Meta and L’Oréal to launch accelerator for Web3 startups

Meta has forged a partnership with cosmetics brand L’Oréal to launch an accelerator program for startups in the metaverse space. Vogue Business reports.

The initiative also involves the French business school HEC.

The program will support at least five projects specializing in 3D production, AR, VR, mixed reality, avatar creation, tokenomics and other metaverse- and Web3-related areas.

The startups are not expected to be directly tied to the beauty industry.

The accelerator will be housed on Meta’s premises at the Station F startup campus in Paris.

Projects will be able to apply starting 20 November. In December, a jury comprised of representatives of the initiative’s founders will select participants.

The program will run from January to June 2023. Startups will be offered mentoring, as well as access to experts and investors.

“We are proud to partner with L’Oréal through this ambitious project, aimed at supporting the French startup ecosystem, which will play a key role in building a common, creative and inclusive metaverse,” said Meta’s Vice President for Southern Europe, Laurent Solly.

Reality Labs posted a loss of $2.81 billion (-$3.67 billion in the first quarter).

In October, CEO Mark Zuckerberg confirmed the company’s bet on the virtual world as the future of humanity.

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