Since protests began demanding justice for George Floyd and an end to police brutality, beauty brands have announced donations to organizations furthering political, legal, educational, social and economic equality. Many are also participating in the #PullUpOrShutUp challenge launched by Sharon Chuter, founder and CEO of Uoma, and revealing the racial breakdown of their workforces as part of a process that will hopefully lead to increased Black representation in leadership positions. Now, investors, public relations firms and brands are joining the effort to expand opportunities for Black-owned businesses by providing free resources, grants and mentorship. Below is a roundup of some of the programs available to Black beauty entrepreneurs.
Landing International is offering Black-owned beauty brands free participation in its Buyer Box program, a savings of $5,500, and is waiving commissions for a year. Landing International says a premium version of its Buyer Box program, which features a box of beauty products under various that it believes retail buyers should know about, has a 6,000% return on interest on the typical $2,000 subscription fee. For more information, email info@landingintl.com.
SoftBank is launching a $100 million Opportunity Growth Fund overseen by Black leaders in tech that will exclusively fund businesses led by Black Americans and people of color. The fund is intended to help improve diversity in the world of venture capital-backed startups, which are overwhelmingly controlled by white male founders.
IFundWomen announced its Brokered Grant program funded by two anonymous donors will give five Black women-owned businesses grants of $10,000 each plus one free hour of legal counseling. For more details, click here. The deadline to apply is June 15.
Lawrence Lenihan, co-founder and chair of Resonance, announced a $500,000 initiative offering grants for 10 creators of color to build and launch fashion brands by August.
Eniac Ventures, an early-stage investment firm, is committing to facilitate better investment and mentorship opportunities by opening up its direct lines. The firm booked 104 meetings in the first 12 hours of revealing its commitment. Book one-on-one time with its team by contacting nihal@eniac.vc.
Andreessen Horowitz, a venture capital firm, announced the Talent x Opportunity Fund dedicated to entrepreneurs lacking resources and access. It’s starting with $2.2 million and is helmed by partner Naithan Jones.
Project MM, a public relations firm, has announced it will use its networks to find Black-owned beauty brands and deliver PR services free of charge to them. It’s also seeking out Black people interested in receiving PR-related mentorship.
Winky Lux, SoGal Foundation and Bluemercury have teamed up to provide at least two $10,000 cash grants to Black women and non-binary entrepreneurs. Awardees will also receive tactical help navigating the fundraising environment at large so that they will have a more equitable opportunity at scaling the next billion-dollar idea.
The Doonie Fund, founded by Digitalundivided CEO Kathryn Finney, makes micro investments in Black women entrepreneurs. Since its inception on April 5, the fund has invested in over 500 Black women entrepreneurs. To learn more or apply, click here.
TechieYouth.com is offering a free online course about computers, how to build code, create an online business, and even how to handle finances. The goal is to empower youth to remain financially stable for a lifetime.
Collab Capital has announced a goal to raise a $50 million fund that invests in a way that is different from traditional venture funds with a profit-sharing model versus giving capital for equity. Managing partners Jewel Solomon Burks, Justin Dawkins and Barry Givens’ mission is to provide Black businesses with the funding they often lack when looking to scale their ventures and the social resources many find difficult to tap into. The trio is on track to amass $10 million by late August.
Golde founder Trinity Mouzon Wofford is introducing Mentor Mondays to offer 30 minutes every Monday to mentor founders on their growing businesses, from sales strategy to growing a team. For the month of June, she will be prioritizing people of color applicants, but all are welcome to submit now for future time slots. You can apply here.
Glossier is committed to donating $500,000 in the form of grants to Black-owned beauty businesses. The call for submissions for our grant initiative is open through July 3. This is in addition to donating $500,000 in donations to organizations fighting racial injustice.
Herb Essentials is introducing Essntl Brand Support, a program where their founders and staff will donate their time, expertise and experience to help support New York City based BIPOC (or BIPOC with entrepreneurial dreams and ambitions) achieve their goals such as: Turning an idea into a brand and a business, Expanding a budding brand from inception through brand development, Taking a growing business to the next level through investment. They pledge to donate at least $100,000 worth of start-up and business advice across the following areas: brand strategy and development, process development, financial planning, investor relationships, product and creative development. Find more information about the program and how to become a part of it here.
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