Skincare company Topicals secures 10 million dollars funding

Topicals has announced the closing of a 10 million dollar financing round led by Cavu Consumer Partners, with further backing from the likes of Kelly Rowland, Gabrielle Union and Hannah Bronfman.

Principal of growth at Cavu, Jenna Jackson, will also be joining Topicals’ board of directors.

In a release, the US company said it would be using the funding to accelerate its omnichannel growth, appoint new hires, support channel expansion and drive brand marketing awareness.

Tropicals added that it would also be continuing in its mission of raising awareness around the link between mental health and skin conditions, a topic it has centred itself around.

To build on this mission, the company is launching a 12-month accelerator programme focused on supporting nonprofits in the mental health space through leadership training, mentorship and business advisory.

The funding comes on the back of a successful 2021 for Tropicals, which reported a revenue growth of 300 percent and now counts itself as one of the fastest growing brands at beauty giant Sephora.

Olamide Olowe, who founded the company in 2020, said Cavu fit with the brand’s mission and shared its vision of “disrupting the ointment category”.

Olowe continued: “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."