Today Resourcify, the recycling platform for digital waste management based in Germany, announced the successful closing of a €3 million investment round. The round was led by pan-European investor Speedinvest, and was joined by the founders from Schüttflix and freight-forwarding-unicorn Sennder, as well as existing investors Innovationsstarter Fond Hamburg. This brings the total raised by the startup to €4 million.
Resourcify, founded in 2015, is a software and recycling platform that helps companies in over six European countries optimize their waste management. With automated, digital workflows that makes recycling more efficient and transparent, companies recycle more, reduce costs, and turn waste into valuable materials. This ultimately helps companies achieve their zero-waste goals. Waste management companies can also use Resourcify to improve their customer service and strengthen their sales teams to attract and retain more high-revenue customers.
Since the beginning of the year, the number of locations using Resourcify’s recycling software has tripled. The company now manages over €25 million worth of waste at 4,300 active locations and has more than 220 recyclers in its network.
The digital transformation of the European waste management industry offers enormous opportunities: the startup states that the sector generates more than €500 billion in revenue per year, making it about 20% larger than the logistics and freight sectors. Especially in the commercial sector, the waste industry needs digitization, with increasing legal requirements and the transition to a circular economy demand simpler and more transparent recycling. Since private households account for only 8% of the total waste generated, the startup explains that it’s helping companies to improve efficiency that can solve the waste problem, faster and in a more targeted way.
Resourcify plans to use the investment to launch new functions, and enter new verticals. For example, it plans to help customers find and book local recycling service providers, dispose of hazardous waste and improve reporting. In addition, Resourcify plans to expand its network of recyclers and bring the industry forward with more automation and standardization.
“The new funding will enable our existing and future customers to use even better software and have access to an ever-larger network of recyclers. That means better and easier recycling with lower costs. All of this contributes to our vision to help every business achieve Zero-Waste,” said Gary Lewis, CEO of Resourcify.
“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. 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,” said Speedinvest partner Andreas Schwarzenbrunner.