Zero Gravity Capital fund and AI-based technology startup Wewell are partnering up. The fund has invested in the company that leverages data analytics and AI to build a shopping advisor at an intersection of cosmetics, sustainability, and a healthy lifestyle. Through Wewell, ZGC will be backing the appetite for clean, green, low-risk cosmetics products suited to the individual. The investment is in higher single-digit millions of CZK (Czech Crowns).
„From the very first day, ZGC understood our mission and the vision for the upcoming years, which resulted in a harmonious connection between us. Furthermore, it’s easier to achieve the targeted goals if the investor actively helps you shape your vision – and even pushes it further,“ says Gurami Jobava, Co-Founder of Wewell.
Wewell tackles the ever-present secrecy in the cosmetics industry with the belief that one shouldn’t need a science degree to find clean, healthy, and well-fitting products. Thousands of people are already searching for cosmetics using low-risk ingredients through the app. It’s available on AppStore and Playstore, and it’s designed to be the primary channel for customers who have concerns about ingredients in their beauty/skincare products. Thanks to Wewell, they can access an independent content breakdown, free from marketing „fluff“ and misleading branding.
On top of that, the company plans to address each customer’s personal needs while also assessing the sustainability of products. „Skincare shouldn’t feel like an experiment resulting in a cabinet full of products that don’t fit customers‘ needs and preferences,“ says Jobava. Therefore, Wewell will introduce and enroll an advanced personalization feature to help people find the best cosmetics available based on their skin type and skin conditions. The app will utilize advanced analytics and machine learning algorithms to analyze voluntary consumers‘ information such as gender, skin type, skin conditions, allergies, and daily skin routine habits. That will result in superior benchmarking and product selection on types of beauty/skincare products best suited for each user’s unique needs and preferences.
„The international experience of the founders, as well as the ambition to address the market needs and a clear monetization strategy, give us the confidence to support the project. We believe that our investment will enable the extension of the product towards the end-to-end multicriteria product analytics and deliver complete transparency to clients for their educated decision making,“ says Vit Hanus, Partner from Zero Gravity Capital.
Wewell is an AI-based technology startup that allows users to scan the barcode of a self-care or cosmetic product to provide a holistic analysis of the ingredients contained in the product. The company’s headquarters is in Slovakia.
Zero Gravity Capital is a venture capital fund present through the EU, fuelling early-stage innovations. We support ambitious founders with transformative ideas to invent new markets or disrupt existing ones. We take an active, hands-on approach that leverages our entrepreneurial and stage expertise. The fund is backed by an experienced international team from Slovakia, Israel, Norway, and the Czech Republic.