Arirrha N'diaye-Mbaye, one of the few black women who raised over $1 million at Benture Capital, announced the closure of award-winning beauty startup AmiColé on Thursday.
AmiColé creates makeup for people with dark skin tones. This is because these consumers often have a hard time finding makeup that matches their skin tone. It was released in 2021 and sold through Sephora and has become a celebrity favorite among singer Kelly Roland and actress Mindy Kaling. However, the 4-year-old company now officially closes its shutters in September.
N'Diaye-Mbaye wrote about her decision to close the company with “The Cut.” “After seeing all the options, it became clear that continuing in this current market is not sustainable.” According to Pitchbook, her company has raised over $3 million at Venture Capital, and has been supported by G9 Ventures, Greycroft, Angel Investors Hannah Bronfman and Lindsay Peoples Wagner, editor-in-chief of “The Cut.”
AmiColé did not immediately respond to requests for comment.
Like many black startups launched after the murder of George Floyd, Ami Cole has embarked on a wave of excitement from investors and businesses looking to put their money into more products and initiatives that are exposed to diversity, equity and inclusion.
N'Diaye-Mbaye suggested that one of the issues was the tension between her and her investors' expectations for consumer retail. She had loyal clients, but her fast nationwide growth meant pressure from investors. However, her brand struggled to compete with larger companies in deeper pockets, despite pouring a significant portion of her budget into marketing. AmiColé faced the ups and downs and sales of retail production. It was sold straight for a week and the unit was not moved for another week.
“Instead of focusing on the company's healthy and sustainable future and meeting the needs of its loyal fanbase, I have embarked on a wave of temperament that values investors.
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This tension comes as funding for the venture for black founders hit multi-year lows in a political situation where it denied what is perceived as Day. N'Diaye-Mbaye ended her announcement saying that this chapter of her life had ended but her work had not been done.
“I still believe in beauty on all levels and look forward to discovering what's coming next,” she said.