Dive Brief:
LVMH Luxury Ventures and L'Oréal Bold have invested an undisclosed amount of Series A capital in Replika Software, a social commerce company, according to a Wednesday announcement.
The funding allows Replika to add more brands in various industries to its client lineup, invest in the company's technology, create new features and hire more employees to support its growth, according to the company.
In 2019, LVMH encountered the platform and selected it to be highlighted at the Vivatech Innovation Awards. Afterwards, LVMH invited the startup to participate in its accelerator, "La Maison des Startups" and the companies continued to develop a close relationship, per the press release.