I’m currently home in Jamaica on a long awaited break, but this day is absolutely worth celebrating and getting back on social media for, because earlier, we FINALLY closed on our Friends and Family fundraising round for the next iteration of Highbrow Hippie, our long awaited product line.
It’s no secret that we’ve been working diligently on this launch for many years now. It’s been a time filled with stops and starts and curveballs. But when it came time to raise capital, whoa.
A few sobering statistics:
- Black-owned companies generally attract only about 1% of VC funding despite making up about 14% of the U.S. population.
- VC funding for Black-owned businesses fell 71% nationally in 2023 compared to 2022.
- Before 2021, only 93 Black female founders (EVER!) had raised $1 million or more in venture capital.
I could keep going, but you get the point. Though Black women are the fastest growing, and most economically successful, segment of entrepreneurs, the fact remains that we remain underfunded and overmentored. When it comes to writing checks, it’s often one closed door + unanswered email after another.
So 3 months ago we decided to forgo the traditional VC route + instead hold a ‘Friends and Family’ round to help us in our journey, as we have completely self funded this endeavor up to this point. And we did it in a way that felt comfortable + authentic to who we are as business owners and entrepreneurs. We leaned HEAVILY on our dear friends and clients, and kicked off the round by inviting everyone to the atelier, the place that has provided respite for so many, and we spoke from the heart (and of course had many laughs along the way.) I’ve included a light moment in this post, but, don’t get it twisted, the rest was all business.
Today, the round officially closed and last wire transferred. For sake of our investors’ privacy I’ll refrain from mentioning more details, but I will say this round is funded by a powerhouse group comprised of ALL WOMEN AND PEOPLE OF COLOR. What?!?
The work is only beginning, but my goodness, tonight we pause, and give THANKS.
