L’Oréal has announced that it will be investing in the fund Partech Africa, an investment fund dedicated to the development of tech projects in the region.
“L'Oréal will thus be able to forge partnerships with start-ups and entrepreneurs active in the development of innovative products and services that facilitate access to consumers located in remote areas or informal environments,” explains the company.
Alexandre Popoff, Executive Vice-President Eastern Europe and Africa, Middle East, also emphasised the idea of connecting remote entrepreneurs through the fund.
"With Partech Africa, we want to support these talented entrepreneurs who invent new technological uses in all areas, distribution and consumption," he said.
Popoff indicated the company’s enthusiasm around the potential of the African beauty market: "L'Oréal is very happy to contribute to the development of young companies in Africa and to seize what is starting."
Investment focus: venture capital funds
The Partech Africa fund was launched early this year and L’Oréal’s participation in it now comes as the latest in the global players efforts towards venture capital funds.
Previous investments in venture capital funds from the company include Partech International Ventures, Founders Factory, and Raise Investissement.
Research and innovation, and a dedicated research team of 3885 people, are at the core of L’Oréal’s strategy, the company says, “working to meet beauty aspirations all over the world”.