Meta and L’Oréal fund support program for Metaverse startups

Meta and L’Oréal fund support program for Metaverse startups

L’Oréal wants to position itself for the Metaverse and is partnering with Meta to support startups working on AR, VR or avatars.

The world’s largest cosmetics company wants to bring its products to the digital world. L’Oréal says it aims to gain a competitive advantage and is investing in the future of the Metaverse. Together with Meta and the French business school HEC Paris, the group is founding a support program for creative Metaverse start-ups for this purpose.

Five startups can hope for funding from L’Oréal

The program will support at least five start-ups that deal with the future of the Internet. According to L’Oréal, these include augmented reality, virtual reality, mixed reality, 3D production or avatar creation. A connection to the beauty industry is not a prerequisite.

Applications can be submitted until November 20, 2022. A jury consisting of members of Meta, L’Oréal, the HEC and other entrepreneurs and investors will select the participating start-ups in December.

The program will take place at the Station F startup campus in Paris and is scheduled to run from January to June 2023. Accepted applicants will receive mentoring and access to experts and investors.

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L’Oréal lines up for the Metaverse.

“It brings a lot of young talents together. They’re the future. Imagine the massive creative energy that it generates,” says L’Oréal chief digital and marketing officer Asmita Dubey. Dubey is the main person responsible for L’Oréal’s Metaverse plans and sees the future of the industry in a successful transition from 2D to 3D.

“We’re thinking about immersive experiences. We know that we will go from 2D to 3D beauty, so what does that look like? And from there we’re looking at virtual influence, avatars, products and collectibles. We’re exploring all of that to understand the new visual codes, the new ways people see beauty [in the metaverse]”, Dubey says, explaining L’Oréal’s approach.

L’Oréal first invested in AR apps four years ago. At that time, the group acquired the start-up Modiface, which gives users new hairstyles or makeup in AR applications. “AR beauty and makeup is growing everyday. More and more consumers are using it,” Dubey adds.

Sources: Station F, Vogue Business, The Drum