L'Oreal, Evonik join $38.6 million funding round for biotech start-up Abolis

L'Oreal has joined Abolis Biotechnologies's 35 million euro ($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.