Ulta beauty to invest in tech-related startups

BOLINGBROOK - Ulta Beauty, the nation's largest beauty retailer, said it hopes to invest $20 million in technology startups that can help market its products.

The company has launched Prisma Ventures, a digital innovation fund set to invest $20 million in startups that seek to shape future online and in-store experiences. Ulta hopes to unlock emerging technologies that fuel greater discovery, personalization and convenience for its customers.

"Launching Prisma Ventures is yet another way Ulta Beauty innovatively leads and delivers forward-thinking retail experiences. We believe this fund presents opportunities for creative disrupters to further propel the industry forward," said Prama Bhatt, chief digital officer, Ulta Beauty.