L’Oréal invests in Digital Village for a future in the Metaverse

L’Oréal, a major player in the cosmetics industry, recently invested its maiden venture capital in the Metaverse or web3 worlds by supporting Digital Village, a business that enables companies to generate their own virtual places.

Digital Village, a “metaverse-as-a-service” platform was able to raise a total of $4 million in the round from BOLD and other investors–thanks to the investment which was made through L’Oréal’s corporate venture capital fund.

By adding additional tools for the establishment of virtual storefronts, 3D world development, and avatar customization, Digital Village will use the new money to improve the functionality of its platform.

According to Camille Kroely, chief Metaverse and web3 officer at L’Oréal, the technologies made available by Digital Village “will be fantastic facilitators for our brands and their Metaverse or Web3 goals of obtainability, sustainability and compatibility are what we share’’.

Despite the fact that the Metaverse is still years away, major companies in the fashion and beauty industries continue to invest in these sectors since they provide a fresh marketing channel and prospective new sources of income.

The beauty giant participated in the $4 million funding round via its venture capital fund BOLD. This marks the beauty giant’s first venture capital investment in the metaverse and Web3 space. @BoF @LOrealGroupe @TheVRFund https://t.co/rfG6TIGhTn

— The Digital Village (@digitalvillage0) January 13, 2023

L’Oréal made a wise investment in Digital Village, positioning itself to benefit from the expanding trend of virtual environments and the potential revenue streams they provide.

L’Oréal’s investment in Digital Village enables them to be in the vanguard of this development. The Metaverse has been hailed as the next frontier for companies and brands.

The goals of the Metaverse are in line with the company’s emphasis on sustainability, accessibility, and interoperability, and the new tools that will be created with the investment will provide L’Oréal’s brands an edge in this developing market.

Although the Metaverse is still in its infancy and interest in NFTs has subsided, major companies are continuing to invest in these markets.

L’Oréal’s investment in Digital Village is evidence of the promise they see in the Metaverse and virtual worlds and its investment will ultimately turn out to be a useful asset as the Metaverse develops.