Resourcify, a platform dedicated to waste management and recycling, has proudly announced the successful completion of a Series A funding round, securing a total of €14 million (approximately $14.94 million). The round was led by Vorwerk Ventures and saw participation from Revent, Ananda Impact Ventures, Speedinvest, BonVenture, and WEPA Ventures.
This achievement marks a significant milestone for Gary Lewis, the CEO of Resourcify, who, in collaboration with Felix Heinricy in 2018, embarked on the journey to establish the startup. Their shared vision was to provide innovative digital solutions to address the challenges of recycling and waste management. Together, Lewis and Heinricy aimed to facilitate the recycling, remanufacturing, and reusing of products and materials by connecting businesses with local recycling facilities.
Lewis explained, “Resourcify is a cloud-based recycling platform designed to identify valuable materials and facilitate connections between global corporations and local recyclers. Our mission is to combat waste, eliminate harmful practices such as incineration, and empower companies to efficiently manage waste on a large scale.”
At its core, Resourcify strives to analyze various recycling possibilities for companies, enabling them to recycle materials instead of disposing of them as waste. For instance, the platform can identify suitable local recycling options for specific customers while helping them improve their recycling reporting and invoice management processes.
Resourcify streamlines tasks such as managing recycling pickup locations, on-site handling of recyclable materials, and materials transportation through a central customer-accessible dashboard. Leveraging a comprehensive database of materials, recyclers, and recycling routes, Resourcify employs machine learning to identify cost-saving opportunities.
Lewis emphasized, “One of the primary challenges we face is transitioning from traditional waste management to a fully realized circular economy. It’s crucial to note that much of the waste industry still operates in a non-digital and non-automated manner, with waste often being incinerated rather than recycled. This underscores the urgency of modernizing these processes to minimize environmental impact.”
While acknowledging the presence of competitors in the digital recycling orchestration market, Lewis asserted that Resourcify holds a unique position by offering a comprehensive solution spanning the entire waste management, recycling, and circularity value chain.
“We have developed circular programs in Austria, Denmark, France, Germany, Spain, Sweden, and the U.K. with global players like Johnson & Johnson,” he stated. “These programs not only enable us to create fully circular material loops but also set us apart from all other industry players.”
As of now, Resourcify, with approximately 60 employees, manages over €115 million worth of waste for 15,000 businesses, serving more than 50 paying customers, including McDonald’s. The company’s revenue has tripled year-over-year in recent years, and sources familiar with the matter indicate that Resourcify’s latest funding round values the company at around €50 million (approximately $53.37 million).
The newly secured funding, bringing Resourcify’s total raised capital to €23 million (approximately $24.55 million), will be instrumental in expanding the customer base and international presence, according to Lewis.
Lewis concluded, “One noteworthy aspect of waste management and recycling is its resilience to economic fluctuations. Even during challenging economic times, the need for waste collection and recycling remains constant. This positions Resourcify favorably for growth, regardless of potential economic challenges. Moreover, our commitment to providing end-to-end value chain solutions fosters enduring client partnerships, encouraging our clients to stay with us for the long term.”
