Hub.cycle, the sustainable ingredient company that upcyles food waste, raised its first funding round.

WHO: The Avignon, France-based Hub.cycle was founded by Julien Lesage, a phytochemist, in 2016, and he was later joined by Dominique Sylvain, an agro-food engineer. The business converts fruit and vegetable waste into raw materials for the personal care and food industries.

WHY: The capital will allow the company to expand its team, list new products, pursue expansion, and finance an applications library. The shift toward sustainable consumption made the business an attractive target for investors.

IN THEIR OWN WORDS: “We want to change the market,” Lesage told WWD. “By sourcing upcycled raw materials and ingredients, manufacturers are helping to save thousands of tons of carbon, water and food resources.”

DETAILS:

• Hub.cycle raised 1.5 million euros its first funding round.
• Capital risk fund Daphni led the round with participation by Swen Capital and business angels Sofiane Ammar, Cédric Sellin, and Jean-Charles Morisseau.
• Hub.cycle has more than 200 references in its portfolio and growing.
• Hub.cycle’s clients in the cosmetics sector include L’Oréal, Yves Rocher, and Givaudan.