L’Oréal and Evonik have announced a joint investment in the biotechnology company Abolis, which specializes in the manufacture of ingredients derived from microorganisms for the cosmetics, pharmaceutical and nutrition markets.
The beauty giant and the manufacturer of specialty chemical ingredients are participating in a EUR 35 million fundraising round, which also includes investment firms Deep Tech & Climate Fund (DTCF), Clay Partners, Icos Capital and Liberset.
The investment is accompanied by the signing of a strategic industrial partnership between Abolis, L’Oréal and Evonik.
The French biotech firm, based in the Genopole of Evry, a city near Paris, will use the funds to accelerate the production of its microorganism-derived ingredients at the scale needed to satisfy the global demand for innovative and sustainable beauty and personal care ingredients. The production will rely on Evonik’s industrial capabilities.
“By mobilizing our respective companies’ research, innovation and manufacturing capabilities and expertise, we are building an end-to-end value chain that we believe has tremendous potential to be a game-changer in bio-based ingredients for beauty,” said Barbara Lavernos, Deputy Chief Executive Officer in charge of Research, Innovation and Technology, L’Oréal Groupe.
The collaboration between L’Oréal and Abolis Biotechnologies began in 2019 and led to an extended lab set-up in 2022.
“Our collaboration with L’Oréal and Evonik will empower us to create groundbreaking solutions tailored to drive the sustainable transformation of the industries we serve including beauty, nutrition and healthcare,” added Cyrille Pauthenier, CEO of Abolis Biotechnologies.
