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Ulta Beauty set to invest 20 million dollars in tech start-ups through new investment fund

By Rachel Douglass

8 Aug 2022

Business

Image: Ulta Beauty x Allure

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.

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Ulta Beauty