London-based Founders Factory, a tech accelerator and incubator, has received a strategic investment from L’Oréal to invest in Beauty Tech startups.
As part of the agreement, the beauty giant will invest and scale five early stage startups to co-create two new companies from scratch every year.
Lubomira Rochet, chief digital officer at L’Oréal’s, said: “This strategic investment will give L’Oréal direct access to a powerful global ecosystem of exciting startups 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.
“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,” she added.
Founders Factory, launched by entrepreneur and lastminute.com co-founder Brent Hoberman, seeks to develop a maximum of 200 early stage tech companies over the next 5 years.
“At Founders Factory we provide ambitious forward-thinking blue-chip companies with a way to develop innovative technology startups away from their day-to-day business and connect them with elite entrepreneurial talent from across the globe.
“It’s incredibly exciting to be partnering with L’Oréal, the world’s leading beauty company, with a long history of scientific innovation and a champion of entrepreneurship. 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 startups,” concluded Brent Hoberman, Founders Factory’s co-Founder and executive chairman.