Zero Gravity Capital fund has invested in Wewell and gained a portfolio company at the intersection of data analytics, AI, sustainability, and a healthy lifestyle. Through Wewell, the fund will be backing the appetite for clean, sustainable, low-risk cosmetics products suited to the individual as well as for the society. The investment by ZGC is in higher single-digit millions of CZK.
“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 to shape your vision even further currently existing” says Gurami Jobava, CEO 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 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 all the marketing fluff and misleading branding.
On top of that, the company plans to address each customer’s personal needs, while assessing also 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 Gurami. 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.
“International experience and ambition of founders to address the current and upcoming market needs in combination with clear monetization strategy delivered to our team confidence to support the project. We believe that our investment shall 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 determine the 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 are backing 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 and international team from Slovakia, Israel, Norway, and the Czech Republic.