Resourcify raises €14M for digitized waste management scale-up
04 Oct 2023 --- Germany-based waste management platform Resourcify, which offers digitized processes to help companies optimize their sorting and recycling, has raised €14 million (US$14.6 million) in series A funding.
The funding, led by investment firm Vorwerk Ventures, will help connect global companies with local recyclers to optimize their processes, which the company says will save hundreds of hours of labor per client.
Resourcify projects the market to be worth around €800 billion (US$838 billion) by 2030 – double the size of the logistics market.
“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,” says Gary Lewis, CEO of Resourcify. “By now, we’ve reached €100 million (US$104 million) waste under management, with another €100m coming through our partnership with Interzero.”
Resourcify is already used by major European companies, including McDonald’s and Johnson & Johnson, Hornbach, REWE and Frankfurt Airport.
SaaS take-back programs
With this round of investment, Resourcify says it will enhance its software as a service (SaaS) offering across multiple industries and continue to focus on critical waste take-back programs that enable companies to reach their sustainability goals and expand its market leadership internationally in Europe and the UK.
The company will also prioritize growing its commercial teams to scale revenue and create an enhanced recycling experience across the entire value chain. Resourcify says it has processed over 500,000 tonnes of waste via its platform so far.
Dominik Steinküler, partner at Vorwerk Ventures, says: “We are impressed by Resourcify’s platform and the tangible benefits it offers its users. By digitizing recycling, they unlock significant process efficiencies and enable superior coordination of the entire value chain, paving the way for a truly circular economy.”
This year, German company Recyda received €1.75 million (US$1.9 million) to develop a similar SaaS platform that assists multinational companies by offering an all-in-one solution to digitally manage their packaging portfolios and contribute to circular economy targets.
Edited by Louis Gore-Langton
