The grand prize is an equity investment for the RedDrop founders who say they have struggled to raise money from traditional investors.
RedDrop founders Dr. Monica Williams and Dana Roberts have secured a seven-figure investment for their tween period care company RedDrop after winning a pitch competition at Pharrell Williams’ fourth annual Black Ambition Demo Day.
Dr. Williams was selected as one of the eight finalists to pitch the RedDrop brand to the Demo Day judges at the competition in November, organized by GRAMMY Award-winning musician and businessman.
“It’s unbelievable,” the RedDrop CEO told The Atlanta Journal-Constitution.
RedDrop is a FemTech company committed to empowering and preparing girls as they transition into puberty and navigate their periods. The company sells period care kits for tweens that include menstrual pads specially sized to fit the body.
“She worked tirelessly to perfect this pitch,” Roberts shared in a message on Instagram to thank her RedDrop partner and friend. “I’m honored to use this money to expand our impact to serve and care for girls all over the world!”
According to the RedDrop website, as an educator for over two decades, Roberts witnessed the unpreparedness of fifth-grade girls who started their periods in her class. This experience prompted her to stitch together a bag she dubbed a “first purse” with all the products they needed.
Roberts reached out to Williams, then a new mom, to partner on the mission to launch a brand that would empower, educate and support tweens and their caregivers as they transition into puberty.
The objective is to change the pathway to capital for talented entrepreneurs who have historically been left out of traditional investment funnels. Black Ambition tweeted in November that the nonprofit initiative has awarded $13 million in funding to diverse entrepreneurs.
— Black Ambition (@blackambitionpz) December 3, 2024
Source: Black Enterprise
