L’Oréal Groupe has announced a tri-party agreement with biotech innovator Abolis Biotechnologies and global specialty manufacturer Evonik. This partnership aims to accelerate the development, production, and scale of innovative, sustainable ingredients for beauty products and beyond.
The agreement is strengthened by L’Oréal and Evonik’s minority investments in Abolis, a French biotech firm known for its expertise in industrial solutions based on microorganisms, especially for cosmetics, healthcare and food. L’Oréal’s venture capital fund, BOLD, participated in Abolis’ €35 million funding round, which also includes Evonik CVC, Deep Tech & Climate Fund (DTCF), Clay Partners, Icos Capital and Liberset.
The investment will allow Abolis to expand its capabilities in the development of microbe-powered solutions that help industries transition to more sustainable business models. It marks a new, strategic phase in the L’Oréal-Abolis collaboration, which began in 2019 and led to an extended lab set-up in 2022.
“We are proud to invest in Abolis and expand our collaboration, working together as a tight ecosystem alongside our historical partner, Evonik,” said Barbara Lavernos, Deputy Chief Executive Officer in charge of Research, Innovation and Technology, L’Oréal Groupe.
Lavernos added, “By mobilising 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.”
“We are thrilled to receive this round of funding which will allow us to take the next step in pushing the boundaries of innovation in biotechnology. 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,” said Cyrille Pauthenier, CEO of Abolis Biotechnologies.
“We are honored to be selected by L’Oréal as their industrial-scale manufacturer of choice for this endeavor, building on a long-standing and expanded relationship between Evonik and L’Oréal,” said Ute Schick, Head of Business Line Care Solutions at Evonik. “We are excited to be part of bringing new, blockbuster sustainable ingredients to the global market alongside L’Oréal and Abolis.”