L’Oréal is confirming its interest in digital startup businesses. The French cosmetics giant has just announced a new strategic investment in the early stage fund Partech International Venture VII managed by Partech Ventures, an international venture capitalist firm headquartered in Paris, France, with offices in Berlin and San Francisco. “This investment complements L’Oréal’s comprehensive strategy to connect to the world’s hottest startup scenes and the opportunity to participate in the financing of promising early stage digital businesses,” explains the group.
L’Oréal wants to use Partech Ventures’ focus on tech and digital champions to tap into innovations and services that can “transform people’s relationship to beauty” through prediction and personalization tools, artificial intelligence, marketplaces and new services.
“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,” said Lubomira Rochet, Chief Digital Officer for L’Oréal.
L’Oréal’s investment in a Partech Ventures fund follows the Group’s investment in the Founders Factory, a digital accelerator and incubator, announced last May. These partnerships will deepen and support L’Oréal’s broader digital innovation strategy which also includes L’Oréal’s Research and Innovation Technology Incubator located in San Francisco that has spearheaded a number of game changing digital services.
“L’Oréal has been amongst the first groups to understand the full potential of digital transformation, and to integrate new tech partners and tools within its offer and organization,” highlighted Philippe Collombel, co-Managing Partner of Partech Ventures.