The statistics do not lie, women of color receive less than 1% of total funding for their businesses year after year. I personally know of a few women currently looking for funding for absolutely great product creations with little to know success.
The point is, when a read a story about a black woman actually achieving her dream and securing backing I think its important to highlight it because it signifies hope for us.
Ruby Red is an apparel company specializing in period panties and swimwear owned by Crystal Etienne. On Tuesday her company released through Press Release that they secured $15 million in funding from The Craftory, a $300 million global investment firm. The partnership will take the brand to the next level and it is amazing to see the possibilities.
Read the full details below via PRNewswire:
Femtech, e-commerce apparel company, and pioneer in the period apparel industry, today announced the exciting deal totaling $15 Million from The Craftory, with an initial Series A funding of $8M.
Since its founding in 2015, Ruby Love increased sales from $300,000 following its first year to over $10 Million in sales in its third year, with product collections now including period underwear, period kits, period swimwear, activewear, loungewear, double sided-pads and incontinence boxer briefs with leak-proof protection, so no tampon is required. Period.
Identifying a need in the Femtech market for comfortable, easy-to-use, period apparel, founder and CEO, Crystal Etienne developed Ruby Love’s revolutionary technology featured in each of the brand’s products. Through rigorous testing of hundreds of prototypes, the brand created a smart, intuitive design with built-in technology that offers maximum absorption, protection against leaks and stains, peace of mind, and complete discretion, so period days can be like any other day.
Already a pioneer in the Femtech space, as the first brand to launch period swimwear, Ruby Love has proven to be a leader within the teen feminine care demographic, utilizing streamlined turnkey sales strategies, without using gimmick advertising. Now with the latest deal of $15M, Ruby Love plans to continue investing in the brand’s expansion, product development and brand-related campaigns. The Craftory will acquire a stake in the Ruby Love business as a result of the funding round. Ruby Love will be The Craftory’s first Femtech partner brand.
Etienne is a frontrunner in the African-American female tech industry, having built Ruby Love to a $10M company in less than three years, starting with just a $25,000 investment without any outside funding until this point. She bootstrapped the company from its humble beginnings to its recent success, Etienne will work in tandem with the rest of the Ruby Love team and The Craftory to continue to make great strides.
“I founded the brand in hopes that period issues be consigned to history, and I am excited to continue the growth of the company with the help of the team at The Craftory,” said founder and CEO, Crystal Etienne. “Their support means that my vision for Ruby Love – to deliver confidence to women, whatever time of the month – can continue to be a reality.”
Rooted in supporting mission-driven consumer brands, The Craftory will be the perfect Ruby Love partner. “We are thrilled to be a part of the next stage of Ruby Love’s growth and look forward to working with Crystal Etienne as the business continues to grow and innovate,” said Olivia Cramer, Deal Crafter at The Craftory. “A technological breakthrough in this space was long overdue and brands like Ruby Love, led by inspiring entrepreneurs like Crystal, are essential for the development of a more open, progressive society.”
If you own a company and you are a woman of color, just know their is hope and I would encourage you to do as much research as you can about getting the backing you need for your business. The cash is out there we just have to continue to collect and demand increases in our portions.