THE WHAT? French by product beauty supplier Hub.cycle has raised €1.5 million in a Series A funding round led by Daphni, according to a report published by WWD.
THE DETAILS Other investors included Swen Capital, Sofiane Ammar, Cedric Sellin and Jean-Charles Morisseau.
The funds will be piled towards developing upcycling through its production chain, the company told WWD. “This sum will allow the company to recruit new talents, list new products and pursue its expansion in France and abroad,” the company said in a statement, per WWD.
THE WHY? The pandemic has accelerated the prevailing trend towards sustainable shopping, particularly in the beauty sphere, making sustainable start-ups an attractive target for investors.