PARIS – L’Oréal has initiated a fund which will invest in start-ups launched by women entrepreneurs.
The world’s largest beauty products maker announced on Wednesday evening that it is launching the L’Oréal BOLD Female Founders initiative, which will be developed by the group’s venture capital fund, called BOLD Business Opportunities for L’Oréal Development. . The new fund will initially be backed by 25 million euros.
Its focus will be on brands, beauty technology, biotechnology and green science, according to L’Oréal.
“L’Oréal has been committed for many years to the empowerment of women, through numerous programs and initiatives of the L’Oréal Foundation, such as L’Oréal UNESCO For Women in Science and Women for Climate. BOLD Female Founders aims to promote venture funding for female entrepreneurship which remains at an incredibly low level. By tackling the inequalities that passionate female founders face on their entrepreneurial journey, we bring to life our purpose: to create the beauty that moves the world,” said Nicolas Hieronimus, CEO of L’Oréal, in a statement.
“Today, 30% of start-ups in our BOLD venture capital fund are led by women. With BOLD Female Founders, we want to accelerate our venture capital investment to support female entrepreneurship,” he added.
“A more inclusive venture capital industry means more opportunities for underrepresented women entrepreneurs,” continued Gouzelle Ishmatova, Chief Strategy Officer of BOLD. “In fact, female-led start-ups attract less funding, but they consistently perform better. With BOLD Female Founders, we want to change that by investing in the creativity and talent of the next generation of female entrepreneurs.
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