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Beauty Industry

Black-Owned Range Beauty Scores a Deal on Shark Tank

Investors Lori Greiner and Emma Grede offered $150,000 for 20% equity in the beauty brand.

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By: Charlie Sternberg

Associate Editor

Range Beauty has become the first Black woman-owned makeup brand to score a deal on ABC’s Shark Tank.
 
Founder Alicia Scott launched the brand in 2018 because of how difficult it was to find the right shade and undertone for her skin. She says, “steeply punishing price points and sensitive skin triggering formulas were the only options.”
 
Amidst a lack of shades and thoughtless ingredients that inflamed her eczema and acne, she decided to create a solution that would not compromise the color, care, or condition of her skin.
 
In an episode of Shark Tank that aired on Feb. 25, investors Mark Cuban, Kevin O’Leary and Barbara Corcoran passed on the brand, but investor Lori Greiner and guest shark Emma Grede offered $150,000 for 20% equity.
 
Although Scott and operations manager Myisha Fantroy, also Scott’s cousin, came on the show pursuing $150,000 for 6% equity, they elected to take the deal in order to tap Greiner’s and Grede’s marketing and retail expertise.
 
“These women are going to be able to help us make more than $150,000,” Scott said in an interview with Beauty Independent. “I want my investors to be strategic partners, and I want you to be someone who can truly understand the mission of Range, someone who can truly understand my founder story and someone who can truly understand where we’re trying to take the business.”

Other Investors

In 2021, Range Beauty received a $200,000 investment from Fearless Fund. The brand is currently in the process of series A fundraising with the goal of securing $1.5 million.

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