L'Oréal, alongside specialty chemicals group Evonik, joined Abolis Biotechnologies's €35 million ($38.6 million) funding round as part of a tri-party deal to develop bio-based ingredients.WHO: Abolis is 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. Abolis delivers high-impact innovations that support industries in their transition to build a better future in collaboration with nature.BOLD, Business Opportunities for L’Oréal Development, is the global corporate venture capital fund of L’Oréal. Since its creation in 2018, BOLD has explored the frontier of beauty via strategic minority investments in promising start-ups across the beauty value chain. Its investment portfolio includes emerging brands as well as innovative companies in the domains of technology and biotechnology.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.WHY: This funding will enable Abolis to scale its biomanufacturing operations, accelerate business development efforts, develop its own line of products and expand the activities of Microbiome Studio, Abolis’ business unit dedicated to deciphering and engineering microbial ecosystems.