(Paris) On the occasion of Earth Day, L’Oréal announced on Thursday the launch of a new investment fund aimed at the circular economy in which, as the main investor, the world number one in cosmetics contributes 50 million euros ($68 million).
Posted at 2:16 p.m.
This “impact” investment fund will be managed by Demeter and Cycle Capital, capital managers focused on clean technologies, the first based in Paris and the second in Montreal.
“It is a fund that aims to be open to other investors: institutions, companies, individuals, etc. “Explained to AFP Alexandra Palt, general manager Social and environmental responsibility of L’Oréal.
The fund is currently endowed with 80 million euros ($110 million) and aims to reach 150 million euros ($205 million).
The circular economy fund “will support start-up and companies in North America, Europe and Asia developing a circular use of resources, in sectors as varied as new materials in the bioeconomy, circular solutions for packaging, recycling and waste, logistics and eco-efficient processes,” the statement said.
“These are projects on the three continents where there is a certain maturity on the circular economy because we want to invest in projects that have proven themselves, where the test phase has been completed and where we are moving to a launch phase. , we are expanding,” explained Alexandra Palt.
Examples of supported projects cited by L’Oréal: the circular fashion start-up company For Days, thanks to which more than 150,000 clothes have been recycled in the last 12 months, or Aphea. Bio which develops new high quality agricultural biological products to reduce or replace the application of chemical products.
“This approach is a perfect illustration of sustainable finance, namely the ability to combine the creation of financial value and the creation of environmental and social value”, says Christophe Babule, Executive Vice-President and Chief Financial Officer of L’Oréal, quoted in the communicated.