After “fierce competition” among 180 applicants, InsitU, Preemadonna, Tailify, Veleza and Cosmose have been selected to receive the support of L’Oréal and Founders Factory
L’Oréal has announced the first five companies it plans to help accelerate as part of its strategy to invest in start-ups.
L’Oréal made a strategic investment in the Founders Factory, a UK-based company that works across industries to accelerate growth of start-ups, back in May last year.
The first five start-ups to receive backing include: InsitU, a personalised natural skin care brand; Preemadonna, an app that allows users to design and print art onto their nails using their phone; Tailify, a company that connects brands to social media influencers; Zeleza, an app that helps consumers discover beauty products; and Cosmose, a location technology provider that allows retailers to target consumers in-store via online methods.
With access to an in-house team of 60 digital experts at Founders Factory and expertise in marketing, research and innovation at L’Oréal, the aim is to help support the growth of the start-ups.
Lubomira Rochet, Chief Digital Officer at L’Oréal, said: “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.”
Meanwhile, Henry Lane Fox, Co-Founder and CEO of Founders Factory, added: “We are only accepting five start-ups 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.”Fox said that L’Oréal and Founders Factory’s support would provide an “unrivalled platform” for the start-ups to make a global impact.