RedDrop secures US$1 million grand prize at Black Ambition Demo Day
The wellness brand for tween girls will leverage funding, mentorship, and industry access to scale its impact and support underrepresented communities
RedDrop, a brand focused on wellness solutions for tween girls, has secured the US$1 million grand prize from the Black Ambition Prize Competition, a major initiative aimed at supporting Black and Hispanic entrepreneurs. The announcement was made following the 4th Annual Black Ambition Demo Day, where eight finalists presented their pitches to a live audience of over 250 attendees.
Black Ambition, a non-profit organization founded in 2020 by musician and entrepreneur Pharrell Williams, aims to empower Black and Hispanic entrepreneurs by providing funding, mentorship, and access to a robust network of industry resources. This year’s event received support from prominent sponsors, including Visa, Comcast, Lennar Foundation, Louis Vuitton, and Adidas.
The final pitches were evaluated by a distinguished panel of judges comprising Lisa Price, founder of Carol’s Daughter; Pinky Cole, founder of Slutty Vegan; Matt Story, vice president of Global Brand Integrated Marketing at Visa; and Erik Moore, founder and managing director of Base Ventures. The judges assessed the finalists’ presentations before selecting the winners.
As one of the select brands chosen for this competitive program, RedDrop will gain access to Black Ambition’s mentorship network, financial backing, and industry insights. The company’s mission centers on creating personalized wellness solutions and supporting tween girls through products that cater to their unique needs.
“We’re beyond thrilled to be the grand prize winners of this year’s Black Ambition Prize Competition! Having US$1 million to invest in our business is life-changing and will give us opportunities to grow and continue to impact our community”, said Dr. Monica Williams, co-founder and CEO of RedDrop. “And while the prize money is great, the mentorship and network provided by Black Ambition is priceless and will allow us to open doors that were previously closed and to start building our own table so we can invite others to have a seat”.
The Black Ambition initiative aims to strengthen the presence of Black and Hispanic entrepreneurs in various sectors by providing funding, mentorship, and access to networks that support growth and development. Since its inception, the program has awarded over US$2.7 million to 30 founders in sectors such as artificial intelligence, consumer products and services, healthcare, media and entertainment, and technology.
In addition to the US$1 million prize, RedDrop will benefit from office hours with investors and senior leaders, exclusive invitations to retail partnership meetings, wellness and executive coaching, and other development resources over the next six months. The support is intended to enhance the brand’s scalability and reach within its target market.
Through access to industry veterans, strategic insights, and capital support, RedDrop aims to expand its footprint in the wellness industry. Its participation in the Black Ambition network represents a significant milestone in its mission to develop wellness products that meet the specific needs of tween girls and uplift communities that have historically been underrepresented in this space.
