THE WHAT? Ulta Beauty has announced the launch of Prisma Ventures, a digital innovation fund set to invest US$20 million in emerging technology startups.
THE DETAILS The start-ups are said to seek to shape future online and in-store experiences by unlocking new technology that fuels greater discovery, personalization, and convenience.
According to a press release, the fund was established to accelerate innovation by nurturing long-term, strategic partnerships and fund pairs Ulta Beauty’s size and scale with the agility and singular focus of tech startups.
Ulta Beauty says, “Beyond capital investment, Prisma Ventures provides access to the retailer’s deep expertise and resources. To optimize and meaningfully deliver disruptive technologies, fund participants will have access to Ulta Beauty’s innovation team, unparalleled consumer insights, and in-market testing opportunities.”
Ulta will partner with start-ups that are primarily Series Seed and Series A technology companies within Personalized & Data Driven Technology, AR, VR & the Metaverse, Technology-Powered Custom Beauty Products and In-Store Services, and Social Commerce.
THE WHY? Prama Bhatt, Chief Digital Officer, Ulta Beauty, said, “Launching Prisma Ventures is yet another way Ulta Beauty innovatively leads and delivers forward-thinking retail experiences. We believe this fund presents opportunities for creative disruptors to further propel the industry forward.
“We set out to build lasting relationships with startups, welcoming them into our ecosystem, co-creating and experimenting in ways that tap each other’s expertise and ultimately leverage our resources to imagine – and reimagine – what’s next for retail and beauty.”