RedDrop Founders Win $1M At Pharrell Williams’ Pitch Competition
December 11, 2024
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.
Pharrell Williams’ Black Ambition Grand Prize is a huge celebratory moment for the duo after Dr. Williams received a “no” when she first applied for the prize in 2022. The prize terms and conditions state that the funds from the grand prize are structured as a “SAFE,” a simple agreement for future equity. The RedDrop founders have already started working on the development of puberty-focused educational materials. Looking forward, the duo hopes to secure a retail opportunity with beauty retailer Ulta.
Black Ambition was founded by Pharrell in 2020 to invest capital and resources in high-growth startups created by Black and Hispanic founders. The nonprofit also invests in founders from historically Black colleges and universities and connects entrepreneurs with corporate sponsors and investors to close the opportunity and wealth gap.
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.
We are reflecting on the incredible impact Black Ambition has created—approximately $13M in funding awarded to diverse entrepreneurs. https://t.co/Q24iicAvrX #BlackAmbition pic.twitter.com/6AT97hXB0g
— Black Ambition (@blackambitionpz) December 3, 2024
