ATLANTA, GA – MARCH 7: Beatrice, CEO of The Honey Pot Company, on stage at the 2020 Essence Magazine Wellness House held at the W Hotel Midtown on March 7, 2020 in Atlanta, Georgia. Mr. Dixon will give a lecture. (Photo by: Paras Griffin/Getty Images)
The Honey Pot Company is making history again. And in turn, it's changing the entire feminine care industry as we know it. The Bea Dixon-founded personal care and sexual wellness products brand has just signed a landmark deal aimed at democratizing feminine care, giving it a slice of a projected $54 billion pie. I got the department.
Signing a $380 million partnership agreement with Compass Diversified, one of the nation's largest publicly traded holding companies, is no small feat for a Black women-owned and -operated consumer packaged goods (CPG) company. But if there's one thing Bea Dixon does, it's make it look easy. “We champion our vision of destigmatizing feminine care and promoting holistic health both inside and out through accessible products that seamlessly align with our values.” We are excited to embark on this partnership with CODI, a company dedicated to Honey Pot Co. co-founder Beatrice Dixon will continue to lead the company in her role as CEO and chief innovation officer.
Together with our original 15-person leadership team and existing owners, The Honey Pot Co. continues to create better-for-you plant-based products that lead us into the future. They will also hold a significant minority stake in the company. “We believe this partnership will not only allow us to continue our commitment to innovation and education, but also allow us to continue to grow a movement rooted in community and self-care.”
Richelieu Denis' $100 million New Voices Fund played a pivotal role in leading this transaction, following an initial investment in the brand announced at the ESSENCE cultural festival in 2018. The New Voices Fund has generated well over $1 billion, and the Honeypot transaction marks the second NVF transaction in the past 12 months for a Black woman-founded company. “Here are the facts about investing in entrepreneurial women of color, especially Black women, that are surprising,” Dennis previously said in a press release at the fund's official launch.
“Entrepreneurship among women of color has increased by 322%, but only 0.2% of them have access to the capital they need to sustain and grow their businesses. Since 2009, $424.7 billion in total technology venture funding Of these, only 0.0006% were raised by Black women, which is unacceptable. That's why we're focused on building an ecosystem that enables them to reach their full potential by addressing three issues: access, capital, and expertise.”
The deal is expected to close in February and aims to democratize the brand's approach to “normalizing the normal.”
“This agreement has always been seen as a catalyst for our continued growth. It’s rooted in providing opportunity,” Dixon told ESSENCE. “In 2017, The Honey Pot just had a once-in-a-lifetime opportunity to walk into 1,100 Target doors with normal and sensitive washes and wipes. , how difficult it is to both keep a product on the shelves and market it at scale. Another fateful moment came when I had the opportunity to meet Rich. , which forever changed the trajectory of our company. Without the New Voices Fund investment, we would not have had the capital, access, and ability to grow our business with the very vision we had from the beginning. Now, more than ever, NVF's mission is vitally important to the Black community. Honey Pot's partnership with NVF opens the door to new work with Compass Diversified. We are forever grateful to Richelieu Denis and the NVF family for their dedication to Black women in business.”
“We have full intentions of accelerating many of our visions for growth, including incredible innovation, providing further education in personal health, and expanding our footprint in the U.S. and globally. The resources that a partnership of this nature provides are limitless, and we are excited to provide our small but mighty team with the supporting infrastructure to realize the mission we have set out. doing.”
She continues: “I always say that the entrepreneurial journey is similar to major life milestones, like having a baby. It takes a person through childbirth, childhood, and ultimately college, adulthood, etc. The analogy is so important because each of those stages presents so much beauty, curiosity, and adversity. Because it starts to expand far beyond what we expected. That was a very unique honor. We were really lucky to have a moment to show and share and expand on something as small as an idea. I couldn't be prouder and am eager to be a part of and witness everything that is to come.”
The journey began a little more than 10 years ago in Dixon's apartment kitchen after experiencing bacterial vaginosis (BV) and deciding to create her own natural wash. Like many people concerned with vaginal health, Dixon was frustrated by the lack of options on the market. It's ironic because BV is the most common vaginal problem for women and people with vaginas. Almost 35% of them will experience BV in their lifetime, and their chances increase significantly if they are black. Dixon understood this and set out to create a solution.
“My struggle with bacterial vaginosis revealed the reality that what humans experience with their vaginas is not only real, but continually ignored,” Dixon told Essence. “I knew there was a need, and that knowledge was always there for me. Without a doubt, it would have been more difficult to achieve it without the community. Understanding and Using The Honey Pot It gave me the confidence to keep trying and disrupting. Our community has become the person I talk to and think about most often.”
Dixon says her mission is to get quality products on more shelves and into more hands. But most of all, her story inspires future change-makers to persevere.
“I hope that knowledge goes beyond headlines and quotes. No matter where you are, no matter what you do, no matter who you have been or who you think you should be, no matter where you are at any time, no matter where you think you should be, But you can start,” she said emphatically. “That feeling you get makes you want to share, makes you feel like you have to build and create, and you follow it. That feeling that makes you want to go, and what it takes to touch it. Well, no matter how frivolous it is, how big it is, how bold it is, how ridiculous it may seem, now more than ever you have to take it seriously.”