A three-party agreement between L’Oréal, Abolis and Evonik will drive forward biotech innovation of next generation bio-based ingredients for cosmetics use.
The evolutionary process of the hair & beauty industry towards more effective and sustainable formulations is entering a new stage in which companies are investing in well-structured projects that involve partners with great experience in biotechnologies and high-end manufacturing processes.
A good example of this trend is the recently announced three-party agreement that sees L’Oréal, together with biotech innovator, Abolis Biotechnologies and global specialty manufacturer, Evonik, enable the discovery, development and manufacturing of innovative and sustainable ingredients for beauty products. The agreement will enable purpose-made, sustainable ingredients to be produced at the scale needed to satisfy global demand for responsible beauty and accelerate L’Oréal’s commitments to 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 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.
Barbara Lavernos, Deputy Chief Executive Officer in charge of Research, Innovation and Technology, L’Oréal Groupe said: “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 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. “We are excited to be part of bringing new, blockbuster sustainable ingredients to the global market alongside L’Oréal and Abolis.”
About Abolis
Abolis delivers high-impact innovations that support industries in their transition to build a better future in collaboration with nature. We provide tailor-made industrial solutions based on micro-organisms for a wide range of industries – from food and healthcare to cosmetics and chemistry.
About Evonik
Evonik is one of the world leaders in specialty chemicals. The company is active in more than 100 countries around the world and generated sales of €15.3 billion and an operating profit (adjusted EBITDA) of €1.66 billion in 2023. Evonik goes far beyond chemistry to create innovative, profitable, and sustainable solutions for customers. More than 33,000 employees work together for a common purpose: We want to improve life today and tomorrow.
