L’ORÉAL PARTNERS WITH ABOLIS AND EVONIK
L’Oréal recently announced a tri-party agreement with biotech innovator, Abolis Biotechnologies and global specialty manufacturer, Evonik, to enable the discovery, development and manufacturing of innovative and sustainable ingredients for beauty products and beyond. The agreement will enable purpose-made, sustainable ingredients to be produced at the scale needed to satisfy global demand for responsible beauty and accelerate the Groupe’s L’Oréal for the Future sustainability commitments that prioritize bio-based ingredients in its beauty formulations.
The agreement is bolstered by L’Oréal and Evonik’s respective minority investments in Abolis, a French biotech firm, with unique expertise in tailor-made industrial solutions based on microorganisms for a wide range of industries including cosmetics, healthcare and food. L’Oréal’s venture capital fund, BOLD, participated in the €35 million funding round which also included Evonik among others. 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.
“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.
“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,”said Cyrille Pauthenier, CEO of Abolis Biotechnologies. “
“We are honoured to be selected by L’Oréal as their industrial-scale manufacturer of choice for this endeavour, building on a long-standing and expanded relationship between Evonik and L’Oréal,” said Ute Schick, Head of Business Line Care Solutions at Evonik.
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