News Summary

Ami Colé, a beauty startup founded by Diarrha N’Diaye-Mbaye, announced its closure after raising over $3 million in venture capital. Launched in 2021, the company focused on makeup for darker skin tones and quickly became a favorite among celebrities. However, the startup faced challenges meeting investor expectations and competing with larger companies. Despite the initial surge of support following the Black Lives Matter movement, venture funding for Black founders has declined, contributing to the decision to shutter the business. N’Diaye-Mbaye expressed her belief in the beauty industry and hinted at future endeavors.