Here’s How L’Oreal And Founders Factory Are Taking Their Partnership Forward

L’Oreal recently took its partnership with Founders Factory forward by selecting five startups to further help them with their growth. These include companies helping businesses with social media reach and online campaigns, to companies selling customized skincare and nail art. L’Oreal’s own digital initiatives and innovative product pipeline might receive a boost as a result of these investments.

In May 2016, L’Oreal announced a partnership with Founders Factory, a global digital and incubator based in London. The exclusive partnership enabled the companies to invest in Beauty tech startups across the world along with the opportunity to co-create two new companies every year. L’Oreal promised to help the early stage startup companies with product launches while Founders Factory will guide them with their digital strategy.

The two companies recently reviewed around 180 applications from entrepreneurs across regions such as the UK, US, Germany, Lithuania, and Slovenia and post the examination of their business pitches that took place in L’Oreal’s headquarters, five companies have been shortlisted for the initial accelerator program of six-month duration. The companies chosen are as follows: 1) InsitU: This online beauty retailer sells customized skincare products, fortified with natural, active ingredients, to suit the buyer’s unique needs; 2) Preemadonna: This nailbot service helps in printing nail art directly from one’s smartphone into their nails in a few seconds time; 3) Veleza:  This is an app which connects beauty lovers with one another and with products that are best suited to their needs. The platform also allows beauty enthusiasts to read on beauty advice specific to their skin types on its blog; 4) Cosmose: With the aid of its OMNIcookie, Cosmose helps businesses target their offline customers through online advertisements and pay for only the advertisements that are driving the business’ sales. Offline business can turn their stores into a website that help drive more customers and that also help in better understanding of the customer behavior trends; 5) Tailify: This London-based social influencer agency helps brands to find and contact social influencers through a web-based platform. It is currently working solely through Instagram but is looking into expanding to Snapchat and Facebook. The details of the social influencer is available to companies and the influencers in turn are given  guidance on pricing. Currently it has around 1,000 influencers on its platform with the majority from Scandinavia.

L’Oreal is known for its strategic investments and digital advancements. These companies might help L’Oreal in the future with the addition of innovative products to its portfolio along with furthering its own digital goals. For example, L’Oreal has recently shown a lot of interest in social influencers and one of these companies has a database of ~1,000 influencers. Then there are companies into digital nail arts or customize skincare  ranges, all innovative products that might interest a beauty giant like L’Oreal in the future.

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