On the earth of enterprise capital, solely 2.2% of funding goes to women-led startups. It’s even more durable for ladies of color (WOC) based companies. In line with ProjectDiane, a biennial demographic research of Black girls founders, Latinx women-led startups raised 0.04% of the $424.7 billion in complete tech VC funding raised since 2009, whereas Black girls raised simply .0006%.
Regardless of the massive funding hole, Black girls are diving into entrepreneurship. Within the US, the variety of startups founded by Black women has doubled since 2016 and the variety of Black girls founders who’ve raised over $1 million in funding has grown from 12 in 2015 to 34 in 2017.
In Could, amid economically difficult occasions because of COVID-19 pandemic, Shontay Lundy joined the membership; securing a $1 million funding from a non-public supply for her firm Black Girl Sunscreen.
In 2016, fed up with sunscreens that left white residue on her pores and skin, Miami-based Lundy set about to formulate a sunscreen that was efficient in defending the pores and skin from the solar’s harsh UV rays, contained no nasty chemical substances and could possibly be worn beneath make-up. Her dedication paid off and thus, Black Woman Sunscreen was born.
Black Woman Sunscreen’s revolutionary product for ladies of shade is cruelty-free, vegan, reef-safe, paraben-free, fragrance-free, water resistant for as much as 80 minutes and produced from pure elements equivalent to avocado, jojoba, aloe and cocoa butter which assist moisturise pores and skin with melanin.
The model has solely launched two merchandise, SPF30 and Children SPF50, and each are at the moment stocked in impartial outlets in addition to 200 Goal shops throughout the US, offering nationwide publicity for the vegan model.
In line with a Forbes article, after months vetting potential companions, Lundy partnered with a non-public feminine investor, subsequently elevating the corporate’s valuation to $5 million.
“I labored onerous for 3 years,” Lundy tells Forbes. “We created a groundbreaking product for an underserved market that resonated with our neighborhood. Black Woman Sunscreen introduced consciousness and shifted a mindset round folks of shade sporting sunscreen.”
Whereas analysis reveals that pores and skin most cancers is just not as frequent in darker skinned folks than fairer skinned people, it’s a fallacy to imagine that individuals with darker pores and skin tones don’t get pores and skin most cancers. Research from the United States discovered that though folks of color are much less prone to be recognized with pores and skin most cancers, when they’re, it’s often at a extra superior stage. The research additionally confirmed that POC are more likely to die from pores and skin most cancers as a consequence of delays in detection and presentation.
In brief; black folks and other people of color have to put on sunscreen too.
Cowl picture of Shontay Lundy through Black Woman Sunscreen.