Cosmetics producer L’Oréal has provided an undisclosed amount of capital for Partech International Venture VII, the latest fund to be raised by France-based venture capital firm Partech Ventures.
Founded in 1982, Partech operates out of offices in Paris, Berlin and San Francisco and invests at seed, venture and growth stage.
L’Oreal’s contribution, which follows an investment in accelerator and incubator Founders Factory in May 2016, will help it access technology and services such as artificial intelligence, online marketplaces, new services, and prediction and personalisation tools that can boost its business.
Lubomira Rochet, L’Oréal’s chief digital officer, said: “Our unique relationship with Partech Ventures will give us access to a high quality and comprehensive sourcing of the best B2B and B2C digital players and contribute to the group’s global strategy of open innovation.
“It will create value across the board for our brand and marketing teams and will connect us to new ideas and partners to better engage and serve our consumers.”
Partech closed its last fund, Partech Entrepreneur II, at $107m in December with commitments from corporates including Carrefour, Edenred, Groupama, Renault and Ingenico.