This “Circular Economy at BNP Paribas” infographic series highlights concrete examples of circular solutions supported by the Group. In this edition, discover how the circular economy makes the world go round with Underdog, a French impact company that offers reconditioned everyday household appliances to spruce up the home for less!
Making the circular economy and responsible consumption more accessible
Underdog’s mission? To make the circular economy and responsible consumption more accessible, particularly in France. How? By reconditioning used household appliances and offering them a second life in a new home. Founded in Nantes, France in 2022, the impact company Underdog proves that another mode of consumption beyond the linear economy is not only possible, but necessary.
Discover the benefits of a circular economy business model with the diagram “Underdog, bringing circular practices home with reconditioned appliances”
Discover the infographic "Underdog, bringing circular practices home with reconditioned appliances"
Each year, approximately 10 million household appliances are thrown away in France, with a reconditioning rate of less than 3%. Meanwhile, reconditioned products play a crucial role in the sustainable management of supply chains and protecting the environment. From reconditioned washing machines, dryers, and refrigerators, to TVs, food processors and wine fridges (yes, wine fridges could almost be considered an everyday appliance in France!), impact start-up Underdog is encouraging consumers to change their habits to favour reconditioned products to reduce waste, preserve natural resources and support a more sustainable economy.
This circular vision of prioritising reconditioned products over buying new not only reinforces the resilience of supply chains but also reduces the consumption of raw materials and CO₂ emissions. In line with the Group’s own vision on the circular economy, the Nantes-based impact company explains: “At Underdog, we believe that the circular industry is not a dream: it is our future”.
"Underdog aims to structure a real household appliance reconditioning sector in France. To do this, we’re building an industrial tool that will allow us to recondition tens of thousands of products per year. At the same time, we are heavily investing in marketing to encourage French consumers to choose reconditioned products for their homes. The investment and trust of the BNP Paribas teams allow us to scale our business.”
Claire Bretton, Underdog co-founder and CEO
Underdog’s key figures since 2023
products reconditioned
tonnes of CO² avoided
tonnes of natural resources preserved
Financing the circular economy
Empowering consumers to transition from a linear to circular economy
In March 2025, BNP Paribas helped Underdog successfully raise 7 million euros in Series A funding, with the Group investing equity in the impact company as part of its 200 million euro impact investing envelope co-managed by the Group’s Positive Impact & Inclusion Business Accelerator (PIIBA) and BNP Paribas Asset Management. Underdog aims to leverage this influx of capital to scale its operations in Nantes and other regions of France by proving to consumers that the circular industry is an accessible, cost-effective way to upgrade homes with reconditioned household appliances.
Reconditioned products are not only better for people’s wallets thanks to their lower price point, but they are also better for protecting the environment with a reduced carbon footprint compared to when buying new. Through the impact company’s circular business model, Underdog also plans to use this funding to help create local employment and upskilling by offering specialised training for people interested in becoming technicians and operators at Underdog’s reconditioning centres.
"Underdog has all the levers to structure an industrial sector for reconditioned household appliances in France. By investing in equity in Underdog, BNP Paribas is supporting a model with a triple-impact that preserves natural resources, transforms consumption habits towards buying second hand and creates local employment in the regions the company operates. This 'Remade in France' approach is fully aligned with the ambition of our impact investing activity.”
Pauline Blandin & Mathieu Lévêque
BNP Paribas Impact Investing team
According to Underdog CEO and co-founder Claire Bretton, much has happened since its successful fundraising round one year ago: “We have expanded our product line to now include reconditioned TVs and food processors ; expanded our first reconditioning centre in Nantes, France ; and grown our staff, including technicians specially trained in reconditioning thanks to our experts.”
These developments now allow the circular business to recondition 1,000 household appliances per month! So, what does the future look like for Underdog? By 2030, the impact company estimates that it will be able to preserve 620,000 tonnes of natural resources and avoid 97,000 tonnes of CO₂ emissions, thus actively participating in the ecological transition of the sector.
Underdog’s 2027 objectives following its successful Series A fundraising round supported by BNP Paribas and the Group’s dedicated impact investing team
new industrial sites in France
Scaling beyond its first industrial reconditioning site in Nantes, France.
reconditioned products per year
Resulting in 6,000 reconditioned products per month!
technicians trained by Underdog
Creating a local and qualified employment sector
Promoting circular business
Most recently, Underdog was announced as one of the winners of the 2025 edition of the BNP Paribas France and Publicis’ My Com For Impact competition, which provides tailored funding and expertise to impact companies to boost their marketing and communications strategy. Underdog is a client of the BNP Paribas Commercial & Personal Banking in France Pays de la Loire Business Centre accompanied by Alexandra Lebond et Raphaëlle Gerbaud. The circular business is also supported by Act For Impact, the Group's programme dedicated to accelerating the development of impact start-ups that are committed to making a positive social or environmental impact.
"By making reconditioned appliances desirable, accessible and reliable, Underdog is encouraging a new reflex: to choose circular products rather than buying new. This is why they have been selected as a My Com For Impact winner: they prove that a circular model can be competitive, scalable and attractive. Supporting impact companies like Underdog that are inventing the standards of tomorrow and democratising a more responsible use of resources is at the heart of the Act For Impact programme’s mission. It is these actors who make the transition concrete.”Raphaèle Leroy
Director of Company Engagement at BNP Paribas Retail Banking France
