Recyc’ELIT, a French startup that recycles all types of complex textiles and plastics has secured € 3.2 million in a fresh round of funding.
The startup announced that Demeter led the investment through the Metropolitan Industrial Seed Fund (FAIM) Lyon – Saint-Etienne and UI Investissement.
The other participant in the funding round include Banque des Territoires (Caisse des Dépôts Group), Crédit Agricole Création, and undisclosed business angels.
Founded in 2019, by Karim Medimagh and Raouf Medimagh, Recyc’ELIT is expert in research and industry services and it is addressing textile and plastic issues using their innovative approach to industrial by-products.
Europe aims to integrate 10 million tonnes of recycled plastic by 2025, emphasising the urgency. “Otherwise, by 2050, there might be more plastic than fish in our oceans,” say the founders.
With its patented process, the startup can recycle diverse PET waste, including coloured and multifibre materials, from various sources.
Its focus lies in tackling challenging textile and plastic recycling, especially with problematic PET plastics that disrupt mechanical processes.