She’s set her sights on a new goal!
Monique Rodriguez, the entrepreneur behind the successful haircare brand Mielle Organics, is embarking on a new venture: launching her own investment fund, according to Inc. This comes roughly a year after selling Mielle Organics to consumer goods giant Procter & Gamble.
Details on the fund, including its launch timeline and target size, are still undisclosed. However, Rodriguez spoke about its mission during a recent appearance at Female Founders Day, an event hosted by the Female Founder Collective.
Inc. details, Rodriguez’s decision to enter the investment world stems from her own experiences with fundraising challenges. “I want to be that person I didn’t have in this space,” she said, referencing the difficulties she faced as a Black woman raising capital. Rodriguez acknowledged the lack of resources, access to mentorship, and the inherent hurdles Black founders encounter in the fundraising process.
While bootstrapping Mielle Organics for its initial seven years, Rodriguez eventually sought outside funding. This journey was met with rejections and last-minute changes to term sheets. She recounted an instance where investors reneged on an agreement, presenting a considerably unfavorable offer: $2 million for a staggering 40% ownership stake in the company. “Our lack of experience and expertise caught up with us very quickly,” Rodriguez told Inc.
Finding the right investor ultimately took time and resilience. Rodriguez eventually connected with Richelieu Dennis, managing director of New Voices, who offered a more favorable deal—$5 million for only 10% ownership. This initial investment served as a springboard for future funding rounds, culminating in P&G’s full acquisition of Mielle Organics in 2023.
Rodriguez acknowledges the crucial role that initial investment played in her company’s success. “We wouldn’t have any of that if it wasn’t for Richelieu coming in to help us and give us just a little push. That’s all we needed, just that little push over the edge,” she said. This experience fuels her desire to provide that same kind of support for the next generation of entrepreneurs, particularly those from underrepresented backgrounds. Monique Rodriguez’s journey and upcoming investment fund offer a glimmer of hope for underrepresented founders struggling to secure funding. Her personal experiences position her uniquely to understand the challenges they face and provide much-needed support to help them thrive.
Cover Photo: Mielle Organics Founder Monique Rodriguez to Launch Investment Fund/ Credit: Mielle Organics