In a significant development for the waste management and recycling industry, Resourcify, a cloud-based recycling platform, has secured €14 million in Series A funding led by Vorwerk Ventures. The round also saw participation from Revent, Ananda Impact Ventures, Speedinvest, BonVenture, and WEPA Ventures.
A Vision to Digitize Recycling Orchestration
Gary Lewis, CEO of Resourcify, joined forces with Felix Heinricy in 2018 to launch the startup. Their goal was to provide "digital solutions" to the problem of recycling and waste management. By fostering connections between global corporations and local recyclers, Resourcify aimed to promote the recycling, remanufacturing, and re-use of products and materials.
A Unique Value Proposition
Resourcify’s mission is to combat waste, eliminate harmful practices like burning, and empower companies to effectively manage waste on a large scale. The platform analyzes different ways companies can recycle their materials rather than disposing of them as waste. For example, Resourcify might look at local recycling routes that would make sense for a particular customer while supporting the customer’s efforts to improve their recycling reporting and invoice management practices.
Key Features and Benefits
Resourcify helps manage:
- Recycle pickup locations
- On-site handling of recyclable materials
- Materials transport
From a central, customer-accessible dashboard. Leveraging a database of materials, recyclers, and recycling routes, Resourcify applies machine learning to highlight opportunities for cost savings.
The Importance of Digitizing Recycling Orchestration
One of the key challenges facing the waste industry is the transition from traditional waste management to a comprehensive circular economy. Lewis acknowledges that much of the waste industry still operates in a non-digital and non-automated manner, with many cases involving the incineration of waste rather than recycling.
Competition and Market Growth
The market for digitizing recycling orchestration is projected to grow 11.6% from $3.28 billion in 2020 to 2030, according to Research and Markets. In the U.S., there are several players in this space, including Rubicon Global and Road Runner. However, Lewis asserts that Resourcify stands out due to its comprehensive solution across the entire value chain of waste management, recycling, and circularity.
Resourcify’s Achievements and Future Plans
Today, Resourcify manages over €115 million worth of waste for 15,000 businesses and more than 50 paying customers, including McDonald’s. Revenue has tripled year-over-year over the past few years. With this funding, Resourcify plans to further develop its platform and expand its reach in the market.
Conclusion
The success of Resourcify demonstrates the potential for technology to transform the waste management and recycling industry. By providing a comprehensive solution for companies looking to reduce their environmental impact, Resourcify is playing a crucial role in promoting sustainability and reducing waste.
