Valencia-based Recycap Technologies, a pioneering firm in coffee capsule recycling founded in 2022, announced that it has secured an additional €155,000 in funding. This investment comes from the National Innovation Company, S.A (ENISA) and Veos Ventures S.L. The funds will be used to fast-track the production of their latest REACT coffee capsule devices, REACT-H and REACT-S.
Coffee pod consumption has witnessed a remarkable increase, especially in Western Europe and North America, with the market value growing from $9.92 billion in 2021 to an impressive $12.33 billion in 2022. Astonishingly, every minute, approximately 39,000 coffee capsules are produced globally. In Spain alone, the daily consumption surpasses 5 million capsules. However, a concerning statistic reveals that only 10% of these capsules are recycled, leaving close to 100 tons of coffee-filled capsules to be discarded in landfills each day.
In response to this environmental challenge, Recycap Technologies has developed the Recycap Automated Coffee Technology (REACT™) system. This revolutionary device allows consumers to effortlessly recycle both aluminium and plastic coffee capsules. After being emptied using the REACT™ technology, capsules can be disposed of in standard recycling bins. The patented REACT™ technology focuses on removing coffee grounds from capsules, making the recycling process of aluminium and plastic capsules more efficient.
Co-founder and managing partner of Veos Ventures Bassam Damaj said: “Our continued investment in Recycap indicates the notable progress the company has achieved in recent times. We hold a positive outlook regarding their potential to reach the market this year and address this vital environmental issue.”
The new funding will propel Recycap Technologies towards manufacturing commercial-sized recycling devices, kickstart commercial operations, establish industry partnerships, and innovate the first home coffee machine equipped with integrated REACT™ technology. In addition, the company is actively collaborating with major coffee retailers and brands to introduce point-of-sale aluminium coffee capsule recycling initiatives.
The founders of Recycap Technologies shed light on their mission: “The REACT™ platform allows both businesses and consumers to recycle their coffee capsules in the comfort of their homes and offices and dispose of clean coffee capsules in regular recycling bins, reducing their environmental impact and allowing for the recycling and reuse of discarded aluminium,” they continued by saying: “We are passionate about making a difference and take our environmental responsibility very seriously. We are constantly striving for new ways to reduce our impact on the planet by bringing new technologies and patented aluminium and coffee grounds recycling solutions to the market.”
Read the orginal article: https://www.eu-startups.com/2023/09/valencia-based-recycap-technologies-secured-an-additional-e155-k-for-its-coffee-capsule-recycling-devices/
