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L'Oréal invests in Metaverse marketplace 'Digital Village'

Chloe Burney
13 January 2023

Beauty giant L’Oréal’s venture capital fund BOLD (Business Opportunities for L’Oréal Development) has invested in Digital Village, a metaverse-as-a-service platform and NFT marketplace.
This is the 110-year-old company’s first venture capital investment in the metaverse & Web3 space. The investment into the marketplace for brands, creators, and communities is also the first made by BOLD’s Female Founders initiative, which launched just last year.

Digital Village, which spans across the US, Europe, and Asia, offers scalable technologies for the creation and interaction of digital identities and assets in virtual worlds.

The US-based company was founded in 2021 by Evelyn Mora, a former digital & sustainability consultant for leading brands. Mora is also the founder of the sustainability-focused and fully digital Helsinki Fashion Week.

Camille Kroely, Chief Metaverse & Web3 Officer at L’Oréal, commented: “As L’Oréal continues to explore and define what beauty means in Web3, we seek to work with the most promising startups who adhere to the highest possible visual and technical standards.

"We are excited to be partnering with Digital Village, whose solutions will be powerful enablers for our brands and whose ideals of sustainability, accessibility, and interoperability in the metaverse or Web3 are ones we share.”

Evelyn Mora, Founder and CEO of Digital Village, added: “We are excited to be backed by BOLD and look forward to collaborating with L'Oréal to revolutionize the beauty industry through the creation of cutting-edge virtual experiences for L'Oréal's renowned brands.

"Together, we are setting the bar for beauty in the metaverse and Web3, pushing the boundaries of what is possible and setting a new standard for the industry to follow.”

The news follows a successful year for the L'Oréal Group financially. It reported a 20.5% increase in sales to £24.2 billion (€‎27.94 billion) for the nine months to 30 September 2022.

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