Hamburg-based waste and recycling management platform Resourcify has raised €3 million in a round led by Speedinvest. The raise also saw participation from the founders from Schüttflix and Sennder, as well as existing investor Innovationsstarter Fonds Hamburg. The firm has raised €4 million to date and plans to use the new funding to develop further platform functions and enter new verticals.
Founded in 2015 by Gary Lewis, Resourcify helps companies manage and improve recycling efforts. The service offers automated workflows that make recycling more efficient and transparent, upping the mass a company can recycle, all the while reducing costs. The ultimate goal for Resourcify is to make it easier for any company to achieve zero-waste targets.
Currently in use in 7 countries across Europe, 220 waste management companies now manage over €25 million worth of waste at 4,300 locations. In a sector that generates over €500 billion in revenues per year, Resourcify is poised to make a killing. The commercial sector, in particular, has seen increasing legal requirements,as well as consumers demand for a circular economy and more transparent recycling methods.
And while you and I are certainly doing our part, only approximately 8% of all waste generated comes from private households, Resourcify believes they can make a much bigger impact by helping companies improve waste management.
"The recycling market is an extremely fragmented, regional and analogue market, but one that turns over €500 billion annually and is set to grow even more with the new regulatory framework and increased recycling rates,” comments Speedinvest’s Andreas Schwarzenbrunner. “Resourcify's solution here creates an offering for companies that digitizes, manages, and makes their recycling available at the push of a button. This not only saves time but also up to 30 percent of costs and at the same time helps companies to achieve a higher recycling rate and to implement zero-waste strategies in the long term.”