Key Takeaways:
– ChopValue, a Vancouver-based startup, recently raised close to $3 million to further their mission of recycling used chopsticks into furniture.
– The company has raised more than $22 million to date and operates a network of 80 microfactories across nine countries.
– The new funding round included InBC Investment Corp. and other high-profile tech entrepreneurs.
– ChopValue is a subsidiary of Microfactory Venture Platform (MVP), which focuses on repurposing a variety of waste products into new goods.
Creating Value From Chopsticks
ChopValue, a startup headquartered in Vancouver, B.C, has garnered nearly $3 million in a recent round of funding. The company, which up until now has repurposed over 176 million chopsticks into furniture and housewares, plans to use this funding to extend its eco-friendly mission. The capital raised is a part of ChopValue’s Series A round, which includes an $11 million investment announced in April.
Eco-Efficiency on a Global Scale
Established in 2016, ChopValue is not just a local phenomenon. With over 50 employees globally, the firm operates around 200 workers within its franchise network. Interestingly, it operates 80 “microfactories” in nine countries, including Canada, the U.S., Mexico, and Japan.
Local Impact with Microfactories
The company’s concept of a microfactory is simple yet impactful. Each microfactory, measuring between 2,500 and 4,000 square feet, focuses on local operations. By doing so, ChopValue minimizes long transportation routes and adds value on a local scale, thereby promoting sustainability.
Recycling Process and Product Creation
ChopValue collaborates with a variety of venues ranging from restaurants, hotels, offices to shopping malls. These establishments are provided with recycling bins for collecting used chopsticks. The collected chopsticks travel very little, going straight to the local microfactories where they undergo a process of sorting, coating with water-based resin, drying, and compressing under high temperatures before finally being transformed into usable products.
Quality and Variety in Repurposed Goods
The solid end product morphs into counters, tabletops, cutting boards, wall panelings, and other household items and commercial goods. This recycling process not only reduces waste but also creates unique and aesthetically pleasing pieces for anyone aiming to make a sustainable choice.
Parent Brand: Microfactory Venture Platform
ChopValue is part of Microfactory Venture Platform (MVP), an umbrella brand launched to the public in April this year. MVP’s goal is to leverage the potential of a wide array of waste items, such as coffee grounds and discarded clothes, turning them into valuable goods for consumers.
The mastermind behind both ChopValue and MVP is CEO and founder Felix Böck. Holding a background in wood science and sustainability, his innovative approach to waste utilisation showcases a future-centered vision encompassing environment and industry alike.
Wrap-up: Investors and Future Plans
The newly secured funding comes from InBC Investment Corp., established by the Province of British Columbia with further contributors being high-profile tech entrepreneurs, corporate venture capital funds, and existing investors from previous funding rounds. Armed with fresh capital, ChopValue anticipates making further strides in their journey to promote a sustainable circular economy in the furniture industry.
