Swiftarc Ventures is launching the Swiftarc Beauty Fund of $10 million to support female founders who are establishing the next generation of beauty brands.
Swiftarc was founded in 2019 by Sid Jawahar. Per Tech Crunch, the fund aims to be socially conscious in solving the funding issue for female founders and diverse founders.
The company is also making efforts to ensure that its employee base becomes diverse in 2022. Sid Jawahar also believes the beauty industry is still far behind and doesn’t meet up with today’s standards, given the emergence of technology.
The fund will focus on sustainable beauty, technology-enabled, gender-neutral, and more inclusive brands. The company envisages that it will fund five to seven companies but hopes to increase it to ten. It has started its first venture, funding Alleyoop, a makeup and skincare brand for busy women.
The fund also offers mentorship, peer-to-peer networking opportunities, and training, helping the start-ups with relevant information for their business. An all-female beauty council is to help 100-200 female founders to help them achieve their dreams.