Circular economy: Citizen Capital at the World Impact Summit

Laurence Méhaignerie, our founding president, and Bastien Rambaud, co-founder of Vesto (our latest investment), spoke at the World Impact Summit Paris during a round table discussion on circularity and industry. Here’s a look back at a discussion that sheds light on our vision of the circular economy and the challenges of financing it.

Every year, the World Impact Summit brings together actors involved in social and environmental transformation. This first Paris edition confirmed the urgent need to industrialise existing solutions and scale them up.

Our participation in this event reflects our conviction that impact investing is not a philanthropic niche, but a structural lever for building a resilient, resource-efficient economy that creates shared value.

World Impact Summit • 6 February 2026 • Paris

WATCH THE ROUND TABLE

Sommaire

1. A round table to change the narrative
2. Vesto: when the circular industry becomes a reality
3. Financing the circular economy: accepting the long term
4. Three calls to actionTrois appels à l’action

A round table discussion to change the narrative

The World Impact Summit devoted 50 minutes to a crucial question: how can we industrialise the circular economy? Alongside Laurence and Bastien, two other players in the sector took part: Célia Rennesson cofounder and CEO at Réseau Vrac et Réemploi (a professional federation for the reuse of packaging) and Sixtine Jourde-Roussel, coalitions director at Circul’R (a coalition of companies).

The starting point: the linear economy is no longer sustainable. Volume sales destroy value, undermine our competitiveness and make us dependent on raw materials whose prices we no longer control. With the end of cheap fossil fuels and geopolitical risks, there is nothing desirable about this model.

The aim of the round table? To demonstrate that circularity creates economic, environmental and social value.

Vesto: when the circular economy becomes a reality

The shock of discarded ovens

Bastien Rambaud recounted the origins of Vesto, founded in 2020. He and his co-founders came from the catering industry and were “shocked to see ovens designed to last 25 years being thrown away after just two or three years.”

Their response: to build an industrial reconditioning plant in Compans, at the end of the runways at Roissy. Vesto collects professional equipment destined for the scrap heap — ovens, dishwashers, cold rooms — refurbishes it and resells it at 50% less than the price of new equipment. Today, the company employs 55 people, including several on integration programmes, and has expanded into four sectors: catering, commercial refrigeration (partnership with Picard), medical equipment (ultrasound scanners) and construction.

Intrinsic value, a prerequisite

One point raised during the round table discussion particularly caught our attention: not all products are suitable for industrial reconditioning. Bastien explained that, given the technical nature of their factory, Vesto cannot recondition products with a new value of less than €2,000. Fortunately, in the professional catering industry, equipment tends to cost around €5,000 new.

But the problem arises with the emergence of “low-cost” brands that sell so-called “semi-pro” products — “which means not pro at all” — for €800. When these machines become second-hand in 18 months, Vesto will not be able to do anything with them. Hence this conviction: “We advocate a circular economy, but above all we advocate purchases made to last a long time.”

The need for industrial planning

Bastien drew an illuminating parallel with other industrial sectors: “We are at exactly the same stage as other sectors were when they were born. When Airbus was created, it didn’t happen overnight. There was real planning, an ecosystem was created, anchored locally with schools, funding and public procurement.”

The problem today? France has a powerful legislative arsenal with the AGEC law, but its application remains well below ambitions. Article 58 requires local authorities to purchase a minimum proportion of goods that are reused or contain recycled materials (from 20% to 100% depending on the product category). In Vesto’s product family, we are at less than 1% — even though the target has been in force since 2024.

“We need visibility to plan for the long term,” insisted Bastien. “We are building, recruiting and opening factories. But to plan for the future, we need an established framework that evolves less quickly but more reliably.”

Financing the circular economy: accepting the long term

Why we invested in Vesto

Laurence began by making an assessment: “We still live in a world where economic models are built on the assumption of infinite growth, and therefore on the assumption that resources are infinite. We now know that this is wrong, but economic models have not really changed yet.”

This is precisely where impact investors like Citizen Capital bring something new to the table: an analysis that goes beyond risk and return. First, we look at whether the company clearly contributes to an environmental or social issue. Then, we verify that the economic model is viable. But we accept that returns should be commensurate with the needs served — not systematically x2, x3, x4.

“For the first 15 years, we wanted to show that it was possible to make money while making an impact,” explained Laurence. “We succeeded. Then we realised that we couldn’t just finance start-ups with very high potential — we weren’t going to solve the problems with that alone.”

That’s how Citizen Capital began to diversify its investments: a fund in agriculture that holds land for 30 years with returns of 2-4%, Social Impact Contracts, and now the circular economy with Vesto.

The right timing: neither too early nor too late

Laurence raised a crucial paradox: funds that have invested heavily in emerging sectors based solely on regulation have often failed. The case of Ÿnsect (insect protein) made a lasting impression on the investment world.

“When you enter a nascent sector too early, too quickly, where the supply chains are not yet established, the risk is high. You have to find the right balance to be there at the right time. Vesto is a good example of this.”

Why? Because the supply chain already exists in part, the AGEC law provides a framework (even if it is not sufficiently enforced), the economic value has been demonstrated, and the need for financing is reaching maturity.

Three calls to action

#PourUnCodeNAF

Bastien’s closing words were both powerful and revealing: “Today, even describing our industry is difficult — we don’t exist in economic statistics because we simply don’t have an NAF code. So, in conclusion: a NAF code for reuse.”

The context is alarming: one of the finest circular factories in France, Blackstar in the North, is closing down, putting 150 jobs at risk. Like all emerging industrial sectors, the circular economy needs to be supported, recognised and structured.

Enforce existing laws

Laurence emphasised this point: “We have a very powerful legislative and regulatory arsenal in France. The question is how to achieve the ambitions we have with it. We need the means to ensure that our legislation can actually be implemented.”

The AGEC law exists. It sets ambitious targets. But there is a gap between the text and its implementation that needs to be bridged — with political will, resources and regulatory consistency.

Changing the narrative

Sixtine, from Circul’R, concluded with this recommendation: “The circular economy is really about the robustness and resilience of value chains. That’s how we need to talk about it today to convince politicians and industrialists.”

We share this conviction. The circular economy is not just an environmental issue — it is a question of economic sovereignty, local job creation, and industrial competitiveness.

Our commitment to the circular economy

The circular economy is an integral part of our investment strategy, within our “Transform” pillar (which also includes climate, energy efficiency, mobility, biodiversity and agriculture).

Vesto is not our first investment in this sector, but it is certainly one of the most emblematic of our evolution: we have moved from financing start-ups with high growth potential to financing industrial infrastructure that requires time, capital patience and a detailed understanding of regulatory and industry dynamics.

This is precisely why we exist: to mobilise capital for the transition, with viable business models and returns commensurate with the challenges.

📊 Key figures: circular economy and impact investing

Vesto (Citizen Capital investment)

• 55 jobs created, including professional integration programmes
• 80% of collected equipment is reconditioned (20% recycled)
• 50% lower price than new equipment
• 4 sectors covered: catering, commercial refrigeration, medical equipment, construction
• €2,000: minimum new value for reconditioning to be viable
• 25 years: lifespan of a professional oven (often discarded after 2-3 years)
• Factory in Compans (93), at the end of the Roissy runways

Citizen Capital

• €235 million in assets under management
• 50+ investments since 2008
• 6 active funds (5 classified as Article 9 SFDR)
• B Corp score: 115.3
• Mission-driven company since 2021
• 3 strategies: Growth, Agriculture, Associations

Circular economy in France

• Article 58 of the AGEC law: obligation to purchase a proportion of goods that are reused or contain recycled materials (from 20% to 100% depending on the product category: furniture, IT equipment, vehicles, etc.)
• <1%: actual rate of application in certain sectors such as professional equipment (Vesto sector), even though the law has been in force since 2024
• 10% of packaging reused: AGEC law target for 2027. Current rate: approximately 1-1.6% (sources: Réso Vrac Emploi, ADEME 2024)
• 13.4 tonnes/inhabitant: France’s material footprint in 2022 (total quantity of raw materials used to satisfy consumption, source: SDES)
• 150 jobs threatened: announced closure of Blackstar, a circular factory in northern France
• No NAF code: the industrial reuse sector does not exist in French economic statistics

❓ Frequently asked questions

Why did Citizen Capital invest in Vesto?

Vesto represents the right time to invest in the circular economy: the sector is maturing (not too early), the business model is viable thanks to the high intrinsic value of reconditioned products (>€2,000), a regulatory framework exists (AGEC law), and the impact is measurable (jobs created, tonnes of CO₂ avoided, 80% reconditioning rate).

This is our most recent investment and it embodies our evolution: from financing high-potential start-ups to financing industrial infrastructure that requires time and capital patience.

What is the AGEC law and why is it not being enforced?

The AGEC law (Anti-Waste for a Circular Economy, 2020) is an ambitious legislative arsenal. Article 58 requires public purchasers (the State, local authorities) to acquire a minimum proportion of goods that are reused, recycled or contain recycled materials: between 20% and 100% depending on the product category (office furniture, telephones, vehicles, IT equipment, etc.).

The problem is that in certain sectors, such as Vesto’s, the actual rate is less than 1%. This lack of enforcement creates a lack of visibility for manufacturers who need to plan for the long term in order to invest, recruit and open factories. Frequent regulatory changes prevent the necessary industrial planning.

Can all products be reconditioned?

No. Vesto has demonstrated that there is a threshold of economic viability: with the technical capabilities of their factory, they can only recondition products with a new value of more than €2,000.

The problem with “low cost”: the emergence of “semi-professional” products sold for €800 new makes it impossible to recondition them in the future. Hence Bastien Rambaud’s conviction: “We advocate a circular economy, but above all we advocate purchases made to last a long time.” We cannot extend the life of a product beyond what it was designed for.

What is the difference between the circular economy and recycling?

The circular economy aims to reuse products and materials for as long as possible before recycling them. It is a hierarchy:

1. Reuse (priority): the product is refurbished and reused as is.
2. Reconditioning: the product is repaired, tested and guaranteed.
3. Recycling (last resort): the material is destroyed and remanufactured.
4. At Vesto, 80% of the equipment collected is reconditioned, with only 20% going to recycling. Reconditioning consumes much less energy than the destruction/recycling/refabrication cycle.

What is the material footprint?

The material footprint measures the total amount of raw materials used to satisfy a country’s consumption, including indirect flows (materials used abroad to produce imported goods).

In France, the material footprint is 13.4 tonnes per capita in 2022 (source: SDES). This includes minerals, biomass, fossil fuels and metal ores. Reducing this footprint is a key challenge for the circular economy: producing as much wealth with less material.

💡 Key takeaways

Circular economy: An economic model that aims to generate wealth using fewer materials by managing existing stocks rather than following a linear flow (extract-manufacture-dispose).

Impact investing: Investment seeking a double return (financial AND social/environmental), with intentionality, impact measurement and additionality.

AGEC law: Anti-Waste Law for a Circular Economy (2020), which sets ambitious targets for reuse and waste reduction.

Keywords: circular economy, circular industry, reuse, Vesto, Citizen Capital, impact investing, World Impact Summit, AGEC law, industrial reconditioning, ecological transition financing, Laurence Méhaignerie, Bastien Rambaud