The initiative will be developed by the group’s venture capital fund, called BOLD - Business Opportunities for L’Oréal Development, and will focus on investment opportunities worldwide across the wider beauty ecosystem, including brands, beauty tech, biotech, and green science.
The venture and entrepreneurship funding is aligned with the beauty group’s strategic commitment to promote gender equity, as it looks to champion the cause of women, especially within its ecosystem.
Nicolas Hieronimus, chief executive officer of L’Oréal, said in a statement: “L’Oréal has for many years been committed to women empowerment, 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 at promoting the venture funding of women entrepreneurship, that remains at an unbelievably low level. By addressing the inequalities that passionate women founders face in their entrepreneurial journey, we bring our sense of purpose to life: Create the beauty that moves the world.
“Today, 30 percent of the start-ups of 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”.
Gouzelle Ishmatova, BOLD chief strategy officer, added: “A more inclusive venture capital industry means more opportunities for underrepresented female entrepreneurs. As a matter of fact, start-ups led by women attract less funding, yet they consistently outperform. With BOLD Female Founders, we want to be a game changer by investing in the creativity and talent of the next generation of female entrepreneurs.”