The lack of access to start-up funding for Black and Brown female founders has been long documented. Black Girl Ventures (BGV) has partnered with Rare Beauty Brands (RBB) to create a virtual crowdfunding pitch event for Black and Brown woman-identifying founders in the beauty industry.

According to Essence, African Americans spend $1.2 trillion each year, and that number is projected to rise to $1.5 trillion by 2021. In 2017, African Americans captured 86 percent of the ethnic beauty market, accounting for $54 million of the $63 million spent, according to Nielsen.

The market opportunity is clear, yet according to McKinsey & Company, only 1% of Black business owners get a bank loan in their first year of business, compared with 7% of white business owners. And the Washington Post found that only 1% of founders who have raised venture capital are Black; in 2018, 81% of VC firms didn’t have a single Black investor.

“This collaboration will provide our founders with access to funding, corporate mentorship, and access to our incubator platform, providing community, capital and capacity to grow their businesses in the beauty industry,” said Shelly Bell, Founder and CEO of Black Girl Ventures. “We’re excited to join forces with Rare Beauty Brands to make this first-of-its-kind competition possible.”

This is the perfect opportunity for underrepresented founders in the beauty industry to gain national visibility, access to capital, and opportunities to see their products on the shelf.

“We’re passionate about the world-changing power of entrepreneurship,” said Chris Hobson, CEO Rare Beauty Brands. “And as we navigate our own journey toward a more diverse and representative team, we’re proud to partner with Black Girl Ventures to create this important startup competition with a mission to lift up underrepresented groups, especially Black and Brown women.”

The top three winners in the competition will receive cash prizes, business mentorship with RBB leadership, and more. All participants will gain access to the BGV Connect Incubator, which provides educational resources such as workshops and feedback sessions, as well as business development resources including virtual co-working sessions and funding opportunities.

The Details:

• Applications are being accepted through October 16.
• BGV and Rare Beauty Brands will narrow the field to the top eight applicants, who will present during the virtual pitch competition on November 17.
• Finalists will have three minutes to pitch, followed by a 2-minute Q&A from a panel of beauty industry professionals and celebrities. Finally, the audience will vote with their dollars to determine the winners.
• On November 24, the pitch competition will be streamed online, and America will be invited to vote for and make financial contributions in support of their favorite pitch via SheRaise, BGV’s tech platform.

The Criteria:

• The company must be at least 51% owned by someone who identifies as a Black or Brown woman.
• Must have a fully developed product or service, with real customers.
• Must be early stage, but generating revenue (no minimum required).
• Must be located in the United States and operate in the beauty and/or personal care industry, including but not limited to: skincare, haircare, color cosmetics, nail care, fragrance, bath & body care, tools & accessories, wellness.