Recyc'Elit, a French textile recycling startup, has secured an undisclosed investment from sports retailer Decathlon via its Decathlon Alliances.
The company intends to use the funding to develop and prototype its recycling process for complex polyester-based materials. Decathlon anticipates that partnering with Recyc’Elit will support its sustainability ambitions to develop recycled products by sourcing recycled polyester from the startup in the long term.
Analyst QuickTake: In October 2023 , the company raised ~USD 3.4 million to support commercialization of its technology. The latest investment and partnership from Decathlon will be significant in enabling the company’s ambitions to construct its first prototype by 2025 and secure additional partners and customers for its technology.
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