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Black woman-led skincare brand Topicals has closed another round of funding, per an exclusive report from The Business of Fashion. Topicals Founded in 2020 by Olamide Ayomikun Olowe, Topicals was born out of her search for a solution for those with hyperpigmentation, eczema, and dark spots. CNBC reports Olowe also struggled with hyperpigmentation and Pseudofolliculitis Barbae (PFB). Per its website, the Topicals product lineup features its faded under eye masks, serum, brightening cleansing bar, and more. She teamed up with Claudia Teng, who previously worked as a dermatology clinical research assistant, to launch the science-backed brand, with both women ultimately ditching their plans to attend medical school. Topicals later secured $14.8 million in funding before Olowe was 26 years old — as AFROTECH™ previously reported — making history as the youngest Black woman to raise $10 million in funding in 2022. Funding Now, WNBA player Angel Reese, which Forbes lists as one of the...
Following a successful social media campaign, CurlMix is now on track to become self-sustaining once more. As AFROTECH™ previously reported, the clean, natural haircare line was founded by Kim and Tim Lewis, who first appeared on “Shark Tank” with their idea in 2019 but went on to raise funds on their own. Kim announced on Nov. 1, 2025, that the company was on the brink of closing if they did not receive 20,000 orders within 60 days. It wouldn’t be the first time the brand has sought community support. They previously raised $3.6 million in a 2021 crowdfunding campaign, and three years later, an additional $5.7 million was raised in a separate campaign. In a follow-up post on the business’s health, Kim admitted the funding campaign was not enough to keep the company in operation. She described 2025 as “the most difficult year in business” in a post shared on Instagram, citing challenges such as taxes, increased tariffs, and ingredient costs, as well as shipping delays. A decrease in...
Uncle Nearest’s founders have filed a civil lawsuit against the company’s former chief financial officer, according to The Lynchburg Times. The whiskey brand has been under a receivership as a result of a July 2025 lawsuit filed by Uncle Nearest’s lender, Farm Credit Mid-America, as AFROTECH™ previously reported. The lender claims the company had defaulted on loans of more than $108 million. U.S. District Judge Charles E. Atchley Jr. appointed Tennessee attorney Phillip G. Young Jr. as receiver, so Young now manages assets such as Uncle Nearest’s distillery in Shelbyville, TN, and “real estate holdings, intellectual property, affiliated ventures, and related entities,” according to Moore County Observer. Uncle Nearest, which was the fastest-growing in America, according to Forbes’ 2024 estimates, was launched in 2017 by Fawn Weaver and her husband, Keith, and upholds the legacy of Nathan “Nearest” Green, a formerly enslaved man credited with teaching Jack Daniel how to make whiskey....
Actor Mike Colter, known for portraying Luke Cage in Marvel shows like “Luke Cage” and “Jessica Jones,” has launched a haircare venture inspired by his children. While traveling in Europe with his wife, Iva, they were scouring the area for products for their daughters who have mixed-textured hair. After running into the issue time and again with no luck, one of their daughters suggested they create their own products. For Colter, the idea didn’t feel far-fetched, especially considering the expertise of his wife, whom he describes as having “business acumen” in a conversation with Forbes’ senior writer Jabari Young. Iva previously served as Netflix’s vice president of talent acquisition and is now chief people officer for the Wonder Project, according to information on her LinkedIn. “She thought, ‘Let’s try it. Let’s see first can we engineer and find the right products that we can actually stand behind that are sustainable, that are paraben-free, that are vegan , that don’t have any...
After more than a decade as an entrepreneur, resilience defines Pinky Cole Hayes’ testimony. In 2014, she launched a restaurant in Harlem, NY, called Pinky’s Jamaican and American Restaurant at a time when she didn’t know “the first thing about business,” she admitted on “Sway’s Universe.” The venture attracted lines of customers down the block. However, a grease fire caused her to lose her entire restaurant. Slutty Vegan But, it didn’t diminish her spirit. Her next foray was Slutty Vegan, a plant-based fast-food chain founded in 2018 that currently has about six locations, including in her hometown of Baltimore. In 2022, the company was valued at nearly $100 million following a $25 million Series A funding round. The venture led to locations on the campuses of Georgia Institute of Technology and Spelman College, as well as in Texas — all of which have since closed. As AFROTECH™ previously reported, Cole Hayes was tested to the limit by several challenges, including accruing $20...
The founders of Black Paper Party are in a state of gratitude for surviving 2025. Founders Madia Willis, J’Aaron (Jae) Merchant, and Jasmine Hudson launched Black Paper Party in 2020 out of Arkansas as a holiday brand that designs, licenses, and manufactures inclusive products for Black families. By 2024, the brand hit $1.4 million in revenue, according to Inc, and had been shelved in retailers such as Walmart, Target, Macy’s, Dollar General, and Family Dollar. Regarding support from customers, Merchant told AFROTECH™, “They’ve stuck with us, tried and true, made us a part of their holiday traditions. Even with everything that’s going on, they’re still looking to us for their little pockets of joy. So we couldn’t be more grateful.” 2025 Challenges This September marked five years for Black Paper Party. As the business expanded, the founder trio had to consider factors such as rising tariffs. Fortunately, they had infrastructure in place, which lowered the tariff burden, said Willis,...
Uncle Nearest’s founders are requesting the receivership to be terminated, according to The Lynchburg Times. As AFROTECH™ previously reported, Uncle Nearest — a whiskey brand that reportedly surpassed a $1 billion valuation — was placed under receivership in August 2025 following claims by its lender, Farm Credit Mid-America, that the company defaulted on more than $108 million in loans . The Weavers allege that Uncle Nearest’s former chief financial officer, Mike Senzaki, exaggerated barrel inventory, which led to a $24 million credit increase from Farm Credit, per AFROTECH™. U.S. District Judge Charles E. Atchley Jr. appointed Tennessee attorney Phillip G. Young Jr. as receiver. Young now oversees Uncle Nearest’s Shelbyville, TN, distillery and its “real estate holdings, intellectual property, affiliated ventures, and related entities,” according to the Moore County Observer. On Nov. 24, the Weavers filed an emergency motion to prevent the receiver from taking any further actions...
Beauty trend setter Pat McGrath is exploring an asset sale of her beauty company. Pat McGrath Labs was founded in 2015 and launched its first product, Gold 001, a gold-pigmented mixing liquid used on eyes, lips, limbs, or lashes. It “sold out in record-breaking time” following its launch on social media, according to the brand’s website. One thousand units sold on the site in six minutes, Modaes reported. The brand is sold at retailers including Sephora, Ulta, Nordstrom, Bluemercury, Bergdorf Goodman, Harrods, Revolve, and Selfridges, notes the brand’s website. At Selfridges, it became the retailer’s best-selling beauty brand after launching in stores in April 2019. McGrath’s makeup looks have also appeared on runways for Dior, Prada, Gucci, and Balenciaga, per Pat McGrath Labs. McGrath has served as British Vogue’s beauty editor-at-large since 2017, as AFROTECH™ previously reported. In 2018, Pat McGrath Labs reached a $1 billion valuation, supported by a $60 million investment from...
Tyra Banks is reportedly being sued for her ice cream venture. As AFROTECH™ previously reported, the supermodel and her mother always shared a love for ice cream, which inspired Banks to open an ice cream truck in Dubai, United Arab Emirates, that also shipped pre-packaged pints to the U.S. SMiZE & DREAM From there, Banks expanded the business. In June, Banks opened up an ice cream shop called SMiZE & DREAM in Sydney, Australia, which was a sweet surprise for her mother, Carolyn London. “The woman who gave me everything, even when she had nothing left to give. And here we are, in front of the wildest dream I’ve ever built: An ice cream paradise come to life. Her strength. Our long journey. One massive dream, scooped into reality,” Banks wrote on Instagram. View this post on Instagram A post shared by Tyra Banks (@tyrabanks) A month later, it was announced that Banks was bringing SMiZe & DREAM to Washington, D.C. As AFROTECH™ previously reported, the ice cream shop was set to carry...
Darrell Spencer is shattering various glass ceilings. The Chicago native credits his hustling nature to his parents. His mother works as a postmaster for the United States Postal Service. His father worked for the Chicago Police Department and rose through the ranks to become a commander before retiring. His father also has a real estate portfolio, which was an additional stream of revenue for the family and was an early sign for Spencer that there are other financial paths to follow outside the confines of corporate America. Working In Big Tech After completing a bachelor’s in economics at Connecticut College on a full-tuition national scholarship, Spencer got a job in finance but later pivoted into big tech. He has worked at Facebook, Google, Pinterest, and LinkedIn within their customer sales department in advertising, he told AFROTECH™. Still, he felt called to entrepreneurship. “I helped them generate millions of dollars in revenue through a strategy across each different...
Bun B always saw the full potential of what has become a beloved burger spot in Houston. The UGK rapper is co-founder of Trill Burgers, which offers smash burgers, lemonade, and fries, and on Tuesdays, smash tacos. Andy Nguyen (creative director) and Nick Scurfield (chief marketing officer), as well as chefs Mike Pham (chief operating officer) and Fernando Valladares (executive chef) are also co-founders in the business. Trill Burgers’ first storefront opened in the Montrose neighborhood of Houston in 2023 and had already secured the accolade of making the best burger in America by “Good Morning America” a year earlier, as AFROTECH™ previously told you. The business has been a fixture at the Houston Livestock Show and Rodeo since 2023 and also earned its Gold Buckle Foodie Award for Best Classic Fair Food. Additionally, Trill Burgers is a vendor at Texas Dow Employees Credit Union Stadium for University of Houston football games, according to information shared with AFROTECH™. “I’ve...
Deidre Mathis caught the travel bug, and it led her to become an entrepreneur in the hospitality industry. While pursuing a bachelor’s degree in graphic communication and broadcast journalism at Florida Agricultural and Mechanical University , she studied abroad in the Dominican Republic during her sophomore year, she told AFROTECH™. After graduation, she wasn’t fulfilled in her profession, which prompted her to return to school to earn a master’s degree in corporate communications. Then she moved to Australia, staying in a range of hostels and boutique hotels. “I was living there, and I was just traveling around by myself, and I was staying in a bunch of hostels and a bunch of boutique hotels because those were places that were easy for me to meet people because I was by myself,” she told AFROTECH™. “I always tell people I had my ‘Oprah aha moment’ one day when I was staying in this beautiful hotel, and it was this small, cute hotel. It had 12 rooms, and I said, ‘You know what? I...
Beyoncé has another blooming partnership under her belt. As AFROTECH™ previously reported, the Houston-born singer inked a partnership with Levi’s following the release of her single featuring Post Malone titled “Levii’s Jeans.” The partnership has led to $65 million in media value for the company and a 12% increase in its women’s denim business. “What I can tell you is our partnership has exceeded expectations, both in terms of what it has done to be part of the equation to drive our top-line sales, you know, year to date — our sales are up in the high single digits. And our profit margins are expanding,” Levi Strauss CEO Michelle Gass shared with CBS News. What’s more, Beyoncé has also been making waves with her partnership with Ulta Beauty, which carries her award-winning, science-backed haircare brand Cécred. This brought the self-funded venture to customers across 1,400 Ulta Beauty locations beginning in April 2025, according to a press release. “Launching Cécred exclusively at...
Avante Price and Eli Taylor-Lemire are finding great success with their live events platform, POSH. The pair were students at New York University (NYU) and met while working at events. Price was a DJ, and Taylor-Lemire was a photographer. During an interview with Forbes, Price shared that the pair initially worked with other event brands geared towards college students, who he claims were missing the mark. POSH The founders believed they could create a solution that would provide a better overall event experience for students and organizers, which led to the formation of the live events platform POSH. Though the platform was initially built in 2019 as a software product to benefit the pair directly, it launched to the public in 2023 along with a mobile app. “POSH at the onset was just an IRL events company for NYU and Columbia kids to have a posh upscale experience,” Price told Forbes. “We got a lot of different experience with Eventbrite or these other products that existed at the...
A new cohort of small businesses has received a financial boost to power their business with AI. The C oramino Fund Through The Coramino Fund, the investment arm of Kevin Hart and Juan Domingo Beckmann’s tequila company Gran Coramino, $10,000 grants have been allocated to small business owners over the past three years so they can utilize AI training provided by 1st Street Partnerships to improve their operations. The program was launched in partnership with Local Initiatives Support Corp. (LISC) and is part of a $1.5 million commitment to support more than 150 under-resourced entrepreneurs across the U.S. and Mexico as they compete with larger companies, according to information provided to AFROTECH™. “According to the U.S. Bureau of Labor Statistics, about 20% of new businesses fail within their first year, and nearly 50% fail by their fifth year. The most successful entrepreneurs — locally and nationally — are the ones that have support, whether from their networks, communities,...