On Dec. 7, Shiseido Company announced the launch of a corporate venture capital fund, Shiseido Long Term Investments for the Future (LIFT) Ventures. It will identify and invest in early-stage companies in the beauty and wellness sector, and is the first venture fund Shiseido has launched in the Western hemisphere.

Until now, Shiseido had focussed much of its venture investment in Asia. It now joins the ranks of Estée Lauder Companies, L’Oréal and Unilever, all of which have well-established venture capital arms seeking out emerging brands. The fund’s inaugural investments are in Phyla, an American probiotic skin care company, and Patricks, an Australian male grooming brand. The company declined to give specifics around average check size or whether it is looking to make minority or majority investments, but said it has the ability to make “multiple strategic investments” at different points of a company’s evolution. Shiseido expects to make more investments in 2024 and beyond.

Shiseido has made numerous bets on the Western skin care market in recent years, including the acquisitions of French probiotic skin care company Gallinée and US-based brand Drunk Elephant, as well as incubating holistic line Ulé in 2022.

In a statement, Masahiko Uotani, Shiseido chairman and chief executive officer, said that the fund’s creation represents a new opportunity “to partner with organisations focused on creating pioneering… solutions and to gain further insights and access for Shiseido’s growth ambitions.”

LIFT Ventures will be based in New York City and led by Shiseido Americas’ president and chief executive officer Ron Gee.

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Editor’s Note: This story was updated on December, 8, 2023, to amend the date of the fund’s launch.