France-based cosmetics producer L’Oréal has formed a corporate venturing unit dubbed Bold Business Opportunities for L’Oréal Development, in order to invest in new business models.
The fund has already made its first investment, providing an undisclosed sum for France-based online fragrance brand Sillages Paris. The company, which is part of L’Oréal’s incubator at innovation hub Station F, uses artificial intelligence and machine learning to create customisable perfumes for each user.
Bold Business Opportunities will acquire minority stakes in startups that are exploring new business models in areas such as consumer marketing, research and development, digital and retail technology, communication, packaging and the supply chain.
Laurent Schmitt, president of Bold Business Opportunities, said: “With the creation of our own corporate venture fund, we will share our expertise, networking and mentorship and provide financial support to promising startups, while preserving their autonomy.”
Founded in 1909, L’Oréal manufactures and sells products covering areas such as hair colour, skincare, sun protection, make-up, perfume and haircare. It provided an undisclosed amount of capital to a fund being raised by venture capital firm Partech Ventures in January 2017.