Hubcycle raises €15 million from ETF Partners, Raise, Jeriko (operated by Techmind), Daphni, Citizen, Swen and Bleu Capital

Avignon (France), 28 ocotbre 2024 - As a pioneer in the upcycling market, Hubcycle announces a third round of financing worth 15 million euros to continue and accelerate its growth. At a time when the agri-food sector is faced with rising raw material costs and must accelerate its environmental transition, Hubcycle transforms waste into new, competitive and sustainable food ingredients. As a result, it already avoids more CO2 emissions than Iceland's largest carbon capture plant.

For this deal, Jeriko gathered a pool of investors with expertise in the agri-food sector and the ingredients market, to support the startup in its development and its geographical expansion.

Consolidating its leadership in the upcycling of food by-products

Following its first two rounds of financing, totalling 5 million euros, Hubcycle has consolidated its position as leader in the upcycling of food by-products by raising 15 million euros. This new round is backed by three new high-profile investors - ETF (Environmental Technologies Fund), Raise and Techmind (via Club Jeriko) - as well as four of the startup's long-standing investors: Daphni, Citizen, Swen and Bleu Capital, who have reaffirmed their confidence in the project. Thanks to this financing, Hubcycle confirms its ambition to develop its concept on a very large scale, and worldwide, while accelerating its technological innovations.

Strengthening innovation to transform the agri-food industry

Thanks to this fund-raising, Hubcycle is embarking on a new phase of development, with the aim of identifying 4,000 new sources of waste, and bringing 400 new ingredients to market. The company will also develop a brand-new technological component to better exploit the 800 data points that each deposit generates.

Hubcycle will also be investing heavily in quality assurance in order to achieve the highest levels of certification. New state-of-the-art tools will be added to the laboratory, enabling co-products to be better characterized and prepared for various industrial applications. In full expansion, the company grew threefold in 2023, and plans to repeat this performance in 2024. With this round of financing, Hubcycle has become a cornerstone of the B2B circular economy in the agri-food sector, with the aim of sustainably transforming supply chains to reduce their environmental footprint.

Accelerating international development

With 60% of Hubcycle's contracts signed internationally in the first half of 2024, the startup is pursuing its international ambitions. The company intends to establish itself as the world leader in agro-industrial upcycling, while cultivating its position as a pioneer in this rapidly expanding sector. Hubcycle has set itself the target of exceeding 10,000 tonnes of CO2 emissions avoided in the coming years, thus consolidating its crucial role in the fight against industrial waste. After proving its profitability in the first few months of 2023. Hubcycle hopes to repeat this success on an even larger scale. Its aim is to become the greatest lever for reducing CO2 emissions for its customers, by accompanying them in their transition to more sober, sustainable and circular industrial practices.

Hubcycle raises €15 million to consolidate its leading position in the food waste recovery market

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“This new round of funding will enable us to accelerate Hubcycle's research and development capabilities to position ourselves as a major international benchmark player in food upcycling.”

Julien Lesage - Founder and CEO Hubcycle