Beyonce is not slowing down in combining her music with entrepreneurship as the singer is now out with a science-based venture. Cecred is a hair care company that is self-funded and not supported by any outside investors.
According to Allure, it took six years for the brand to be created largely due to several rounds of sample testing and the fact that it had to deal with shady investment pitches, resulting in the brand being fully backed by Beyonce.
“The journey of creating Cécred has taken years, and I’m so proud to finally reveal what we’ve been working on,” Beyoncé said in an official launch announcement. According to her, as a black founder, she saw the need for healthy hair care, placing scientific innovation above everything else.
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She created Cécred by prioritizing the needs of hair like hers and other textures that need more moisture and strength.
“We started by prioritising the needs of textured hair like mine, along with other types and textures that need more moisture and strength. My entire life and career, I’ve worn my hair in so many different ways: natural, flat-ironed, braids, coloured, weaves, and wigs,“ she noted.
The other idea behind the creation of Cécred is for people to have the freedom to express how good they feel. “I want everyone to have the freedom to express their hair in ways that make them feel good, so I began by creating the essentials for hair and scalp health. My vision is to be an inclusive force of excellence in the haircare industry while celebrating hair rituals across global cultures and helping dispel hair myths and misconceptions on all sides,” she said.
Funding was at the core of Beyonce’s new creation. As per available data, black women receive just 1% of VC funding. This means that more and more black people establish their businesses through self-funding, including Beyonce.
“I built this from the ground up and funded it myself,” she told Essence.
Aside from Cecred, she introduced the House of Dereon, which had a contemporary women’s fashion line. In 2015, she established an on-demand meal delivery service based on vegan food culture called 22 Days Nutrition.
Beyonce also launched her own fragrance line called Beyonce Heat. According to a Forbes report, she earned 400 million dollars from the product. Perhaps the most important business is the music streaming service Tidal. According to reports, a chunk of her money comes from Tidal.
Aside from her businesses, Beyonce also makes money from other sources, like endorsement deals and postings on social media. She recently emerged as one of the two highest-paid black celebrities on Instagram.
Beyonce first rose to fame as the lead singer in the girl group Destiny’s Child but has now become a larger-than-life icon. Together with her husband, Jay-Z, they have a net worth of more than $3 billion. However, Beyonce has a personal net worth of $800 million, according to Forbes.
