Ultra Beauty (NASDAQ: ULTA), a Bolingnrook, IL-based beauty retailer, launched Prisma Venturesa digital innovation fund.
Prisma Ventures aims to invest $20m in emerging technology startups that seek to shape future online and in-store experiences by discovering new technology that accelerates greater discovery, personalization, and convenience.
The fund pairs Ulta Beauty’s size and scale with the agility and singular focus of tech startups. Beyond capital investment, Prisma Ventures provides access to the retailer’s deep expertise and resources. To optimize and meaningfully deliver disruptive technologies, fund participants will have access to Ulta Beauty’s innovation team, consumer insights, and in-market testing opportunities.
Prisma Ventures partners with early-stage startups that are primarily Series Seed and Series A technology companies within the following innovation pillars:
- Personalized & Data Driven Technology
- AR, VR & the Metaverse
- Technology-Powered Custom Beauty Products & In-Store Services
- Social Commerce
These pillars mirror Ulta Beauty’s digital innovation priorities and growth mindset, accounting for the majority of Prisma Ventures investments. The remaining investments are reserved for opportunistic technologies beyond the company’s core digital strategy to disrupt other facets of retail, beauty, or commerce more broadly.
Since its announcement at Ulta Beauty’s 2021 investor day, Prisma Ventures has partnered with and invested in a variety of start-ups including Haut.ai, Adeptmind, Revea, LUUM, and ReStyle.
Ulta Beauty (NASDAQ: ULTA) is a US beauty retailer and a premier beauty destination for cosmetics, fragrance, skin care products, hair care products and salon services. Today, the company operates more than 1,300 retail stores across 50 states and also distributes its products through its website, which includes a collection of tips, tutorials, and social content.