L’Oréal invests in Founders Factory to help early stage beauty start-ups
Cosmetics chain and the global accelerator intend to scale start-ups with the aim to co-create two new beauty firms every year
Founders Factory, the global digital accelerator, has announced a strategic investment from L’Oréal to help foster emerging beauty technology start-ups.
The deal will see Founders Factory and L’Oréal invest and scale five early-stage beauty start-ups with the goal to co-create two new beauty companies every year.
L’Oréal will provide support and advice to participants in the accelerator programme to help build and launch digital health and beauty products and services.
Co-founded by Brent Hoberman, Henry Lane Fox and Jim Meyerle, Founders Factory was established to support and scale early-stage tech start-ups across six key sectors.
Aiming to build 200 businesses over the next five years, the accelerator launched its first sector, education, in June 2015 with investment from Holtzbrinck Publishing Group, followed by media in January 2016 with backing from Guardian Media Group.
Hoberman commented: “Marrying our expertise in digital with L’Oréal’s brands, scientific research, and audience reach offers a compelling opportunity to build and scale the next generation of beauty start-ups.”
Lubomira Rochet, chief digital officer of L’Oréal, said:
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“This strategic investment will give L’Oréal direct access to a powerful global ecosystem of exciting start-ups and innovative technologies at their earliest stage allowing us to invest in and nurture innovative business models based on digital platforms and technologies to better serve consumer needs.”