Topicals has raised US$10m in new financing via a Series A funding round.
The funding will be used to grow the LA-based skin care brand’s omnichannel growth.
It will also drive new hires, support channel expansion and fuel brand marketing awareness.
The funding round was led by consumer investment firm CAVU Consumer Partners, with participation from Topicals’ other investors.
These include actors Gabrielle Union and Yvonne Orji, singer Kelly Rowland, DJ Hannah Bronfman and venture capital firm Marcy Venture Partners.
Tropicals’ revenues trebled in 2021 and it is now the fastest-growing skin care brand at beauty retailer Sephora.
Olamide Olowe founded the range for those with chronic skin conditions in 2020
The brand was founded in 2020 by entrepreneur Olamide Olowe.
It delivers products for those who have chronic skin conditions, such as psoriasis or hyperpigmentation.
“At this stage of growth, it is crucial for us to have an investment partner who can provide value outside of capital,” said Olowe.
“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.
"I love [its] focus on mission-driven brands, and from the first conversation with the team, it was clear that they shared our vision of disrupting the ointment category.”
Jenna Jackson, Principal of Growth at CAVU Consumer Partners, is set to join Topicals’ Board of Directors.
She said the brand “has set a new standard in beauty”.
Jackson commented: “Not only by formulating and marketing effective over-the-counter replacement products for skin care.
“But, also by destigmatising the way consumers speak about their skin conditions.
"Topicals is truly a category creator in that regard and truly aligns with CAVU's philosophy of investing in and building brands creating better-for-you products.”
The skin care brand will also continue its mission of raising awareness around the connection between mental health and skin conditions.
Topicals is launching a 12-month accelerator programme which will provide non-profits in the mental health space with leadership training, mentorship and business advice.
To date, Topicals has donated more than $50,000 to mental health resources for marginalised communities.
