French upcycler Losanje receives 6.7 million euro capital injection

French company Losanje, which specialises in textile upcycling, has secured a capital injection of 6.7 million euros (7.79 million dollars). Upcycling involves reusing existing materials to create a new product, such as making a bag from a pair of jeans. This process increases the value of the residual product, turning textile waste into a business.

The Varennes-Vauzelles-based company last raised funds in 2023. That 2.7 million euro round was used to develop an automated cutting system. Losanje then demonstrated the scalability of this method with a successful patchwork clothing line for the fashion brand Faguo.

Existing investors UI Investissement and Crédit Agricole are participating again. New backers include the platform Lita and family office Evolem. Public sector contributors include the French agency for ecological transition (ADEME), state bank Bpifrance, and the Bourgogne-Franche-Comté region.

The goals for the coming years include increasing production capacity, purchasing advanced industrial machinery, and hiring engineers. Additionally, the company will soon relocate to a new 2,500 square metre facility in the nearby city of Nevers.

In his LinkedIn post, co-founder Simon Peyronnaud outlines a new fashion universe where his company plays a revolutionary role on par with Vinted.

Peyronnaud started the company six years ago in 2020 with partner Mathieu Khouri. In the post, he confirms that last year, 50 clients were supplied with 150,000 upcycled textile products. He aims to increase that number to six million items of clothing and accessories by 2030.

The capital injection into Losanje is another significant French push towards circular textiles. For example, last year the company Reju announced the construction of a polyester (PET) recycling factory in Sittard, funded by the Dutch government. Meanwhile, the American poly-cotton recycler Circ is building a 450 million euro facility in the northeastern French city of Saint-Avold.

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