L'Oréal SA said Oct. 23 that it invested an undisclosed amount in Cathay Innovation Fund, which develops beauty tech startups in China.
The French cosmetics giant said it will help select startups accelerate their development and test new products.
"Our objective is to help young entrepreneurs by sharing L'Oréal’s expertise and experience in order to co-create the products and services of tomorrow," L'Oréal China President Fabrice Megarbane said.
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.
In September BOLD invested in Fireside Fund II, which invests in Indian consumer brands.