Silicon Valley isn't the only player in the beauty startup field. L’Oréal and Founders Factory have selected the first five startups to take part in their beauty accelerator and incubator. The program also envisions that the two firms will co-create two new businesses per year.
L’Oréal and Founders Factory will support the startups' growth by:
- Providing operational support
- Beauty expertise
- Access to marketing teams
"By coupling the expertise of our operating team with the knowledge and scale of L’Oréal, we provide an unrivaled platform for startups looking to make global impact.”
The startups selected are:
- Natural personalized skin care brand InsitU, which is sold online and was founded by Dr. Maria Salichou, who has a background in biotech and health care. The brand's motto is "Decoding Science With Our Truly Personalized Skincare Technology For Natural Looking Skin." How does it work? View the video below.
- Nailbot device and app founders Preemadonna, which allows consumers to design and print art onto their nails using their phone. The process takes "a matter of seconds" and already has 30,000 people signed up to try the tech. The move is interesting as nail art hasn't been as hot of a category in recent years. The video below explains the technology.
- Influencer campaign tech firm Tailify, which allows "influencers to track, distribute and monetize their content.
- App-based beauty product discovery and social platform, Veleza, "that helps users discover products that best match their needs providing inspiration, advice and product reviews in real time."
- Location technology firm Cosmose, which "allows retailers to target offline customers via online channels." The technology is already in action in Asia.
“We believe that open innovation will be key to identify new disruptive ideas and co-develop new services to meet the aspirations of our consumers," said Lubomira Rochet, chief digital officer at L’Oréal. "We are excited to champion the next generation of beauty entrepreneurs through our partnership with Founders Factory and accelerate their development by bringing them our expertise of the beauty industry.”
“We are only accepting five startups to join our program per year and so competition is fierce," said Henry Lane Fox, co-founder and CEO, Founders Factory. "We understand how incredibly hard it is to build a successful business and know that every founder feels the strain in terms of capital, time and resource. By coupling the expertise of our operating team with the knowledge and scale of L’Oréal, we provide an unrivaled platform for startups looking to make global impact.”