TLDR:
– L’Oreal and Evonik invest in microbe tech startup Abolis
– The corporates backed a $38.6m series A round for Abolis to develop sustainable cosmetics ingredients together
L’Oreal and Evonik have joined forces to invest in microorganism technology developer Abolis through a tri-party financing agreement. Abolis, based in France, creates micro-organism technology for various industries and plans to collaborate with L’Oreal and Evonik in developing sustainable ingredients for beauty products. The $38.6m series A round also includes other investors such as DeepTech & Climate Fonds, Clay Capital, Liberset, and Icos Capital. Abolis aims to use the investment to fund product development and expand its manufacturing capacity. The collaboration with L’Oreal could lead to the creation of more sustainable and environmentally safe beauty products. Evonik, a specialty chemicals producer, has set up the Evonik Skin Institute to utilize its biotechnology platform in creating new products. The partnership with Abolis is expected to revolutionize bio-based ingredients for beauty products. L’Oreal’s deputy CEO, Barbara Lavernos, highlighted the potential of mobilizing research and innovation capabilities to create game-changing beauty products.
