A portion of Berkshire’s investment will be used to support Mielle’s More Than a Strand program, which is core to the company’s mission to strengthen the bond between mothers, daughters, and young girls across the United States, Caribbean, and Africa. Company co-founders Monique and Melvin Rodriguez (CEO and COO, respectively) will continue to be majority owners and maintain control of the company. Additional terms of the transaction were not disclosed.
“We are excited to forge this historic partnership with Berkshire Partners,” said Mielle CEO and co-founder Monique Rodriguez. “Their investment reinforces our mission for community development and growth of Mielle’s vision of global expansion. We are also thrilled to continue this journey with New Voices. They believed in Mielle from the beginning and have truly been a great partner. These are the types of steps it takes to create generational wealth and jobs for people of color. We are truly grateful for their partnership.”
This investment caps an impressive period of growth for Mielle, which last year saw category-leading growth rates despite the challenges of a pandemic that led more than 40% of Black-owned businesses to shutter. It also marks a major milestone for Ms. Rodriguez as only 93 Black women founders have secured $1 million in investment funding for their companies, according to ProjectDiane, a biennial report on the state of Black and Latinx women founders by the organization digitalundivided. Through Mielle Organics’ historic investment deal with Berkshire, Monique has paved the way for women-led companies to surpass the limits of glass ceilings society has conditioned us to believe are unbreakable for women of color.
“We started this business in our garage, sparked by Monique’s passion to build a worldwide community of women,” added Melvin Rodriguez, co-founder and COO. “During the past seven years, we’ve been able to expand our product lines, increase our distribution and invest in our community; we are excited to continue innovating and developing new products, grow awareness of Mielle, and reach even more consumers to give them products that they deserve.”
Mielle Organics products are available at Target, Walmart, Walgreens, CVS, Sally Beauty, and online at MielleOrganics.com
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