Dealflow | July 9, 2018

Unilever, Sundial fund invests $30 million in female entrepreneurs of color

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, July 6 – Eight startups have received seed funding from the New Voices Fund, a $100 million fund launched last November. Half of the companies are several cosmetics and body products ventures, including Beauty Bakerie, Mented, The Lip Bar, and The Honey Pot Company. The others include a beauty media company, a wine producer, a workplace app, and a matchmaking platform for home contractors.

  • Follow on funding… Mented’s founders made headlines late last year for being (only) the 15th and 16th black women to raise $1 million in venture capital. Beauty Bakerie, meanwhile, has been supported by another minority-focused investment fund: Harlem Capital.
  • A third of the way there… New Voices Fund, whose mission is to get more venture capital flowing to female entrepreneurs of color, was launched as part of Unilever’s acquisition agreement with Sundial Brands, a hair and skincare product company for people of color. The partners seeded the fund with $50 million towards a $100 million fundraising goal.
  • Pitch contest… New Voices Fund is also awarding $100,000 to startups at a pitch competition held at Essence magazine’s 2018 festival in New Orleans.