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On June 11, as part of Glossier’s commitment to racial equity and inclusion, they launched a Grant Initiative for Black-Owned Beauty Businesses, with a commitment to change the beauty industry.
“When Glossier launched in 2014, we were fortunate to be one of the rare female-founded businesses to successfully raise venture capital; that year, only 3.1% of venture dollars raised by US-based companies went to women,” the company shared. “We are also keenly aware that a Black woman with the very same vision likely would not have received the same support. Black consumers wield an enormous amount of purchasing power, yet Black women have received only .0006 percent of the $424.7 billion raised in venture capital since 2009. We must begin to address this inequity and support the next generation of game-changing companies.”
After delving into nearly 10,000 applications, on September 2, Glossier announced the 16 recipients. THE MOST was granted $30,000 and now has the opportunity to SHINE BRIGHT LIKE A DIAMOND on this billion dollar beauty platform.
“I started THE MOST because, for Black women, embracing your natural hair is complicated. My goal has always been to change the beauty industry by creating culturally-informed tools to make the process easy and painless. We’re proud that Glossier has not only acknowledged the funding gap for Black-owned businesses, but is doing something about it.” said Dawn Myers, THE MOST Founder and CEO. “I am elated and we’re just getting started.”
Glossier will continue building meaningful relationships with each founder through dedicated monthly advisory support, pairing each business with a function lead at Glossier whose focus is most relevant to the founder’s interests and needs.
In their press release, Glossier shared, “we are honored and humbled to play a small role in the journeys of these businesses and founders and can’t wait for our community to fall in love with them the way we have.”
THANK YOU, GLOSSIER!