L’Oréal made a strategic investment in Founders Factory, a global digital accelerator and incubator based in London in May. The partnership will enable L’Oréal to connect itself to world-class start-ups and entrepreneurs operating in the field of beauty.

As part of the agreement, L’Oréal and Founders Factory will invest and scale five early stage start-ups and co-create two new companies from scratch every year.

“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 to better serve consumers’ aspirations,” said Lubomira Rochet, Chief Digital Officer at L’Oréal. “Leveraging the Founders Factory’s ecosystem and experienced entrepreneurs in residence, L’Oréal will provide significant contribution to the development of incubated companies in the beauty sector by bringing our knowledge of the beauty industry, the beauty consumer and our marketing and innovation expertise in all beauty categories.”