L’Oreal Joins $38.6 Million Funding Round For Biotech Start-up Abolis

L’Oreal has joined Abolis Biotechnologies’s €35 million ($38.6 million) funding round alongside speciality chemicals group Evonik, as part of a deal to develop bio-based ingredients for beauty products, the French cosmetics group said on Thursday.

Located in the Genopole – a biotechnology research hub in Evry, south of Paris – Abolis is a French start-up specialised in the use of micro-organisms. Since its funding in 2014, it has raised 1.1 million euros.

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L’Oréal Bets on Longevity Biotech Company Timeline

On Tuesday, L’Oréal Groupe’s venture capital arm, BOLD (Business Opportunities for L’Oréal Development), announced an investment in Swiss consumer health company Timeline.