French startup Underdog, founded in Nantes in 2022, has raised €7 million to expand its operations in the refurbished appliance sector. Specialising in large household appliances, the company aims to scale its industrial capacity and establish itself as the leader in refurbished white goods in France. This funding round brought together existing investors, including Daphni, Sistafund, Tivoli, and Founders Future, alongside new backers such as BNP Paribas and Serena through the InnovAllianz III fund. The investment highlights confidence in Underdog’s sustainable business model, which combines environmental impact with economic viability.

The market for refurbished goods in France is projected to reach €3.5 billion by 2030, according to the Federation of Repair and Refurbishment Enterprises. Despite this potential, only 3% of the 10 million household appliances discarded annually in France are currently refurbished. However, consumer interest is on the rise, with 63% of French buyers expressing willingness to purchase refurbished appliances, driven by lower costs and environmental concerns. Underdog is set to capitalise on this demand through an ambitious growth strategy. The company plans to double its production capacity in Nantes by 2025 and open three additional facilities across France by 2026, with a target of refurbishing 6,000 appliances per month by 2027, amounting to over 70,000 units annually.

Underdog’s operations are poised to deliver measurable environmental benefits. By 2029, the company estimates it will have conserved 620,000 tonnes of natural resources and prevented 97,000 tonnes of CO2 emissions. Refurbishing appliances reduces greenhouse gas emissions by up to 85% compared to producing new ones, according to ADEME (France’s Agency for Ecological Transition). In addition to environmental sustainability, Underdog is committed to creating local, skilled jobs, with plans to train 200 technicians nationwide. This initiative aligns with broader efforts to revitalise technical expertise within France, contributing to the creation of over 15,000 repair and refurbishment jobs by 2030. With over 10,000 refurbished appliances sold since its inception, Underdog is proving that a circular economy model is not only sustainable but also a viable alternative to the traditional reliance on new, disposable products.