Ready to Beauty, the industry’s first global think tank for multicultural entrepreneurs & brands, is set to launch a Capital Growth Fund which will operate under the banner Ready to Invest. The think tank has secured $27 million in pledged support for a first-of-its-kind of fund specifically focused on multicultural beauty brand development.
WHO: Ready to Beauty is the industry’s first global think tank for multicultural entrepreneurs and brands. Functioning as a Business Designer, the think tank draws the blueprint for multicultural brands’ success and offers them expertly tailored ready-to-go-to-market assistance for starting, scaling, and growing beauty businesses. Ready to Beauty is comprised of the most seasoned and knowledgeable beauty executives in the multicultural market. This multi-million dollar endeavor will address the three major pain points facing multicultural entrepreneurs and brands today; purchase order financing, acquiring distribution and direct equity investment. To this end, Ready to Beauty has tapped the financial and sales expertise of the following 3 experts as Ready to Invest Partners:
MBE Capital Partners is wholly owned by Republic Financial Services, a dynamic business-to-business services group. MBE Capital Partners is a minority-run and managed by Rafael Martinez, an industry veteran, with over 27 years of experience in the finance industry. In 2013, Republic Financial Services celebrated its 20th anniversary serving small and medium-sized vendors. In 2018, the company did $1.37 billion in financing.
Amaglam is a joint venture that leverages the winning track record of two groundbreaking beauty companies: the leading distributor of professional beauty products and the most notable Amazon and e-commerce marketer and distributor. Together, they’ve created a company with incomparable knowledge of the best practices needed to grow beauty brands both online and through brick and mortar, all on a single platform.
LB Equity is a private equity fund targeting high-growth brands within the skincare, beauty, and personal care space. LB Equity is principally owned and managed by Jay Lucas. Backed by a team of seasoned executives, LB Equity’s strategy is to infuse brands with proprietary technology and “brand story” to create a differentiated position in the marketplace, and grow through nontraditional, “guerilla-like” tactics to achieve scale.
IN THEIR OWN WORDS: Corey Huggins, Founder and Global CEO & Managing Partner of Ready to Beauty, says, “Because of our experience in the beauty space, we know first-hand the pain points of Founders, and through Ready to Invest, we become the catalyst to drive beauty multicultural businesses forward toward success and legacy creation.” His co-founder and vice president, Corynne Corbett, couldn’t agree more. “As Head of Content and Education, my team and I are thrilled about creating the marketing and messaging necessary for our brands to become successful and achieve legacy.”
“We believe in the future of small and diverse businesses of color. It’s personal for us as the largest minority independent finance provider in the United States, Caribbean and Mexico. So, partnering with Ready to Beauty to help niche and emerging brands of color financially flourish is deeply meaningful and is a seminal cultural giveback,” says Rafael Martinez, CEO, MBE Capital Partners, LLC.
“It is exciting for Amaglam to be a part of this groundbreaking fund. As an early innovator in e-commerce beauty and having had incredible success on Amazon, I look forward to breaking out Multicultural Brands online as well as in my brick and mortar locations too,” says David M. Weissman, President of Amaglam.
“After investing in and developing a Cannabis/Cannabinoid Fund focused on beauty & wellness brands, I see the synergies around doing the same for other up-and-coming hot segments. All growth projections point to the multicultural consumer as one of the ‘next big things’ in beauty. Therefore, it makes financial sense for LB Equity to partner with Ready to Beauty to invest in this market,” says Jay Lucas, founder and Chairman of LB Equity.
- Ready to Beauty has raised nearly $30 million in pledged support to launch Ready to Invest, the front-facing division of the Capital Growth Fund for Ready to Beauty.
- The Fund is powered by MBE Capital Partners, Amaglam, and LB Equity. Each partner is responsible for a distinct area of expertise and has separate deal terms with Ready to Beauty.
- Ready to Beauty’s Founder, Global CEO & Managing Partner Corey Huggins, will serve as the Managing Director for the Capital Growth Fund. Additional management roles will be handled by his co-founders and vice presidents, Ylorie Taylor and Corynne Corbett.
- All strategic support, product orders, and investments will only be issued for brands and products qualified under Ready to Beauty’s Criteria for Success and each partner’s respective requirements.
- Ready to Beauty will have control over all marketing and the aesthetics with respect to the brands supported, and products purchased vis-à-vis the Capital Growth Fund.
- Ready to Beauty is in the process of forming a Board of Directors for the Capital Growth Fund.
- The Capital Growth Fund will make its first investment Q1 2020.