The Chicago Couple Behind Black-Owned Brand CurlMix Raises Over $1 Million Within 4 Hours

The Chicago Couple Behind Black-Owned Brand CurlMix Raises Over $1 Million Within 4 Hours https://ift.tt/eA8V8J

Black-owned brand CurlMix is breaking the internet with the launch of its equity crowdfunding campaign.

Listener Brands, the parent company of CurlMix and 4C ONLY, is allowing consumers to invest and unlock opportunities for generational wealth. Thousands of people have invested since the campaign launched on the morning of April 6th. In less than four hours, the company reached the million-dollar mark in funds raised.

“Many of us spend years supporting companies with our hard-earned dollars, but we see nothing for it when the brand eventually sells, transferring the wealth outside of our community,” says Listener Brands CEO and Co-Founder, Kim Lewis in a statement. “Our goal is to create opportunities for our community to increase their wealth. Our vision is to change the narrative of what ownership looks like. We aim to become the first Black-owned publicly-traded beauty conglomerate.”

The Beginning of CurlMix

CurlMix was founded in 2015 by high school sweethearts Tim and Kim Lewis. They attended Morgan Park High School together on the Southside of Chicago and have joined forces to become a major player in the beauty industry.

“When I met Tim in second-period gym class, I did not think we would build a multi-million dollar company that employs our community and serves women of color,” Kim shared on LinkedIn.

CurlMix started as a do-it-yourself subscription box for curly hair. But after two years of stagnant sales, the couple went back to the drawing board, hired advisors, and revamped their business model. In January 2018, they turned their boxes into a haircare line, allowing them to earn $1 million in sales in only 12 months. Then, the couple appeared on ABC’s show Shark Tank and turned down a $400,000 deal. They knew the opportunity ahead had the potential to be greater. 

Community Support Takes CurlMix to the Top

CurlMix has seen its revenue increase every year since making the shift in their business model. In 2019, the brand achieved gross revenues of $5 million. In 2020, CurlMix earned $6 million in gross revenues. Kim attributes the success of CurlMix to her community of supporters. She’s created a strong community through her consistent hair care videos and focus on serving the needs of her audience.

“Anytime you have a community backing you and they are hyped about [your brand], what you are doing will be successful,” Lewis shared during an exclusive interview with Black Enterprise.

The level of community support around CurlMix was nothing short of impressive during the equity crowdfunding campaign.

“Our customers showed up and showed out,” says Lewis. “I have black business owners like Lamar Tyler from Traffic, Sales, and Profits who invested and shared it with his community. I don’t have rich people [involved] who put in half a million dollars. About 90% of our investors have contributed less than $1,000 so it really is the people that are driving this campaign.”

How to Invest in CurlMix

Individuals can invest in CurlMix through the WeFunder campaign page. Select your preferred investment level and you’ll be able to obtain equity. The minimum investment amount is $250, giving beginning investors a chance to get started with low barriers to entry. In addition, you can view the perks associated with each level of investment.

“Allowing our customers to invest allows them to participate in the upside,” says Kim. “It also gives them a sense of ownership. For many, it’s their first time investing. They may not have any money invested in stocks or may not have IRAs. Creating investors in the black community is how you begin to build wealth.”

As with any investment opportunity, do your due diligence and ensure that the investment aligns with your goals. For more information, you can visit WeFunder.com/CurlMix.

 

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