Seoul based plastic recycling startup Superbin raised US$ 16.8M in a series B funding last week. The startup develops solutions for recycling plastic debris.
The participants of the funding round include portal giant Naver-backed investment firm TBT, set-top box maker Humax —both of which already took part in the previous investment rounds, local asset management firm Fine Investment and Sea-a-Global CNS to utilize plastic collected via Superbin’s solution in manufacturing clothes.
The funds raised will be used to expand its business scope. “Companies from petrochemical and beverage industries are still showing keen attention to the recycling startup, hoping to make direct or indirect investments,” said the CEO of Superbin, Kim Jeung-bin. The startup values at US$ 84M.
Superbin was founded in Jun 17, 2015. It uses AI to create a culture where our society can share and practice the value of circulating resources. Its recycling solutions include a reverse vending machine called Nephron. It is a waste supermarket where people can purchase recycled products, and a logistics chain for recyclable items.
Consumers receive rewards for recycling products. By recycling aluminium can, a consumer gets 15 reward points worth 15 Korean Won or 1.2 cents. For a plastic bottle, they get 10 reward points. Many sorting machines have been installed at the waste market.
“The latest fundraise shows that Superbin’s innovative model that turns waste into useful materials has proved potential and sustainability to investors,” said Byun Dae-kyu, Chairman of Superbin.
Superbin’s recyclers earn up to 300,000 Won to 1 million worth points per month. The collected items are stored in storage facilities for some time after which they are sold to materials firms for melting or molding the bottles and cans into something new.
In a bid to build momentum for saving the earth, Superbin wishes to create a new recycling culture. CEO Kim jeung-bin also wishes to export the firm’s recycling solutions to less developed nations that lack adequate waste management infrastructure.
