Leading retailer invests in disruptive tech startups to unlock beautiful possibilities
BOLINGBROOK, Ill., August 03, 2022–(BUSINESS WIRE)–Ulta Beauty, the nation’s largest beauty retailer, today announced the official launch of Prisma Ventures, a digital innovation fund set to invest $20 million in emerging technology startups that seek to shape future online and in-store experiences by unlocking new technology that fuels greater discovery, personalization, and convenience.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220803005180/en/
Ulta Beauty’s digital innovation fund will shape the future of retail and light the way for tomorrow’s visionaries and technology. (Photo: Ulta Beauty)
“Launching Prisma Ventures is yet another way Ulta Beauty innovatively leads and delivers forward-thinking retail experiences. We believe this fund presents opportunities for creative disruptors to further propel the industry forward,” said Prama Bhatt, chief digital officer, Ulta Beauty. “We set out to build lasting relationships with startups, welcoming them into our ecosystem, co-creating and experimenting in ways that tap each other’s expertise and ultimately leverage our resources to imagine – and reimagine – what’s next for retail and beauty.”
Established to accelerate innovation by nurturing long-term, strategic partnerships, 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, unparalleled consumer insights, and in-market testing opportunities.
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. To date, these investments have enabled greater personalization and diagnosis within Ulta Beauty’s digital skin and hair experiences. The company does not intend for all investments