Five start-ups have been selected for a beauty accelerator backed by cosmetics giant L’Oréal, it was announced on Monday.
In May, L’Oréal announced that it had made a strategic investment in London based digital accelerator and incubator, Founders Factory.
Part of the partnership involves L’Oréal and Founders Factory providing growth support to five start-ups with potential. Additionally, two new businesses will be co-created “as part of a yearly incubator programme,” L’Oréal said in a news release.
L’Oréal said that 180 applications had been received from around the world, with five start-ups eventually chosen for the six month accelerator.
Among the start-ups chosen are InsitU, which provides “personalised” and “natural” skincare online and Preemadonna, which has developed technology to allow users to design and then print artwork onto their nails.
“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,” Lubomira Rochet, L’Oréal’s chief digital officer, said in a statement.
“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,” Rochet added.
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