatizing the way consumers speak about their skin conditions," said Jenna Jackson, principal of growth at CAVU Consumer Partners. "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."
With the funding, Jackson is joining Topicals' board of directors.
New Accelerator Program for Mental Health
Topicals says the funding will also allow it to continue its mission of raising awareness around the connection between mental health and skin conditions. To date, Topicals has donated more than $50,000 to support nonprofits providing mental health resources for marginalized communities.
To expand this mission, Topicals is launching a 12-month accelerator program designed to provide nonprofits in the mental health space with leadership training, mentorship and business advisory