The waste treatment firm Octopus, located in Indonesia, has secured $5 million in a fundraising round that was co-founded by Openspace and SOSV.
Octopus, which was founded last year, connects customers with regional garbage haulers who would purchase and collect their post-consumer goods, such as plastic and electronic waste. To make picking up orders and determining rates easier, the business offers garbage collectors iPhones. Additionally, it allows collectors access to its own selection of digital wallets.
According to the business, its platform presently has more than 60,000 garbage collectors and 150,000 monthly active users. It runs 1,700 checkpoints and five sorting facilities in Jakarta, Bandung, Bali, and Makassar. The company continued, handling 380 tons of garbage each month.
Moehammad Ichsan founded the business together Hamish Daud, a well-known local figure, serial businessman Dimas Ario, ex-executive of Coca-Cola Amatil Indonesia Niko Adi Nugroho, and ex-executive of Sayurbox Data Rizki Mardian.
Octopus intends to develop its ecosystem and broaden its offerings with the new financing. By 2024, it hopes to have 100,000 garbage collectors, over one million customers, and access to more cities.
