Black-owned beauty brand Mielle Organics just secured a major bag by landing a multimillion-dollar investment from the firm Berkshire Partners.
Seven years after co-founders Monique Rodriguez and Melvin Rodriguez launched their natural haircare brand, the CEO and COO have received a Series A investment of more than $100 million from the private equity firm, Ad Week reports.
Praised as the fastest-growing Black-owned haircare company in the US, Mielle has been riding high after recently bringing on Grammy Award-winning rapper Megan Thee Stallion as its global brand ambassador. Most recently, the beauty brand launched its 2021 “Unmasked: I Know My Roots” campaign with entertainers and close friends LeToya Luckett and Toya Johnson.
Mielle plans to allocate its new $100 million investment on “its mission to educate, empower, and excite Mielle’s customers and the broader haircare community,” according to a company statement. Additionally, the CEO and COO will retain a majority stake in the business.
“Their investment reinforces our mission for community development and growth of Mielle’s vision of global expansion,” CEO Monique Rodriguez said in a statement.
“During the past seven years, we’ve been able to expand our product lines, increase our distribution and invest in our community; we are excited to continue innovating and developing new products, grow awareness of Mielle, and reach even more consumers to give them products that they deserve,” COO Melvin Rodriguez added.
The company is already featured in major retailers like Sally Beauty, Target, Kroger, CVS, Walgreens, Walmart, Rite Aid, and HEB. Additionally, their natural haircare products are sold internationally in Europe, Africa, and directly online.
In 2020, Mielle Organics grew over 160% with their rosemary mint scalp and hair strengthening oil being a top trending product on Black Friday last fall, Shopify reports. Other major Berkshire Partners investments include well-known brands such as CrossFit, Party City, and Rockport.