L’Oreal and Founders Factory select beauty tech startups for accelerator scheme

L'Oreal has announced the first five beauty tech startups that will be supported by the business accelerator scheme it is running alongside Founders Factory.

After assessing 180 applications from beauty entrepreneurs around the world, a pitching session was held at L'Oreal's headquarters, resulting in five startups being selected for a six-month accelerator programme.

These include the natural skincare company InsitU, the technology firm Preemadonna – creators of a new nail art app for smartphones – and the social marketing service Tailify. Online beauty community Veleza and customer targeting service Cosmose will also benefit.

An in-house team of 60 digital experts from Founders Factory will provide hands-on and operational support and mentoring for each of these startups, while L'Oreal will share its beauty industry expertise and capabilities as a global business.

Lubomira Rochet, chief digital officer of L'Oreal, 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."

The partnership with Founders Factory will see L'Oreal support the growth of five high-potential early-stage startups each year, as well as co-creating two new businesses as part of a yearly incubator programme. 

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