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L'Oréal Makes Minority Investment in Metaverse Start-Up Digital Village

January 17, 2023
January 17, 2023
Bradley Hook via Pexels

L'Oréal's venture capital fund BOLD has made a minority investment in US-based start-up Digital Village, a metaverse-as-a-service platform and NFT marketplace for brands, creators, and communities.

WHO: Digital Village was founded in 2021 by Evelyn Mora, former digital and sustainability consultant for leading brands and founder of the sustainability focused and fully digital Helsinki Fashion Week. The business offers new, scalable technologies for the creation and interaction of digital identities and assets in virtual worlds. The company is led by an international team spanning the US, Europe, and Asia.

L'Oréal's launched its corporate venture capital fund called BOLD (Business Opportunities for L'Oréal Development) in 2018. The fund takes minority stakes in innovative start-ups with high growth potential, investing in new business models in marketing, R&I, digital, retail, communication, supply chain, and packaging. They will also support the start-ups with L'Oréal's expertise, networking, and mentorship.

IN THEIR OWN WORDS: “As L'Oréal continues to explore and define what beauty means in Web3, we seek to work with the most promising startups who adhere to the highest possible visual and technical standards. We are excited to be partnering with Digital Village, whose solutions will be powerful enablers for our brands and whose ideals of sustainability, accessibility, and interoperability in the metaverse or Web3 are ones we share," said Camille Kroely, Chief Metaverse andWeb3 Officer at L'Oréal.

"We are excited to be backed by BOLD and look forward to collaborating with L'Oréal to revolutionize the beauty industry through the creation of cutting-edge virtual experiences for L'Oréal's renowned brands. Together, we are setting the bar for beauty in the metaverse and Web3, pushing the boundaries of what is possible and setting a new standard for the industry to follow," said Evelyn Mora, founder and CEO of Digital Village.

DETAILS:

  • Digital Village closed a seed funding round co-led by L'Oréal's venture capital fund BOLD, and The Venture Reality Fund (VR Fund).
  • This move marks the first venture capital investment by L'Oréal in the metaverse and Web3 space. This investment is also the first made by BOLD's Female Founders initiative, launched in 2022.
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