In 2019, entrepreneurs Tim and Kim Lewis, the founders and owners of CurlMix, appeared on ABC’s Shark Tank and turned down a $400K offer for a 20% equity in their company. Two years later, the couple launched an equity crowdfunding campaign and raised more than $1.7 million dollars within 24 hours.
The campaign, launched with the support of a popular Facebook group of Black entrepreneurs called Traffic Sales and Profit, gives consumers and other members of the Black community the opportunity to unlock generational wealth. In other words, those that are already spending their dollars on the brand can now invest and aid in the company’s future growth in the beauty and wellness industries.
“Many of us spend years supporting companies with our hard-earned dollars, but we see nothing for it when the brand eventually sells, transferring the wealth outside of our community,” says Kim, who is the CEO and Co-Founder. “Our goal is to create opportunities for our community to increase their wealth. Our vision is to change the narrative of what ownership looks like. We aim to become the first Black-owned publicly-traded beauty conglomerate.”
The company was founded by Kim and her husband, Tim, who were high school sweethearts in the Southside of Chicago. They created CurlMix to provide a hair regimen with simpler ingredients in mind.
Founded in 2015, CurlMix has since grown exponentially and has partnered with investors such as former LinkedIn CEO Jeff Weiner and Arlan Hamilton of Backstage Capital. The brand valuation is approximately $25 million and it has continued to grow despite the COVID-19 pandemic with $6 million in online revenue during 2020.
The brand now has a goal of raising $5 million dollars from the campaign to use in various ways including:
• Expand in CPG categories beyond haircare and create more engaging marketing campaigns that better identify with their thriving communities
• Acquire a larger customer base
• Launch additional brands
Those interested in obtaining equity are able to do so through the WeFunder campaign page and select their preferred investment level. Starting at $250, this crowd fundraiser is providing approachable price points for even the novice to start investing. In addition, investors
Source: blackbusiness.com