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SheaMoisture Releases Its First-Ever Impact Report and Partners with Radio Personality and Entrepreneur Angela Yee to Announce a New Community Impact Grant

The company sets a new corporate standard as it works to create Black generational wealth

SheaMoisture published its first-ever report outlining its impact on the Black community and the company’s mission of creating generational wealth to help close the over $11 trillion racial wealth gap*.

Powered by the belief that the answer to help bridge this gap is fostering entrepreneurship and cultivating the power and potential of small business, SheaMoisture is proud to release its impact report. It is prouder still of its purposedriven business model created to directly support the community: a portion of net sales of its beauty products fund economic opportunities for underserved Black entrepreneurs and business owners. In this way, customers themselves participate in a process that reinvests back into their community.

Angela Yee

To date, $10 million has been invested through grants, entrepreneurial education programs, partnerships, and donations. A few highlights from the report include:

Photo Credit Matthew Brown

• The recent launch of the Next Black Millionaire Fund, providing businesses with $100,000 in funding and business development support; the inaugural cohort was announced this year and featured three recipients • Investment in 250 under-resourced small businesses • Over $1 million in COVID relief provided for disproportionately impacted businesses and communities, with another $1 million pledged for community resilience • 50,000 hours of entrepreneurial education provided to Black business owners

This work began over 30 years ago under the brand’s founder and former CEO Richelieu Dennis, when he established Sundial Brands with his philosophy of business as a source for good. In 2017, he entered into an acquisition deal with Unilever, a deal which included the creation of the New Voices Fund, a venture capital fund that invests in entrepreneurs of color. Together with the Dennis Family, the New Voices Fund has invested over $100 million in portfolio companies.

The report highlights this and other significant impact the brand has made since 2020 under the current leadership of Cara Sabin, CEO of Sundial Brands (maker of SheaMoisture) and CEO Beauty & Wellbeing at Unilever North America.

“We’re incredibly proud of Cara Sabin what we’ve accomplished and are humbled by the impact we’re able to create within our communities,” says Sabin. “This report illustrates the work that’s happened, but more importantly it points to the work that still needs to be done. We hope to inspire others to join us to accelerate the wealth cycle for Black generations to come.”