Studies have shown and proven, that Black women are more ambitious when it comes to entrepreneurship than their counterparts, but receive less support than them. The consumer goods conglomerate, Unilever, has announced a fund to assist and support Black women and women of color entrepreneurs.
Unilever has additionally announced its acquisition of Sundial Brands, which is one of the largest producers of hair and skincare products for African American women. Brands housed by the company include Shea Moisture, Nubian Heritage, and Walker’s Legacy namesake beauty company – Madam C. J. Walker’s Beauty Culture. This announcement follows Unilever’s investment in Black woman-owned makeup company, Beauty Bakerie, earlier this year.
Along with this new acquisition, Unilever is creating a New Voices Fund to empower women of color entrepreneurs. The fund has an initial investment of $50 million dollars.
“I’ve always wanted Sundial Brands to be an inspiration to other minority-owned companies of how a business against all odds can achieve excellence, have a significant social impact in our communities and be successful on a world stage,” said Richelieu Dennis, Founder, and CEO, Sundial Brands in a statement.
The fund is an effort to support the communities that have supported the brands over time. The consumers, being mostly African-American, will reap the benefits of their loyal support over the years from this fund. Unilever looks to give back to those communities.
“We look forward to continuing to grow the business and make an even bigger impact on society through Sundial’s community programs” Alan Pope, President, Unilever Personal Care.
The fund plans to grow their investment to $100 million dollars by attracting other investors from other parties that are interested in supporting their efforts. Sundial CEO, Richelieu Dennis, who will still serve as the head of Sundial, said, “I’ve always wanted Sundial Brands to be an inspiration to other minority-owned companies of how a business against all odds can achieve excellence, have significant social impact in our communities and be successful on a world stage.”