Black America Breaking News for the African American Community
Related Articles
The husband-and-wife duo turned to their supporters after rejecting a Shark Tank offer in 2019. Now, the couple is on track to reach levels that few companies have achieved in the equity crowdfunding space.
“We are democratizing the ability to invest by allowing our community to own a piece of the pie and come up with us,” says Kim Lewis, CEO of CurlMix, on LinkedIn. “This is revolutionary in that no other black-owned beauty brand has ever done this. None. This is not a donation. It’s an investment.”
She continues, “By the year 2024, we expect to have $40M in annual revenue. We plan to create 100 jobs and obtain a manufacturing facility in an underserved minority community, right here in Chicago. We plan to build the first, publicly trade black-owned beauty conglomerate and hopefully be traded on the stock NYSE one day, like Procter & Gamble.”
CurlMix Goes From Shark Tank to Equity Crowdfunding
CurlMix, a DIY subscription box turned natural hair care line, was founded in 2015. After a couple of years of stagnant sales, the couple revamped their business model. Twelve months later, they reached $1 million in sales. That’s when Kim and Tim presented their compelling pitch to the Sharks, leaving Herjavec ready to jump in and capture future profits. However, the couple rejected the offer. They agreed they wouldn’t give up more than 15 percent of their business.
The couple proves that believing in your business, understanding your value, and catering to the needs of your customers pays off in the long run. Two years after their Shark Tank appearance, the CurlMix founders are now raising millions from equity crowdfunding.
CurlMix Customers Invest in the Brand
“Anytime you have a community backing you and they are hyped about [your brand], what you are doing will be successful,” says Kim.
Source link
