$7.7 M growth funding raised by ChopValue to scale its Microfactory network
The Canadian company ChopValue, which makes sustainable products from recycled materials, closed a $7.7 million funding round to grow its decentralized Microfactory network.
According to a statement from ChopValue, the funding round was spearheaded by two well-known technology entrepreneurs who were interested in expanding into the Asia Pacific and European markets.
Corporate venture capital funds and previous investors also contributed to the round.
The money will be used to increase ChopValue’s business operations, particularly to enhance B2B partnerships.
The development of new product lines and increased production capacity will be the main priorities.
In order to improve its micromanufacturing principles and keep lowering its environmental impact, the company also intends to make research and development investments.
In addition to hiring a corporate team that will work locally to increase demand for ChopValue’s products in the Asia Pacific region, the company plans to announce the opening of more than 100 new locations in the near future.
“The expansion of the Microfactory network demonstrates a steadily increasing awareness for sustainable issues and creating demand for sustainable goods and services, all in line with Singapore’s Green Plan 2030,” said Evelyn Hew, Founder, and Managing Director of ChopValue Singapore.
Additionally, the business recently concluded Strategic Growth Agreements to enter the markets of Japan, Singapore, Central Europe, and the US.
In addition to continuing to satisfy end-customer demand, the company is now able to serve strategic B2B clients for projects like multi-restaurant build-outs thanks to the new scale it has achieved through its Microfactory network.
A circular economy brand called ChopValue develops and produces goods using a novel, high-performance material made entirely of recycled chopsticks.
Since its establishment in 2016, its “urban harvesting” strategy has prevented over 100 million chopsticks from ending up in landfills by transforming them into lovely and environmentally friendly products for the home and workplace.
Since the first local Microfactory’s grand opening in 2021, ChopValue has recycled roughly 10 million chopsticks in Singapore alone.
According to ChopValue, it is the first circular economy franchise in Singapore, and its entry into the market signals a shift in the local discussions about cutting carbon emissions.
These accomplishments are consistent with ChopValue’s explosive growth since its founding in 2016, as shown by the creation of 150+ jobs across six countries through 63 under-construction franchises and the storage of 136,000+ kg of carbon into new products from material gathered by 1,700+ community restaurant partners.
“Commitment to demonstrating that the circular economy should become the norm when our natural resources are strained, and our landfills continue to grow,” said Felix Böck, Chief Executive Officer and Founder of ChopValue.
