Resourcify, a waste-management and recycling platform, has raised €14 million Series A funding, signalling confidence in its business model of reducing companies’ waste and promoting a circular economy. The round was led by Vorwerk Ventures, further financial investors include Revent, Ananda Impact Ventures, Speedinvest, BonVenture, WEPA Ventures.
Waste is a pressing issue for individuals, communities and the environment, and companies need to tackle this by improving their waste management and recycling. Resourcify’s platform digitises this process for them, in a market that is projected to be worth around €800bn by 2030- double the size of the logistics market. Resourcify’s platform connects global companies with local recyclers to optimise their sorting and recycling, improving existing processes, saving hundreds of hours of labour per client, and reducing total costs.
Gary Lewis, CEO of Resourcify, said: “Reaching a Series A is an important milestone which helps us to grow our reach across Europe to reduce waste and save companies money in the process. By now, we’ve reached €100m waste under management, with another €100m coming through our partnership with Interzero. With a strong team, and fantastic customers our focus is to double this again next year, to build Europe’s leading circular platform.”
Dubbed the ‘Reverse Amazon’ by Forbes, Resourcify is creating a zero waste future and promoting a circular economy where materials are recycled and reused. The platform is already used by leading enterprises in Europe, including McDonald’s and Johnson & Johnson, in addition to some of the largest companies in Resourcify’s home market of Germany, including Hornbach, REWE, and Frankfurt Airport.
Felix Heinricy, Resourcify’s CBDO and Managing Director, commented: “We have built a great business model that is applicable across multiple verticals and markets, and we are now looking to offer more services to bring a truly circular economy to life for even more customers.”
With this round of investment, Resourcify intends to enhance its software as a service (SaaS) offering across multiple industries, continue to focus on critical waste ‘take-back’ programs that enable companies to reach their sustainability goals as well as expanding its market leadership internationally in Europe and the United Kingdom. The company will also prioritise growing its commercial teams to scale revenue and create an enhanced recycling experience across the entire value chain. Resourcify has processed over 500,000 tonnes of waste via the platform, and plans to further increase the CO2 savings for its clients and the environment.
Dominik Steinküler, Partner at Vorwerk Ventures, added: “We are impressed by Resourcify’s platform and the tangible benefits it offers its users. By digitising recycling, they unlock significant process efficiencies and enable a superior coordination of the entire value chain, paving the way for a truly circular economy. The team is highly passionate and determined to make an impact towards a zero-waste future and we are excited to back them on their mission.”
Otto Birnbaum, General Partner at Revent Ventures, also said: “We are not surprised that our portfolio company Resourcify is raising such a strong series A. We are excited about the opportunity to combine the disruption of the waste management industry, with the investment in a company that is providing a real benefit to our environment and accelerating a zero-waste future for our planet.”
Founded in 2015, Resourcify is on a mission to enable a zero-waste future. Through the digitisation of daily operations, its recycling platform enables all businesses to manage, track, and improve their recycling while having less administration, and saving up to 40% of the costs compared to conventional waste management.
Andreas Schwarzenbrunner, Partner at Speedinvest, commented: “The waste industry is growing massively due to regulatory tailwinds and increasing consumer pressure. As a result, recycling and circularity are becoming strategic priorities for large companies around the world. We are excited to continue to support a company that is on track to become the digital backbone of the circular economy!”
Read the orginal article: https://www.eu-startups.com/2023/09/hamburg-based-resourcify-snaps-e14-million-series-a-to-make-every-company-dramatically-reduce-its-waste/
