Tampa transplant Black Dog Ventures has acquired a stake in a St. Petersburg-based beauty brand — and with that, promoted Black Dog's head as the beauty brand's new CEO.
Scott Kelly first told the Tampa Bay Business Journal in April 2022 he planned to move from Phoenix to Tampa. He officially made the move in August.
The firm has now acquired a 20% stake in the beauty brand Sober Roots.
"I was inspired by [founder Monica Smith's] journey and ability to push through her struggles to succeed and was compelled to get involved," Kelly said in a statement.
Kelly will become interim CEO of the company and chairman of the board. He became familiar with Sober Roots after Smith participated in Black Dog's first-ever pitch event in October.
The company was founded in 2021 after Smith underwent chemotherapy for colon cancer. She was looking for products to help her hair grow back in a healthy way but could not find an alcohol-free option.
"All I wanted at that moment was to grow my hair back, thick and healthy," Smith said in a statement. "All the products I found contained alcohol, which sucked the moisture right out of my dry, curly hair. I got desperate for something that would not cause more damage. An opportunity came around, and I jumped on it."
The company offers a leave-in conditioner with natural oils to promote hair growth and strength.
"I am still at the beginning stages of the brand Sober Roots, and I am confident It will be amazing," Smith said.
Kelly's funding will help the company expand distribution and launch an ambassador program to help with the company's brand awareness. Smith will be pitching at Kelly's next "VC fast pitch" event, which will be held Feb. 2.
