Black owned businesses are witnessing a major boost and breaking barriers by the day and the hair care industry, thanks to the natural hair movement, more specifically isn’t left out.
In a bid towards encouraging black women to revel in their natural beauty, Black-owned haircare brand Mielle Organics which recently announced rap star Megan Thee Stallion as its first-ever Global Ambassador has clinched a major investment partner! And this comes amid the pandemic which has caused many businesses to close doors. Recall Mielle Organics witnessed an impressive period of growth last year.
Announcing the amazing news this week, the brand disclosed Boston-based firm Berkshire Partners has come on board with significant investment in the company that will help finance its future growth plans and continue the brand’s mission to “educate, empower, and excite Mielle’s customers and the broader hair care community,” as quoted in a press release, @afrotech reports.
“We are honored to invest behind Monique and Melvin and in Mielle,” Berkshire Partners Managing Director, Marni Payne said in a statement. “Mielle is an extraordinary business, but importantly has a larger purpose: to excite, empower and serve the community. Monique and Melvin have built this business from the ground up; we share their vision and are excited to support them as they continue their journey of growth and community.”
It was stated in the release that the new investment will also support Mielle’s $1 million #MoreThanAStrand campaign, aimed at empowering and educating women and young girls, bridging the gap between women and young girls across North America, the Caribbean and Africa, not just through hair but also empowering them to cultivate economic prosperity within their communities.
The investment, company co-founders, power couple, Monique and Melvin Rodriguez (CEO and COO, respectively) will maintain their titles as majority owners with control of the company.
“We are excited to forge this historic partnership with Berkshire Partners,” said Mielle Organics CEO and co-founder Monique Rodriguez in a statement. “Their investment reinforces our mission for community development and growth of Mielle’s vision of global expansion. We are also thrilled to continue this journey with New Voices. They believed in Mielle from the beginning and have truly been a great partner. These are the types of steps it takes to create generational wealth and jobs for people of color. We are truly grateful for their partnership.”
Mielle Organics launched in 2014.
Ms. Rodriguez is only 93 Black women founders that have secured $1 million in investment funding for their companies, according to biennial report ProjectDiane.
“We started this business in our garage, sparked by Monique’s passion to build a worldwide community of women,” Melvin Rodriguez said in a statement. “During the past seven years, we’ve been able to expand our product lines, increase our distribution and invest in our community; we are excited to continue innovating and developing new products, grow awareness of Mielle, and reach even more consumers to give them products that they deserve.”
Well done!
