The German company CleanHub, which prevents plastic from entering the oceans, announced that it had raised $7 million in funding, with Integra Partners and Lakestar serving as the lead investors.
Silence VC, 468 Capital, and Übermorgen Ventures, as well as luminaries in the field of sustainability like Dan Bartus and Stefan Gross-Selbeck, participated in the round, according to a statement released by CleanHub.
The funds will be used by CleanHub, according to the statement, to advance its goal of stopping plastic waste from entering oceans and bringing about systemic change in the waste management sector, paving the way for the circular economy of plastic.
“We see climate tech as a key contributor to sustainable, equitable and thriving economies in emerging markets, and we’re proud to start this journey with CleanHub,” said Jennifer Ho, Partner at Integra Partners.
She claims that the combination of Integra Partners’ fintech expertise and CleanHub’s innovative waste management strategy offers some really compelling opportunities to address the plastic pollution issue in a novel way.
“Their strong presence in Southeast Asia aligns perfectly with our investment strategy,
“We’re excited to be joining forces with the CleanHub team, who are not just addressing sustainability today but are also setting the pace for its future,” she added.
CleanHub estimates that 2 billion people in coastal areas around the world lack access to proper waste management, and the company works to close this gap in developing nations as well as the funding gaps for effective waste infrastructure.
It creates waste management ties in underserved coastal areas and provides plastic credits to eco-conscious companies in line with rising consumer demand for sustainable goods and behaviors.
Brands have the chance to strengthen their sustainability credentials and gain a competitive advantage through this process.
CleanHub has also developed a track and trace system, with each bag of waste being weighed, photographed, and monitored through artificial intelligence (AI) and manual checks to ensure accountability. With increased scrutiny on greenwashing, brands are seeking transparency in their climate initiatives.
The company set a new standard for transparency and rigor in the plastic credit market by becoming the first plastic credit system to be verified by TÜV SÜD under the ISO 14064-3 standard, which was modified for plastic credit verification.
In order to advance the circular economy and ensure the effective collection, processing, and reintroduction of plastic waste, CleanHub also works with partners.