GERMANY – Berlin-based start-up CleanHub has raised US$6.99 million (€6.4m) for its plastic waste recovery technology, which uses QR code-based track and trace technology to aid businesses in recovering and sorting ocean-bound packaging trash.
The latest funding round was led by Integra Partners, Lakestar and from new investors, Silence VC, 468 Capital and Übermorgen Ventures.
According to the statement, CleanHub will use the funds to accelerate its mission to eliminate plastic waste entering oceans and drive systemic change in the waste management industry, enabling the circular economy of plastic.
Jennifer Ho, Partner at Integra Partners said: “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.”
According to her, CleanHub’s innovative approach to waste management, coupled with Integra Partners experience in fintech, creates some compelling opportunities to tackle the plastic pollution problem differently.
“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 says 2 billion people in coastal regions worldwide do not have access to proper waste management, and the firm addresses this waste management gap in developing countries and the funding shortfalls for efficient waste infrastructure.
It establishes waste management connections in coastal regions previously underserved and offers plastic credits to eco-conscious businesses in alignment with the growing consumer demand for sustainable products and practices.
In the process, this offers brands an opportunity to enhance their sustainability credentials and gain a competitive edge in the market.
With heightened scrutiny on greenwashing, brands are increasingly seeking transparency in their climate initiatives, CleanHub has also developed a track and trace system, with each bag of waste weighed, photographed, and monitored through artificial intelligence (AI) and manual checks, ensuring accountability.
Joel Tasche CleanHub co-founder and CEO said: “This combination allows us to deploy our technology on a large scale without compromising quality. The more data we obtain, the better the precision of our technology. Our system enables us to ensure compliant supply chains and does not add excessive costs.
“I consider this technology as a cornerstone for any investment in preventing plastic pollution. The main reason being that it addresses and overcomes the fundamental trust issues that currently exist in the market.”
The firm became the first plastic credit system verified by TÜV SÜD under the ISO 14064-3 standard, adapted for plastic credit verification, setting a new benchmark for transparency and rigor within the plastic credit market.
In addition, CleanHub also collaborates with partners to drive the circular economy, assuring the efficient collection, processing, and reintroduction of plastic waste.
As recycling rates are expected to rise from 9 percent to 30 percent by 2030, it said the market for recycled material feedstock is projected to increase more than fivefold toUS$170 billion during the same period.
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