Ami Colé, a New York City–based beauty startup that debuted in 2021. This September, it will shutter its doors for good. Founded by Diarrha N’Diaye-Mbaye, the inclusive brand catered to the makeup needs of everyone, especially those with deeper complexions. The company turned heads and scored a passionate following from VCs, as well as super-fans like singer Kelly Rowland and actress Mindy Kaling. It failed to meet the needs of an increasingly competitive and changing retail landscape.
Ami Colé made headlines for successfully raising over $3 million in venture capital from notable backers including G9 Ventures, Greycroft, and angel investors Hannah Bronfman and Lindsay Peoples Wagner. N’Diaye-Mbaye distinguished herself as one of the few Black women to secure more than $1 million in venture funding, marking a significant achievement in an industry where funding for Black entrepreneurs has recently reached a multi-year low.
Sadly, Ami Colé as it existed has closed its doors. This decision coincides with a dangerous and growing political backlash against diversity, equity and inclusion (DEI) initiatives. This change has overwhelming impacted small businesses focused on building equitable, inclusive, and greater connections to underserved communities. N’Diaye-Mbaye shared her experiences and discussed the pain points that come when you have to continuously pivot in response to evolving investor mindsets around equity and inclusivity. She noted, “Instead of focusing on the healthy, sustainable future of the company and meeting the needs of our loyal fan base, I rode a temperamental wave of appraising investors — some of whom seemed to have an attitude toward equity and ‘betting big on inclusivity” that changed its tune a lot, to my ears, from what it sounded like in 2020.”
Even as Ami Colé — beauty’s new shiny startup — has worked through challenges, N’Diaye-Mbaye still sounds hopeful about a new age of beauty. And despite all of that, I still have faith in beauty, at both the macro- and micro-levels. She continued, “I can’t wait to see what’s in store next.”
