L’Oréal, Evonik & Abolis Partner to Scale Development of Innovative Bio-based Ingredients
Last update on Sep 17, 2024
Groupe announces a tri-party agreement with biotech innovator, Abolis Biotechnologies and global specialty manufacturer, , 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 Groupe's L'Oréal for the Future sustainability commitments that prioritize bio-based ingredients in its beauty formulations.
Bolstered by L’Oréal & Evonik’s Minority Investments in Abolis
The agreement is bolstered by L'Oréal and Evonik's respective minority investments in Abolis, a French biotech firm based in Genopole, 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 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. '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.'
"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. "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.'
'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.'
Source: L'Oréal
Source
L’Oréal