L’Oréal is once again increasing its biotechnology competence. Along with German specialty chemical ingredient manufacturer Evonik, the global beauty giant has acquired a minority stake in Abolis Biotechnologies, a company based in Evry (Essonne), near Paris, that manufactures microorganism-derived ingredients for the cosmetics, pharmaceutical, and food markets.
Deep Tech & Climate Fund, Clay Partners, Icos Capital, and Liberset are among the investors participating in the €35 million fundraising effort.
This equity investment, made through BOLD, L’Oréal’s private equity fund, is accompanied by an industrial partnership aimed at producing “specific, sustainable ingredients in the quantities needed to meet global demand for responsible beauty,” according to the L’Oréal group, which began working with Abolis in 2019.
According to Reuters, Abolis has raised just €1.1 million since its inception in 2014.
L’Oréal, which has 20 research centers in 11 countries, expects to generate €41 billion in sales by 2023.
