Sula Labs, a beauty research and development lab for melanin-rich skin, and UFarmX, an AI-powered agri-fintech platform tackling Africa’s agricultural financing gap, have been named the $100,000 Co-Grand Prize Winners of the Black Ambition Prize.

Black Ambition’s fifth annual Demo Day, held November 14–15 in Miami, marked the culmination of its three-month accelerator for underrepresented founders. Featuring conversations with Pharrell Williams and investor Mellody Hobson, and a surprise performance from Chance the Rapper, the event spotlighted 27 prize winners selected from more than 2,500 applicants.

Sula Labs: Pioneering Science-Driven Beauty for Melanin-Rich Skin

Sula Labs formulates and clinically tests skincare products and ingredients for brands serving melanin-rich consumers, including those carried by Sephora, Credo Beauty, and Ulta Beauty.

Founder AJ Addae, a Ghanaian-American chemical biology PhD candidate at UCLA, began as a formulation chemist and quickly saw that products marketed to Black consumers, especially for concerns like hyperpigmentation, were rarely formulated for darker skin.

She told Beauty Independent that after a friend sought her help developing such products, she realized no manufacturer was meaningfully investing in R&D for melanin-rich skin. She launched Sula Labs in 2021 with a $5,000 grant, naming it after the novel by Toni Morrison.

“While the prize money is incredible, the win is a symbol that our hard work to close inclusivity gaps in cosmetics & personal care through science has a significant impact and scale,” Addae said in a press release.

UFarmX: Using AI to Close Africa’s Agricultural Financing Gap

UFarmX helps smallholder farmers access collateral-free credit, high-quality inputs, and reliable markets, using AI to assess creditworthiness through geospatial and socioeconomic data.

Founder Alexander Zanders developed the idea during the COVID-19 pandemic after starting a farm in Nigeria. He saw farmers struggling with low yields and limited financing, often relying on costly middlemen. Zanders launched a pilot program offering inputs on credit, technical support, and direct buyer connections. According to UFarmX’s website, yields tripled, revenues doubled, and default rates remained under 1%, outperforming local banks.

That success became the foundation for UFarmX’s patented technology, which is now scaling across Africa to close a $68 billion agricultural financing gap. “Being honored, supported, and poured into by people that look like me and can identify with the off-thesis struggles that underrepresented founders go through not only work-wise but even mentally, means everything,” Zanders said.

Five Years of Black Ambition

The weekend also celebrated Black Ambition’s growing impact. “After five years, I look at Black Ambition as my way of paying back and paying forward what I’ve been blessed to achieve,” said founder Pharrell Williams. “These founders have proven what happens when we invest in excellence and push beyond what we’ve been trained to believe about work, value, and ownership.”

CEO Felecia Hatcher emphasized the continued need to support underrepresented innovators. “You can honor your culture and dominate an industry,” she said. “These entrepreneurs represent the best. And with the right access, everything changes.”

Since its launch in 2020, Black Ambition has supported more than 28,000 entrepreneurs, mentored over 1,175 founders, awarded nearly $14 million in capital, and built a network of companies generating more than $348 million in revenue.

Image credit: Stephen Crosson

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