For the fifth year, BeautyMatter has surfaced the most active investors based on dealmaking tracked in our BeautyMatter Index.French beauty conglomerate L’Oréal had a very active 2025, making its debut on the list and taking the top position, clocking four investments and three acquisitions. Its venture arm BOLD invested in Indian skincare brand Deconstruct and Seoul-based luxury fragrance label BORNTOSTANDOUT.Unilever Ventures made the list for the fourth year running, with six deals, down from nine in 2024. The balance of the list comprises European firm Iris Ventures, UK firm JamJar Investments, and US firms Prelude Venture Partners and Sandbridge Capital, all debuting on the list.