Malindi Minute: Black Haircare, Wall Street, and Black Ivy

Happy Sunday! Whether you're a new subscriber or an existing subscriber, welcome back. Here are a few articles you should check out from this week!

Issa Rae and Hanna Diop’s haircare brand, Sienna Naturals, has launched in Sephora stores nationwide. They join several Black-owned haircare brands that are already carried by Sephora including Pattern Beauty, Fenty Beauty, and Adwoa Beauty. Black haircare, as of 2023, is a $2.5 billion market and Black women spend 9 times more on ethnic products than non-Black consumers. What the shoppers are searching for is authenticity and a unique understanding of their hair and the chemicals that will best serve them. Like brands before it, Sienna Naturals understands what it’s like for Black women to not see products tailored to their hair or use products that don’t take them into account and potentially damage it. As they expand into Sephora, with its nationwide distribution, marketing, and accessibility, the brand will inevitably expand as it becomes more accessible.

Black Unicorn Factory is set to become the highest-valued Black-owned company to be listed on the NASDAQ. Black Unicorn Factory is a pre-IPO accelerator. Their main goal is to “address the significant gap in funding opportunities for businesses owned by people of color and women.” Funding for Black-owned businesses has always been a concern. As it stands, Black founders receive less than 1% of venture capital funding. If Black business owners go to banks to secure loans for their businesses, there have been studies done that illustrate the racial bias against minorities as it pertains to securing loans. Black Unicorn Factory’s goal to bridge the wealth gap by allowing startups to move in the direction of a public offering without needing to go the venture capital route . The racial wealth gap, based on a study by Brookings, has been increasing. As of 2022, for every $100 in wealth that white households had, Black households had $15. Black Unicorn Factory is not only going to help address some of these concerns, but since it will be publicly traded, then anyone, including Black investors, can now be part of the solution.

As mentioned, venture capital is one way Black founders can receive funding, but we receive so little. In the same way Black Unicorn Factory is looking to solve some of that issue of funding, Stacy Brown-Philpot is also looking to help solve as well. The former TaskRabbit CEO raised $172 million for her venture fund this week called Cherryrock Capital. The fund has a focus on investing in companies ran by underinvested entrepreneurs.

This week on Pause for a Moment, we take a deep dive into the Black Ivy aesthetic. It was a cultural movement where fashion, intellect, and rebellion came together to redefine Black identity. From sharp tailoring to radical self-expression, we’ll explore how this timeless style became a statement of power, pride, and resistance. Listen on Spotify, Apple Podcasts or Amazon!

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