December 11th 2024.
Dr. Monica Williams and Dana Roberts, the founders of RedDrop, have just received a major investment for their period care company. The seven-figure funding came after they won a pitch competition at Pharrell Williams' fourth annual Black Ambition Demo Day. It's quite an achievement for the duo, who were up against tough competition at the event organized by the GRAMMY Award-winning musician and entrepreneur.
Dr. Williams was one of the eight finalists who had the opportunity to present the RedDrop brand to the judges at the competition in November. In an interview with The Atlanta Journal-Constitution, she expressed her disbelief and excitement, saying, "It's unbelievable." RedDrop is a FemTech company that aims to empower and support girls as they go through puberty and navigate their periods. They offer period care kits specifically designed for tweens, with menstrual pads that are sized to fit their growing bodies.
In a heartfelt message on Instagram, Roberts expressed her gratitude towards her business partner and friend, saying, "She worked tirelessly to perfect this pitch." She also shared her excitement about using the investment to expand their impact and help girls all around the world. According to the RedDrop website, Roberts, who has been an educator for over 20 years, was inspired to start the company after seeing fifth-grade girls in her class who were unprepared for their first periods. She created a bag with all the necessary products and called it the "first purse."
Roberts then reached out to Dr. Williams, who had recently become a mother, to join forces and launch a brand that would empower, educate, and support tweens and their caregivers during this transitional phase. The duo's hard work and dedication paid off when they won the grand prize at Pharrell Williams' Black Ambition Demo Day. It was a moment of celebration for the two, especially since Dr. Williams had previously been rejected when she applied for the prize in 2022.
The grand prize is structured as a "SAFE," which stands for a simple agreement for future equity. This means that the investment will help the RedDrop founders develop educational materials that focus on puberty. They also have their sights set on securing a retail opportunity with beauty retailer Ulta in the future.
Pharrell founded Black Ambition in 2020 with the goal of providing capital and resources to high-growth startups founded by Black and Hispanic entrepreneurs. The nonprofit also supports founders from historically Black colleges and universities and connects them with corporate sponsors and investors in order to address the opportunity and wealth gap. The ultimate objective is to change the traditional pathway to capital for talented entrepreneurs who have been overlooked in the past. In a tweet in November, Black Ambition announced that it had awarded $13 million in funding to diverse entrepreneurs, reflecting on the incredible impact they have made.
Overall, RedDrop's success at Pharrell Williams' Black Ambition Demo Day is not only a personal achievement for the founders, but also a testament to the important work they are doing in empowering and supporting young girls. It also highlights the impact that initiatives like Black Ambition can have in promoting diversity and providing opportunities for underrepresented entrepreneurs.
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