“Stay smooth, don’t be ashy” is the slogan behind Abena Boamah-Acheampong’s Hanahana Beauty.
The Ghanaian-American founder and chief executive officer launched the skincare and wellness brand in 2017 to provide consumers with clean products to include in their skincare routines. According to Hanahana Beauty’s website, the shea butter in its products is sourced directly from the Katariga women, who are producers based in Tamale, Ghana.
Seven years officially into the beauty industry, Boamah-Acheampong’s mission statement to “increase accessibility, transparency, and sustainability” in their products has continued to spark people’s interest in backing her brand. During an interview with Forbes’ “New Money” podcast, she shared how she built Hanahana into a multi-million dollar company with over $2 million in sales.
A pivotal part of the Hanahana Beauty journey was when the company received its first check in 2022 from a Black woman investor, per the outlet.
From there, Boamah-Acheampong states she raised more than $400,000 in funding through venture capital (VC) and angel investors. She also noted that most of the money received came from building strong relationships.
Boamah-Acheampong has honed in on the power of community since her company’s inception. The founder decided to change how she raised money, which inspired her to create a communal fundraiser through the crowdfunding company Wefunder.
“We pivoted. We were like, ‘You know what, I’m giving all of these angel investors the opportunity to build and grow with us. Why don’t I give my customers the opportunity to also have equity in the brand,’” Boamah-Acheampong recalled to Forbes.
She added, “I really just wanted to look at our strengths, and our strength is our community, and they want to put their dollars in it. They want to be a part. To become an accredited investor, you have to have a certain amount of money, and not all of our customers [have] that.”
Boamah-Acheampong initially pursued VC and angel investing because she wasn’t aware of any other alternatives. However, with this new path to building wealth, Boamah-Acheampong is proving to others that brands have more options to succeed outside of VC funding.
Hanahana Beauty’s Wefunder has raised over $83,520 (as of this writing). Its fundraising goal is $200,000. Customers’ investments will help the company’s goal of “redefining the shea butter and body care industry,” per the campaign page.
