Global beauty giant L’Oreal’s investment fund, BOLD (Business Opportunities for L’Oreal Development), announced that it will bet on startup Digital Village.
The French cosmetics company has long been committed to fostering the implementation of technology and the digital world, allowing people to express themselves through the use of makeup as they would in real life.
With the advance in the adoption of such technologies, we have seen how the field of fashion and beauty are also getting their participation in the digital field and especially in Web3, as young people seek to form their own digital identities with their personal imprint.
L’Oreal, through its corporate venture capital fund BOLD, has announced its (minority) investment (minority) in the startup Digital Village, which operates through its metaverseas a service platform, in addition to functioning as an NFT marketplace for brands, artists, and any member of the community who wants to be part of it.
This is the company’s first investment in Web3, Metaverso and NFT. It is also its second digital investment of the year, days after taking a stake in the company Prinker Koreawhich has created a digital device for non-permanent tattoos. In the case of this operation, it also did so through its venture capital fund BOLD.
Digital Village offers new technologies for the creation and interaction of digital assets, development of services in virtual worlds, as well as projects with scalability and future projection.
Digital Village is a company founded in the year 2021 by Evelyn Morawho has worked as a digital and sustainability consultant, in addition to having founded Helsinki Fashion Week, among others. The Digital Village startup’s Advisory Board includes senior executives from companies such as Wave, Sandbox and Pangaia.
In this sense, Digital Village has managed to raise more than $4 million dollars in the BOLD round and other types of investments. With much of the capital raised, they will use it to expand the functionality of its platform, so they seek to incorporate new tools to promote the development of virtual worlds, avatar customization, the incorporation and development of new stores in the metaverse, among other issues.
Camile Kroely, general manager of metaverse and Web3 at L’Oreal, said the company continues to explore the world of beauty in the Web3 field, in addition to advancing its collaborations with the most promising startups that deliver high visual and technical qualities.
He also expressed his delight at partnering with Digital Village, noting that their solutions will be great catalysts for his brands, as well as shared values such as sustainability, accessibility and interoperability in the metaverse and Web3.
Evelyn Mora, CEO and founder of Digital Village, said they are excited to have the backing of BOLD, and look forward to collaborating with the cosmetics giant to revolutionize the beauty industry by creating immersive and innovative virtual experiences for L’Oreal brands.
We have previously seen that L’Oreal is already taking steps in advance, with the aim of consolidating its presence in the Web3 field. In February, it submitted more than 15 applications from brands to enter the metaverse, offer virtual cosmetics and much more.
Then, in October, the company partnered with Meta to launch a startup accelerator program focused on creativity in the metaverse, which was embraced by Station F.
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Written by Luciano Garriga (TW:@luchogarriga) for NFT Express