WNBA Star Angel Reese and Nigerian Icon Rema Bet Big on Black Woman-Led Beauty Brand Topicals
Skinbrand Topicals has added WNBA star Angel Reese and Nigerian artist Rema as investors in an undisclosed funding round, as the skincare brand navigates a pullback in institutional capital for consumer startups
The round reflects a broader shift in how Black-founded consumer brands are financing growth in a more restrictive venture environment. As traditional investors grow more conservative, founders are increasingly treating distribution, cultural reach, and audience trust as strategic inputs alongside cash.
Capital, Control, and the Cost of Growth
Since launching in 2020, Topicals has raised more than $22.6 million, according to The Business of Beauty, which reported the news. Founder and chief executive Olamide Olowe said she pursued investors from the brand’s community. “When you think of [Topicals], you think of our marketing, storytelling, and products, and you think a lot about culture,” she said. “These are people who control culture.” Topicals sells products including a $22 under-eye mask and its $38 Faded Serum, which targets dark spots and hyperpigmentation. Olowe said the brand’s customer base is diverse, even as some products address skin concerns that are often more common in darker skin tones.
The Growth
The company has sold more than 1 million eye patches, The Business of Beauty reported, including after Reese recommended them in a January 2025 Vogue video. Topicals sell in the US, UK, Canada, and Nigeria. The company launched in France in November. Rema will join as a creative partner and advise on marketing to young consumers, particularly men.
Other investors include Asika, manager of Nigerian-American artist Davido.
The Low Down
Topicals’ round lands in a tighter capital market for consumer startups, where brands have faced higher customer acquisition costs and more conservative institutional checks. Olowe framed the strategy as a response to that pullback, especially for Black-owned businesses. “Investors are pulling back their belief in Black-owned … businesses. We are really proud that other people who have capital in the culture want [our kind of business] to grow,” she said. The deal highlights a structural shift in early-stage consumer funding.
Founder-led brands increasingly treat distribution and attention as investable assets, using celebrity and creator backers to lower paid marketing dependence and improve unit economics. Olowe tied the approach to efficiency.
“You have to be very strategic about acquiring customers profitably, and driving revenue and lifetime value,” she said. Olowe also pointed to a persistent gatekeeping dynamic in consumer investing: category assumptions about addressable markets for founders of color. “[The] ability to grow is stifled because they are seen as brands that are only for black people,” she said. She described Topicals as “living proof” that investing in diverse founders can scale.
