Hubcycle in a €3.5 million funding round led by Citizen Capital and Bleu Capital.

Hubcycle, an Avignon, France-based startup operating hubs for fruit and vegetable wastes, announced completing a €3.5 million ($3.8M) funding round.

The money was raised from investors co-led by Citizen Capital and Bleu Capital, and joined by existing investors Daphni and Swen Capital Partners.

Hubcycle, founded in 2016 by CEO Julien Lesage, Dominique Sylvain and Laure Cucuron, developed industrial hubs which convert fruit and vegetable wastes into innovative raw materials for personal care and food industries. The process identifies the unused parts of fruits, vegetables and plants – specifically the molecules that can be extracted from them – in order to transform them into ingredients in the composition of new food products and cosmetics.

The company says it works with nearly 30 French groups in the food and cosmetics industries such as Nestlé and L'Oréal.

Hubcycle previouslt raised €1.5 million from daphni and Swen Capital in 2021.