Crowned Skin Founder Darrell Spencer Lands $500K Investment From Fellow Chicagoan Rashaun Williams On ‘Shark Tank’ – AfroTech
Crowned Skin founder Darrell Spencer and investor Rashaun Williams are now united in business.
As AFROTECH™ previously reported, Spencer launched the science-backed skincare and grooming company in 2024, bringing experience from customer sales and advertising departments at tech companies such as Facebook, Google, Pinterest, and LinkedIn. He helped “generate millions of dollars in revenue” for these companies, he said at the time.
That success was the light bulb that signaled he could use his skills to benefit himself, taking the leap into entrepreneurship. Now, Crowned Skin is reaching revenue milestones such as hitting $2 million in a single month while selling strictly direct-to-consumer and surpassing more than $10 million in sales, he revealed on a recent episode of ABC’s “Shark Tank.”
It was also noted that the company is “very profitable,” with projected sales of $14 million to $15 million, and recently landed the No. 2 brand on TikTok Shop.
The venture has also remained solely bootstrapped until Spencer’s on the show. He presented Crowned Skin, which carries body butter and oil colognes, to “Shark” judges Kevin O’Leary, Barbara Corcoran, Rashaun Williams, and Daymond John.
“We’re clean. We’re all naturally derived. There’s no harsh chemicals inside. So we have shea butter, we have sunflower wax, we have jojoba oil. Mango butter,” Spencer told the judges on the show.
Spencer asked for a $500,000 investment in exchange for 5% equity in Crowned Skin. Leary, and Corcoran offered a joint deal valued at $500,000 for 20% stake and a royalty of $2 per unit until $500,000 is paid, which then drops to 25 cents in perpetuity.
Williams, who bonded with Spencer over being Chicago natives, also made an offer of $500,000 for 10% stake in the company and a $1 royalty per unit until $1 million is paid. He also offered Spencer connections from his network and assistance with influencers, financing, and future fundraising rounds. Spencer agreed to Williams offer.
“You did a great job. I’m so excited. Your growth, it speaks for itself. You got me out here smelling good,” Williams told Spencer on the show.
Spencer said in reflection, “I feel like I’m in a dream and I haven’t woken up yet. I’m most excited about just really being a beacon of hope and being a light for other Black men to see that things that you probably never thought or envisioned that you can do, you can absolutely do it because I’m a living witness to it.”
