L’Oréal is betting on the future of bio-active ingredients and localized supply chains with its latest investment in Veminsyn, a biotechnology startup founded by four doctoral students at Peking and Tsinghua University in Beijing.
The investment round, which is still subject to regulatory procedure, is valued at close to 100 million renminbi, or $13.8 million. The minority round was led by L’Oréal’s China fund, Shanghai Meicifang Investment Co., Ltd, and supported by the beauty giant’s corporate venture capital fund Bold, and Nice Group, a leading Chinese manufacturer of household cleaning and personal care products.
The investment will be used to “develop innovative bioactive ingredients, promote their large-scale production, and use low-carbon biomanufacturing technologies to develop cosmetic raw materials,” according to a post on Veminsyn’s WeChat official account.
For Vincent Boinay, president of L’Oréal North Asia Zone and chief executive officer of L’Oréal China, the investment underscores the company’s belief in “the immense innovation potential of the Chinese market,” said Boinay.
“Veminsyn impressed us with their unique biotech capabilities, which we believe will be instrumental in developing new sustainable ingredients. We’re confident that leveraging the dynamism of the Chinese startup ecosystem will enable us to achieve this with unprecedented speed and efficiency,” Boinay added.
“This strategic investment merges Veminsyn’s advanced AI design platforms and comprehensive bio-capabilities with L’Oréal’s extensive scientific knowledge of skin, hair, and scalp biology,” added Barbara Lavernos, deputy CEO of research, innovation and technology at L’Oréal group.
“Our shared vision is to accelerate the identification and development of high-performing, unique bioactives, streamlining the process from design to large-scale production,” said Lavernos.
Zhao, who earned a doctorate degree in biology from Peking University, is currently the CEO of the company and its largest shareholder.
“At Veminsyn we are passionate about creating a world with more and more bioactives coming from sustainable sources,” said Zhao. “We will have a winning partnership to accelerate new biotech sustainable ingredients to people all around the world,” he said.
Veminsyn, a L’Oréal Big Bang Beauty Tech Innovation Program winner in 2023, was founded in 2021 by Yaran Zhao, Jiayue Chen, Yufan Li and Xiaomei Lin. Using AI-based prediction and design tools, the company delivers bio-active skin care ingredients that tackle aging skin issues. Its customers include local heavyweights such as Proya, Jahwa, and Bloomage.
In 2022, the company closed a 100 million renminbi, or $13.8 million, Series A funding round led by Citic Capital, Yangzijiang International Tiyuchang Road Industrial Park, and its angel investor Zhen Fund, Jiacheng Capital and Hony Capital.
