L'Oreal to help the brightest business start-ups -
FG_AUTHORS: Who Can Cut It?
L’Oreal are one of the best known brands around with a huge market share, but they are now giving something back and helping some of the brightest beauty start-ups.
The cosmetics giants have launched an investment programme and named their first five recipients thanks to the scheme, launched by L’Oréal and Founders Factory.
The first intake includes a range of businesses from a beauty app and skincare range to a nail art printer.
The programme, which will support five early stage startups and co-create two new businesses each year, received 180 applications from entrepreneurs in the UK, US, Germany, Lithuania and Slovenia.
The five businesses chosen for the initial six-month accelerator programme:
Lubomira Rochet, chief digital officer at L’Oréal, said: “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.”
Henry Lane Fox, co-founder and CEO of Founders Factory, added: “We are only accepting five startups to join our programme per year and so competition is fierce.
“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 unrivalled platform for startups looking to make global impact.”