L’Oréal and Founders Factory, a UK-based accelerator and incubator for startups in the beauty industry, has announced the latest startups to join its UK-based accelerator.
One of the two startups includes Toronto-based Sampler, which helps companies bring their product sampling from in-person to online with more targeting. New York-based Riviter, which develops a search engine that uses AI technology to recognise products in images and matches them to products online, will also join Sampler.
“Sampler has been working with L’Oréal for a couple years now,” said Marie Chevrier, founder and CEO of Sampler. “This investment shows that L’Oréal sees value in continuing to invest in digital product sampling and in helping Sampler expand across their different brands and markets. We are so excited about the news.”
L’Oréal partnered with Founders Factory in 2016 to invest in global beauty tech startups. As part of the agreement, L’Oréal and Founders Factory invests in five early-stage startups, and co-creates two new companies from scratch every year. Founders Factory provides hands-on support, while startups can leverage L’Oréal’s experience and investment in launching new products and services. The company doesn’t disclose its investment amounts in startups.
“Merging the innovation capacities of L’Oréal with those of beauty tech startups creates a powerful synergy which helps to address the aspirations of our consumers and to build a new generation of personalised and smart digital services,” said Lubomira Rochet, chief digital officer of L’Oréal. “In this ‘test & learn’ approach, we are supporting the development and growth of promising young entrepreneurs by sharing our expertise and network, and in the meantime we invite them to bring new ideas to the digital projects of our brands. Open innovation is a win-win strategy that fosters disruptive thinking and pushes forward our digital leadership in beauty.”
StartUp HERE Toronto is a publishing partner of Betakit and this article was originally published on their site.