Symrise is to participate in the Series A funding round of Ignite Venture Studio, a US-based company that creates and invests in global innovative start-up ventures associated with beauty, health and wellness.
The German firm said by investing in Ignite Venture Studio it will expand its expertise in this market environment and “grow alongside the creativity and speed of the personal care industry”.
The partnership will further enable the development of tailored fragrance and cosmetic solutions in accordance with the latest consumer demands, it added.
Ignite Venture Studio builds and identifies companies that are disrupting the beauty and digital health sectors and develops these challenger brands to help them grow and thrive.
“Ignite Venture Studio pioneers in building and accelerating beauty brands of the future. As the beauty and personal care industry continues to evolve, we are constantly looking for opportunities to gain deeper market insights and to drive product innovation,” said Dr. Jörn Andreas, President Cosmetic Ingredients, Symrise.
Josh Ghaim, Managing Director, Ignite Growth Brands added: “Working with Symrise as an investor as part of our financing round represents a perfect fit. Our two companies are committed to delivering impactful product innovation to brands with a sustainable focus.
“The collaboration will allow us to translate consumer insights into tailored formulations that address the latest trends and evolving consumer needs.”
The Symrise investment follows the launch of its Beauty Activations platform designed to elevate product innovations for cosmetic brands.
By partnering with Symrise through the Beauty Activations platform, brands gain access to in-depth marketing insights, custom formulations and ingredients portfolio.