Black-owned magnificence model Mielle Organics simply secured a serious bag by touchdown a multimillion-dollar funding from the agency Berkshire Partners.
Seven years after co-founders Monique Rodriguez and Melvin Rodriguez launched their pure haircare model, the CEO and COO have obtained a Series A funding of greater than $100 million from the non-public fairness agency, Ad Week reviews.
Praised because the fastest-growing Black-owned haircare firm within the US, Mielle has been driving excessive after lately bringing on Grammy Award-winning rapper Megan Thee Stallion as its international model ambassador. Most lately, the wonder model launched its 2021 “Unmasked: I Know My Roots” marketing campaign with entertainers and shut mates LeToya Luckett and Toya Johnson.
Mielle plans to allocate its new $100 million funding on “its mission to coach, empower, and excite Mielle’s prospects and the broader haircare neighborhood,” based on an organization assertion. Additionally, the CEO and COO will retain a majority stake within the enterprise.
“Their funding reinforces our mission for neighborhood improvement and progress of Mielle’s imaginative and prescient of world growth,” CEO Monique Rodriguez mentioned in a press release.
Black-owned haircare model Mielle Organics attracted a Series A funding of greater than $100 million from non-public fairness agency Berkshire Partners. https://t.co/q091vDv1aN
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“During the previous seven years, we’ve been capable of develop our product traces, improve our distribution and put money into our neighborhood; we’re excited to proceed innovating and growing new merchandise, develop consciousness of Mielle, and attain much more customers to present them merchandise that they deserve,” COO Melvin Rodriguez added.
The firm is already featured in main retailers like Sally Beauty, Target, Kroger, CVS, Walgreens, Walmart, Rite Aid, and HEB. Additionally, their pure haircare merchandise are bought internationally in Europe, Africa, and instantly on-line.
In 2020, Mielle Organics grew over 160% with their rosemary mint scalp and hair strengthening oil being a prime trending product on Black Friday final fall, Shopify reviews. Other main Berkshire Partners investments embody well-known manufacturers akin to CrossFit, Party City, and Rockport.
