ARS Counsel Client Topicals Raises $2.6M for its Skincare Brand, Now Available at Sephora.com

In honor of Women’s History Month, ARS Counsel is proud to celebrate our client, Topicals RX, Inc. (“Topicals”) and its founder Olamide Olowe. Olowe is changing the face of skincare by using medicated botanicals to tackle skin conditions for all skin types. Topicals offers scientifically-proven and clinically tested products for the one in four Americans who experience chronic skin conditions, such as eczema and hyperpigmentation. The products are vegan, cruelty-free, and dye-free.

Olowe raised $2.6M in starting capital with a seed round led by Lerer Hippeau, which included participation from several high-profile women - Netflix’s Chief Marketing Officer Bozoma Saint John, Emmy-nominated Insecure stars Issa Rae and Yvonne Orji, and DJ Hannah Bronfman. The organization's cap table, which details ownership and investor equity, is also primarily comprised of women. "If I am going to make anyone wealthy from my company, it's going to be women in my community, especially women who look like me," Olowe says. "It's important that the people who are making money from your company are invested in your success. It's a crucial component to making sure we all succeed."

Though venture capitalists are starting to address the funding gap concerns of BIPOC startups, there is still more work to be done. According to ProjectDiane, a biennial report on the state of Black and Latinx women founders written by the organization digital undivided, Black and Latinx women combined received just 0.64% of total venture capital investment between 2018 and 2019, for a total of $3.1 billion, with 0.27% going to Black women. 

Topicals has earned significant press coverage after becoming the first Black-owned skincare brand tailored to chronic skin conditions to be sold on Sephora’s online platform. According to Refinery29, “Topicals' partnership with Sephora is about more than pushing products: The brand was also selected to join the Sephora Accelerate program, which is focused on growing BIPOC brands in 2021.”

ARS Counsel has assisted Topicals with a broad range of services related to corporate, business and intellectual property law for the past two years. Most notably, ARS Counsel represented Topicals in their two rounds of financing. The ARS deal team was led by its Principal Attorney, Almuhtada Smith, with additional support from Benny Walk of Incorporated Protections.