Canada-based company creating sustainable products from recycled materials, ChopValue raised USD 7.7 million in recent funding. The company announced the fundraise on April 3, 2023. Two high-profile technology entrepreneurs with expansion interests in Asia Pacific and Europe led the financing for the company. However, the firm did not disclose the entrepreneurs’ names. Meanwhile, corporate venture capital funds and existing investors joined in the financing.
In addition to the investment, the company also announced the transformation of its 100 millionth chopstick into new products.
Purpose of investment for ChopValue
With the latest capital injection, ChopValue seeks to expand its operations. The company places particular emphasis on better serving B2B partnerships.
Meanwhile, it has plans to invest towards increasing production capacity. The company also intends to develop new product lines. In addition, ChopValue seeks to deploy funds towards research and development efforts with the goal of optimizing its micromanufacturing principles and continuing to reduce its environmental footprint.
What the company’s officials have to say
Andy Burt, one of ChopValue’s strategic growth partners, said, “ChopValue’s innovative approach to circular manufacturing, which has the potential to significantly reduce the carbon footprint of the manufacturing industry, is a vision that’s coming to life and has tremendous potential for positive impact.”
In addition, Felix Böck, CEO and Founder of ChopValue, credits the team’s “commitment to demonstrating that the circular economy should become the norm when our natural resources are strained, and our landfills continue to grow.”
He further added, “Decentralized micro factory approach that uses local resources for local production to meet local demand will also give a reason to rethink globalized supply chains, as ChopValue enables small business owners to own local ChopValue franchises.”
About the company
In 2016, Founders Felix Böck and Hugh Grady launched the company. Since its inception, the company has created more than 150 jobs across six countries through 63 in-development franchises. Meanwhile, it stored more than 136,000 kg of carbon in new products from material collected by over 1,700 community restaurant partners.
ChopValue recently entered into Strategic Growth Agreements for market entries in Japan, Singapore, Central Europe, as well as the USA. The new scale achieved through its micro factory network allows the firm to serve strategic B2B clients. It seeks to focus on projects such as multi-restaurant build-outs while continuing to meet end-customer demand. Besides, the company has plans to open more than 100 new locations in the near term.
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