Beauty retailer Ulta Beauty has announced the launch of its digital innovation fund Prisma Ventures, through which it is planning to invest 20 million dollars into emerging technology start-ups that focus on developing online and in-store experiences.
The fund aims to help accelerate those selected via long-term, strategic partnerships and providing them with access to the retailer’s resources.
Participants will further be able to access Ulta’s innovation team, consumer insights and in-market testing.
Prisma Ventures has already partnered with a number of start-ups including Haut.ai, Adeptmind and ReStyle, many of which have contributed to a variety of Ulta’s skin and hair personalisation offerings.
In a release, the retailer said not all investments will directly impact its customer experiences but, where relevant, partners could possibly co-create with Ulta on market innovations.
Prisma Ventures will make its selection from start-ups that are primarily Series Seed and Series A companies, either in the industry for personalised and data driven technology, augmented reality (AR) and the metaverse, technology-focused beauty products and services or social commerce.
Applicants will be evaluated based on five key metrics, including leadership compatibility, risk assessment and business scalability.