Total amount raised
$22.6 Million
Latest funding date
03/01/2024
Location
Topicals has successfully raised funding over five rounds, attracting a total of 12 investors, including notable names like Angel Reese and Rema Rema. The latest funding round remains undisclosed, adding an element of intrigue to their financial journey.
Keep reading to explore the intricacies of Topicals' fundraising journey and the investors backing this innovative skincare brand.
What Is Topicals?
Topicals is a beauty and skincare company based in Santa Monica, California. Specializing in e-commerce, community, and beauty devices, the company operates in the beauty, cosmetics, and health care industries. With a small team of 1-10 employees, Topicals is committed to offering science-backed formulas and quality active ingredients.
The brand emphasizes inclusivity for all skin shades and conditions, ensuring that their products are vegan and cruelty-free. Topicals aims to transform the way people feel about their skin by addressing specific concerns such as dark spots, discoloration, and dry, eczema-prone skin.
How Much Funding Has Topicals Raised?
- Seed Round
- Amount Raised: USD 2,600,000
- Date: August 2020
- Lead Investors: Lerer Hippeau, Mucker Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To address the unmet needs in the skincare market, particularly for people of color, and to leverage the growing market potential for such products.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: November 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue addressing the unmet needs in the skincare market and expand the business.
- Series A
- Amount Raised: USD 10,000,000
- Date: November 2022
- Lead Investors: CAVU Consumer Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate omnichannel growth, enhance recruitment efforts, expand channels, and increase brand marketing awareness.
- Series Unknown
- Amount Raised: USD 9,999,996
- Date: March 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further expand the company's market presence and product offerings.
Total Amount Raised: USD 22,599,996. Current Valuation: Not publicly disclosed.
Key Investors
- CAVU Consumer Partners
- Details: CAVU Consumer Partners is a venture-capital firm that led the $10 million Series A funding round for Topicals. Jenna Jackson, Principal of Growth at CAVU, will join Topicals' Board of Directors.
- Investment Focus Areas: Food and Beverage, Pet, Beauty, Wellness, Human Performance.
- Notable Investments: Beyond Meat, Oatly.
- Lerer Hippeau
- Details: Lerer Hippeau is a New York-based venture capital firm known for investing in early-stage companies. They participated in Topicals' seed round.
- Investment Focus Areas: Media, E-commerce, Technology, Consumer Products.
- Notable Investments: BuzzFeed, Warby Parker, Glossier.
- Mucker Capital
- Details: Mucker Capital is a venture capital firm that invests in seed and early-stage companies. They were key investors in Topicals' initial seed round.
- Investment Focus Areas: Technology, Consumer Products, E-commerce.
- Notable Investments: Honey, ServiceTitan, TaskRabbit.
- Marcy Venture Partners
- Details: Marcy Venture Partners is a venture capital firm co-founded by Jay-Z, focusing on consumer products and technology. They participated in Topicals' Series A round.
- Investment Focus Areas: Consumer Products, Technology, Media.
- Notable Investments: Savage X Fenty, Partake Foods, Hungry.
- Angel Reese
- Details: Angel Reese is a professional basketball player and an individual investor in Topicals. She is known for her involvement in various entrepreneurial ventures.
- Investment Focus Areas: Sports, Health, Consumer Products.
- Notable Investments: Not publicly disclosed.
What's Next for Topicals?
Topicals is poised for significant growth, leveraging opportunities in omnichannel expansion, recruitment, and brand marketing. With $10 million in Series A funding, the company plans to enhance its market presence and launch a 12-month accelerator program for mental health nonprofits. The skincare market's increasing focus on science-backed products and mental health advocacy aligns well with Topicals' mission.
Future fundraising appears promising as the brand continues to attract high-profile investors and venture capital firms. However, challenges such as maintaining rapid growth, scaling operations, and navigating a competitive market remain. Successfully addressing these hurdles will be crucial for Topicals' sustained success and potential future acquisitions.
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