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Richelieu Dennis, the co-founder of Sundial Brands, has recently been deploying capital from his New Voices Fund at a rapid and consistent pace. Earlier this month we reported on his involvement with Black Women Talk Tech and MVMT50. He recently made another investment into the NaturAll Club, a company that uses handmade avocado hair products to promote healthy natural hair.
His investment comes in totaling $1 million and will help the company grow its already extremely profitable product line. “We are the first hair care company he’s invested in,” said Muhga Eltigani founder and CEO of NaturAll Club. “I selected him as my first investor because he looked at my three-year strategy and told me he could get it done much faster with his network. I come with the ingredients and he comes with the connects.” Coming from the hair care industry, that speaks volumes. It is clear that he truly believes in the product and it’s potential.
(Image: NaturAll Club)
Since the inception of the company in Fall of 2015, the team has grown rapidly. In August of 2016, they brought on a COO, in August of 2017, they hired a director of Marketing and Customer Experience and in August of 2018, they brought on their first Chief Scientific Officer to ensure that they are making the highest quality formulations. August appears to be a great hiring month for the company.
They started their product line with a deep conditioner that includes fresh avocados that must be kept in the freezer in order to keep them from spoiling. They then expanded to a Jamaican Black Castor Oil Growth Serum and recently the range of products has exploded to include Cleansing Avocado Shampoo, Hydrating Avocado Conditioner, Nourishing Avocado Leave-in Conditioner, and Avocado Curl Custard.
“We replaced toxic and dangerous ingredients with safe, naturally-derived ingredients,” states the site. With the new investment, we can expect to see an expansion of the team and a heavy focus on marketing with an emphasis on customer retention, product development, and distribution.
Sequoia Blodgett
Sequoia Blodgett is a Reporter for Black Enterprise. She is also the founder of Commas, a virtual entrepreneurship resource center that provides everything you need to know about product development, marketing, publicity, and fundraising, to make your entrepreneurial journey a lot less stressful.
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