Including e-commerce beauty business, Thirteen Lune, sponsored by Diddy, Gwyneth Paltrow, and others, has raised $3 million in a seed round headed by Fearless Fund.
According to Essence, Arian Simone, Founder and CEO of Fearless Fund, states, “We are pleased to welcome thirteen lunes into the Fearless Fund family.” “Developing a ground-breaking place by Nyakio to cultivate diversity in the beauty industry and wellness sectors, we’re delighted to support the brand as it grows in the coming years.”
Receiving money as a black woman founder is complicated. As of December 2020, only 93 black women had received venture capital investments exceeding $1 million. Raising money can be challenging, as she learned firsthand. Acquiring funding from friends and relatives aided her in getting her firm off the ground.
“Fascinating to witness the venture scene change. I started fundraising in the early 2000s as a 20-year entrepreneur. Seeing an increase in various financial advisers in the market was highly encouraging during our process.
Notwithstanding our remarkable accomplishments, just 1.2 percent of investment capital is now invested in Black women-founded enterprises, indicating that there is still more work to be done.”
Grooming brand is highly successful, with internet sales alone accounting for a 100 percent increase. Promoting and showcasing the tales of beauty industry creatives, the company aims to develop the market for Black and Brown products.
Diverse and inclusion at the top of the beauty industry’s priority list, Fearless Fund’s recent investment is a bold statement about the firm’s commitment to invest. According to Essence, the funding will help Thirteen Lune expand its private brand line, enhance its distribution network, and raise its leadership committee.
Following the reports, Thirteen Lune has another achievement to celebrate. According to TechCrunch, JCPenny is also carrying the newly created cosmetics brand, with ten locations now carrying Thirteen Lune and 600 more to come by 2023.