French cosmetics giant L'Oréal SA said Sept. 4 that it invested in Fireside Fund II, an investment fund managed by Fireside Ventures, with a focus on Indian consumer brands.
The company did not disclose the size of its investment but said it will use the fund to help support emerging consumer brands startups in India.
"India is a strategically important market for L'Oréal and a great place for innovation. With this investment, L'Oréal will further connect to the dynamic ecosystem of Indian startups and work with them on emerging consumer needs to co-create tomorrow's beauty trends," L'Oréal India managing director Amit Jain said in a statement.
L'Oréal made the investment through its corporate venture capital fund Business Opportunities for L'Oréal Development, or BOLD, which was established in December 2018 to invest in startups.
BOLD made its first investment in French startup Sillages Paris SAS, which sells customized fragrances online.
