Three female-led beauty startups have secured a combined N6 million in equity-free funding following a competitive pitch event held in Lagos, as stakeholders intensify efforts to bridge the financing gap confronting women entrepreneurs in Nigeria’s fast-growing beauty industry.

The funding, provided by Busha in partnership with Beauty Hut Africa, was awarded under the second edition of the Beauty Hut Africa Women’s Grant Initiative.

The programme culminated in a live pitch session recently held at the Ecobank Pan-African Centre, drawing founders, investors, and industry leaders.

Competition

Five shortlisted entrepreneurs presented their business models before a panel of judges comprising Subuola Oyeleye, Bobe Badaki, Omolara Dada, and Abimbola Akerele.

At the end of the session, Inveo Labs emerged as the overall winner, while Tulivu Fragrance and SavedSkin Cosmeceuticals clinched second and third positions, respectively. The grants are expected to support product development, market expansion, and operational scaling for the businesses.

The initiative forms part of Busha’s Social Impact Initiative under its Empowerment Pillar, aimed at fostering entrepreneurship through access to funding, education, and digital financial tools.

Addressing funding gaps

Nigeria remains one of Africa’s leading hubs for female entrepreneurship, with women playing a critical role in sectors such as beauty, fashion, and retail.

Globally, the beauty and personal care market is projected to surpass $700 billion in the next few years, underscoring the scale of opportunity for emerging brands. However, limited access to capital continues to constrain many women-led businesses, particularly at early growth stages.

Speaking at the event, Ms Oyeleye said the initiative was designed to tackle the systemic barriers women face in the industry.

“This grant initiative was created to bridge a real gap for women in the beauty industry, access to funding, visibility, and the right support systems to grow,” she said. “The level of innovation and resilience we have seen from these founders is incredibly inspiring.”

Winners react

Founder of Inveo Labs, Magdalene Ekanem, described the win as a significant milestone for her company.

“Beyond the funding, this platform has given us valuable visibility and affirms the relevance of our work,” she said, noting that the grant would be channelled into research and development, testing infrastructure, and product validation.

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For Busha, the partnership is a broader strategy to deepen financial inclusion and support high-potential African startups beyond its core digital asset services. The company, widely regarded as Nigeria’s first SEC-licensed digital asset exchange, says it now serves over one million users across Nigeria and Kenya, with expansion plans across the continent.

Three women-led beauty businesses win N6 million in Lagos competition

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