Afrocenchix secures $1.2m in seed funding from Cornerstone Partners and other investors to expand operations.
The round was backed by Cornerstone Partners, Google, Backed VC, Impact X, and angel investors.
≈ £870K at $1 = £0.7252 on 8 Jul 2021
Afrocenchix manufactures and sells natural hair care products tailored for Afro hair. The direct to consumer brand focuses on safe, non toxic formulations.
Afrocenchix has secured $1.2m in a seed round featuring participation from Cornerstone Partners, Google, Backed VC, Impact X, and angel investor Nalden. The direct to consumer hair care brand will use the capital to launch three new products, expand its team, and develop community technology.
Founded by Rachael Twumasi-Corson and Joycelyn Mate, the company addresses safety concerns in the afro haircare market, which often features products containing hazardous ingredients. The brand previously grew through grassroots sales and has distributed over 65,000 bottles of its formulations.
The fresh funding follows the successful beta rollout of M'xche, the company chatbot. Management intends to utilise proprietary datasets and content to further scale its digital community offerings.
From the founder
"From our first encounter, Cornerstone clearly understood the problem we’re solving and were already aware of our brand, which made a difference. We respect their commitment to our community and their focus on creating positive legacy."
Rachael Twumasi-Corson
Co-Founder at Afrocenchix
Investor perspective
"Afrocenchix are an incredible brand and continue to be a trailblazer for the rapidly growing afro haircare market. Their community driven marketing approach, vertically integrated strategy, and high levels of engagement across different customer profiles really stood out for us. We are delighted to be working with Rachael and Joycelyn and look forward to supporting the business in the coming years."
Rodney Appiah
Chairman, Cornerstone
Use of funds
- 01Continue product development
- 02Grow the team
- 03Build out infrastructure
Investors
Categories
About the company
Afrocenchix
Afrocenchix creates non toxic hair care products formulated for Afro hair.