Historically, venture capital funding has been challenging for Black women entrepreneurs to obtain. Although the market for Black women business owners is growing rapidly, their ability to secure enough capital to stay afloat is much lower than their Caucasian counterparts. Monique Rodriguez, co-founder and CEO of Mielle Organics, is actively changing the narrative. The brand recently received $100 million in venture capital funding from the Boston-based firm Berkshire Partners. Less than 100 Black women entrepreneurs have secured $1 million in funding from this firm, making it a historic investment.
“We are excited to forge this historic partnership with Berkshire Partners,” Rodriguez said in a statement. “Their investment reinforces our mission for community development and growth of Mielle’s vision of global expansion. We are also thrilled to continue this journey with New Voices. They believed in Mielle from the beginning and have truly been a great partner. These are the types of steps it takes to create generational wealth and jobs for people of color. We are truly grateful for their partnership.”
Founded in 2014 with her husband, co-founder, and COO Melvin Rodriguez, Mielle Organics proves that slow and steady wins the race. “We started this business in our garage, sparked by Monique’s passion to build a worldwide community of women,” added Melvin. “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.”
Part of the Mielle Organics mission is to pour back into their community. The end goal is to build generational wealth and develop a blueprint that will create work opportunities for people of color. Securing venture capital funding puts the company well on their way to executing their end goal, and so much more.
Black Owned Hair Care Brand Mielle Organics Secures $100 Million In Venture Capital Funding was originally published on hellobeautiful.com