How Much Did Topicals Raise? Funding & Key Investors

Topicals has successfully raised $10 million over multiple funding rounds, with its latest round categorized as Venture - Series Unknown. The company is backed by eight investors, including CAVU Consumer Partners and Rough Draft Ventures.

Keep reading to explore the intricacies of Topicals' fundraising journey and the investors backing this innovative skincare brand.

What Is Topicals?

Topicals, founded on November 1, 2018, is a beauty and skincare company based in Santa Monica, California. The company was established by Claudia Teng and Olamide Olowe. Specializing in e-commerce, Topicals offers targeted solutions for skin conditions like eczema and hyperpigmentation through various skincare products. The company has between 1-10 employees.

How Much Funding Has Topicals Raised?

1. Seed Round
   • Amount Raised: $2.6M
   • Date: August 2020
   • Lead Investors: Lerer Hippeau, Mucker Capital
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To address the underrepresentation of people of color in the skincare industry and create products for chronic skin conditions.
2. 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: Not publicly disclosed
3. Series A
   • Amount Raised: $10M
   • Date: November 2022
   • Lead Investors: CAVU Consumer Partners
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To accelerate omnichannel growth, recruitment efforts, channel expansion, and brand marketing awareness. Also, to launch a 12-month accelerator program for nonprofits in the mental health space.
4. Venture Round
   • Amount Raised: $10M
   • Date: March 2024
   • Lead Investors: CAVU Consumer Partners, Rough Draft Ventures
   • Valuation at Round: Not publicly disclosed
   • Motivation Behind the Round: To support the company's growth trajectory.

Total Amount Raised: $22.6M. Current Valuation: Not publicly disclosed.

Key Investors

• CAVU Consumer Partners
  • Details: CAVU Consumer Partners is a consumer-focused investment firm founded in 2015 by Brett Thomas and Rohan Oza. They specialize in partnering with brands that have a strong consumer appeal.
  • Investment Focus Areas: Consumer goods, Health and wellness, Food and beverage
  • Notable Investments: Beyond Meat, Oatly
• Lerer Hippeau
  • Details: Lerer Hippeau is a venture capital firm based in New York City. They invest in early-stage companies across various sectors.
  • Investment Focus Areas: Technology, Media, Consumer products
  • Notable Investments: Not publicly disclosed
• Mucker Capital
  • Details: Mucker Capital is a venture capital firm that invests in seed and early-stage companies. They focus on companies in the internet and software sectors.
  • Investment Focus Areas: Internet, Software, Consumer products
  • Notable Investments: Not publicly disclosed
• Gabrielle Union
  • Details: Gabrielle Union is an actress and investor. She participated in Topicals' Series A funding round.
  • Investment Focus Areas: Consumer products, Beauty, Wellness
  • Notable Investments: Not publicly disclosed
• Marcy Venture Partners
  • Details: Marcy Venture Partners is a venture capital firm co-founded by Jay-Z. They focus on consumer products and services.
  • Investment Focus Areas: Consumer products, Services
  • Notable Investments: Not publicly disclosed

What's Next for Topicals?

Topicals is poised for significant growth, driven by opportunities in omnichannel expansion, recruitment, and brand marketing. The company’s recent $10 million Series A funding will fuel these initiatives, alongside a 12-month accelerator program for mental health nonprofits. With a tripling of revenue and a product sold every minute, the potential for future fundraising is strong.

However, challenges lie ahead. Scaling operations to meet rapid growth, navigating a competitive market, and maintaining product efficacy are critical hurdles. Yet, with a focus on science-backed skincare and mental health advocacy, Topicals is well-positioned to continue its upward trajectory.

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