L’Oréal’s corporate venture capital fund BOLD (Business Opportunities for L’Oréal Development) has made a minority investment in U.S.-based startup, Digital Village, a metaverse-as-a-service platform and NFT marketplace for brands, creators and communities.
This move marks the first venture capital investment by L’Oréal in the metaverse and Web3 space.
Digital Village offers new, scalable technologies for the creation and interaction of digital identities and assets in virtual worlds.
Camille Kroely, chief metaverse and Web3 officer at L’Oréal, said, "As L’Oréal continues to explore and define what beauty means in Web3, we seek to work with the most promising startups who adhere to the highest possible visual and technical standards. We are excited to be partnering with Digital Village, whose solutions will be powerful enablers for our brands and whose ideals of sustainability, accessibility, and interoperability in the metaverse or Web3 are ones we share."
Evelyn MORA, founder and CEO of Digital Village, said, “We are excited to be backed by BOLD and look forward to collaborating with L'Oréal to revolutionize the beauty industry through the creation of cutting-edge virtual experiences for L'Oréal's renowned brands. Together, we are setting the bar for beauty in the metaverse and Web3, pushing the boundaries of what is possible and setting a new standard for the industry to follow."