There’s lots to respect about Beyonce’s new haircare company Cécred. But perhaps what’s most notable is its financial makings. The science-backed venture is completely self-funded and isn’t supported by any outside investors.
Allure recently reported that the products could’ve gone to market sooner, but the six year development period took that long because of extensive testing, and the navigation of investment opportunities (including some shady ones, per the outlet). It was decided that self-funding was the best decision.
“The journey of creating Cécred has taken years, and I’m so proud to finally reveal what we’ve been working on,” Beyoncé said in an official launch announcement. “As a Black founder, it was important to me to concentrate on where I saw the greatest need for healthy haircare and to place scientific innovation and product performance above all else. We started by prioritizing the needs of textured hair like mine, along with other types and textures that need more moisture and strength. My entire life and career, I’ve worn my hair in so many different ways: natural, flat-ironed, braids, colored, weaves, wigs. I want everyone to have the freedom to express their hair in ways that make them feel good, so I began by creating the essentials for hair and scalp health. My vision is to be an inclusive force of excellence in the haircare industry while celebrating hair rituals across global cultures and helping dispel hair myths and misconceptions on all sides.”
She adds in her exclusive sit down with ESSENCE, “I built this from the ground up and funded it myself.”
As of 2023, Black women received just 1% of VC funding, and reports show that number is poised to decline as the U.S. economy continues to slow. Cécred is breaking barriers and is an example of what can be possible for aspiring beauty entrepreneurs.