When Huda Kattan launched her eponymous beauty brand in 2013, her start-up was a little scrappy. So much so that she hand-packed false eyelashes — HB's very first product — herself. Although she is now Instagram's highest-paid influencer (earning up to a five-figure salary for just one post), Huda found it hard to raise money during the beginning of her career. So that's why, a whirlwind four years later, the businesswoman has begun a program that aims to fund budding cosmetics brands.
"We will lend seed money, mentoring, and advice to aspiring entrepreneurs, because we know that, without a plan, money does not guarantee a successful business"
As WWD reports, the venture is called Huda Beauty Angels, an offshoot of her venture capital company. She's starting with $10 million and hopes to grow the fund with time. This initiative was all made possible by a major investment Huda Beauty itself scored by partnering with private equity firm TSG Consumer Partners. The company has also given money to brands like Smashbox and It Cosmetics, but Huda is the first influencer to score such a lucrative deal.
The mogul told Business Wire, "I am also grateful that this new partnership enables me to start something I am excited about – the creation of HB Investments, a fund that will facilitate new beauty and wellness businesses. . . We will lend seed money, mentoring, and advice to aspiring entrepreneurs, because we know that, without a plan, money does not guarantee a successful business."
This news is hot off the presses, so there's no word yet on how to formally apply for this grant. We still have to await concrete details on how to get your hands on that Huda-approved cash money. If you're interested in getting in on the action, now's the time to dust off your rsumé, pull together a portfolio, and put your fiercest face forward.