L’Oréal has announced the launch of a new corporate venture capital fund, named BOLD Business Opportunities for L’Oréal Development, which is aimed at ‘innovative startups with high growth potential.’
Looking to invest in business models specializing in marketing, R&I, digital, retail, communication, supply chain and packaging, L’Oréal has made its first investment with the purchase of a minority stake in Sillages Paris, a French startup specialising in online customisable fragrances using AI technology.
The launch of the fund is said to build on L’Oréal’s open innovation strategy that ‘deeply connects the Group to a global ecosystem of agile, innovative startups and includes partnerships with Founders Factory, Partech International Ventures, Station F and Raise Ventures.’
Speaking about the new fund, Jean-Paul Agon, Chairman and Chief Executive Officer of L’Oréal, said, “As the beauty leader, it is our mission to empower young entrepreneurs in our industry by helping them to turn their vision into scalable businesses. The creation of our own corporate venture fund is a logical step that completes our existing partnerships with funds and incubators and will allow L’Oréal to invest in promising beauty concepts at an early stage.”