they would’ve shut us down.

they said it was a lifeline. it was a trap.

last year, I walked away from additional funding I actually needed. money that could’ve made payroll easier, bought more inventory, extended runway. and I won’t lie, that decision nearly cost me my company. I was in the thick of it. and honestly? I still am. but here’s what I knew, even in the middle of the storm: if I took that money? adwoa beauty would be gone right now. shut down. restructured. gutted. rebranded. something “strategic.”

why? because they don’t have the patience to wait out the storm. they don’t actually believe in the slow brand-building process. they believe in exits. when you take that first round of funding? it feels like a win. it’s validating. necessary, even. but when you go back for more, round 2, 3? that’s when the danger creeps in.

especially if you’re not building a fast, disposable, “built to flip” business. every round means more dilution. by the third, you’re not just giving up ownership. you’re giving up control. you become the face. the story. but not the one making the real decisions.

they’ll start bringing comps. “look at Olaplex.” “Amika did it like this.” “here’s the multiple we think you deserve.” baby, it’s not apples to apples. it’s apples to watermelon. Olaplex is in 25K+ doors and IPO at $16B. Amika is private equity-ready. we are not the same. and they know that.

people love to say, “just raise a friends and family round” or “go get a grant.” okay. but what the fuck am I supposed to do with a $10K grant when shipping packaging from China for four products is $100K? my payroll was $670K. health insurance premiums? $50K. this is not a little business. this is a real business with real costs. and sometimes, capital is the only thing between survival and shutdown. but that capital comes with strings. and if you’re not careful, it comes with consequences you can’t undo.

I still don’t know how this ends. we’re rebuilding in real time. but I know this: I didn’t lay down and get screwed. I stood up. I fought. I made the hard call. and even if it had ended last year, I could look in the mirror and say: I protected what we built. I didn’t let it get hollowed out and flipped for parts. because this system? it was never made for founders like me. it rewards the fleeting, not the lasting. and if you’re not awake to that, it will eat you alive. you have been semi-warned.

I’ll be back with more of my story when I’m on the other side.

with love,

Julian Addo