BNP Paribas Boosts Circular Economy with €7 Million Investment in Appliance Refurbisher Underdog

BNP Paribas is reinforcing its commitment to sustainable finance by backing circular economy initiatives, with a notable investment in the French startup Underdog. Founded in 2022 in Nantes, Underdog refurbishes used household appliances like washing machines, refrigerators, and kitchen robots, aiming to make responsible consumption more widespread in France. Each year, approximately 10 million appliances are discarded nationally, with a reconditioning rate below 3%, presenting a significant environmental challenge.

Underdog has already reconditioned 18,000 products, helping to avoid 5,000 tons of CO₂ emissions. Supported by BNP Paribas' €7 million Series A funding, part of a broader €200 million fund dedicated to circular economy ventures, Underdog has scaled its operations to recondition 1,000 appliances monthly. The company plans to open three new industrial sites and train 200 specialized technicians, contributing to local employment.

By 2030, Underdog aims to conserve 620,000 tons of natural resources and prevent 97,000 tons of CO₂ emissions. Claire Bretton, Underdog’s co-founder and CEO, emphasized, "At Underdog, we believe that the circular industry is not a dream: it's our future." This strategic partnership exemplifies BNP Paribas’ focus on fostering circular value chains and supporting innovative companies that challenge the traditional linear economy model.