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The US-based beauty chain launched digital innovation fund Prisma Ventures, which will invest $20 million in emerging technology start-ups with the potential to shape retail experiences online and in-store. The firm, whose founding was first announced at Ulta Beauty’s Analyst Day in Oct. 2021, will focus on early-stage start-ups in personalised and data-driven technology; tech-powered custom beauty and in-store services; augmented reality, virtual reality and the metaverse and social commerce.
”We believe this fund presents opportunities for creative disruptors to further propel the industry forward,” said Prama Bhatt, chief digital officer at Ulta Beauty.
Since 2021, the Prisma fund has already partnered and invested in start-ups including Haut.ai, Adeptmind, Revea and ReStyle.
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The Way Consumers Buy Beauty Products Is Changing. Again.
Department stores used to be ground zero for consumers looking to try and buy new makeup or skin care products, only to lose their grip on the market to Sephora and Ulta. Now, another evolution is underway as big-box retailers and drugstores enter the fray.
