RecycleSmart secures $1.15 million to fuel national expansion
RecycleSmart, the Sydney-based waste technology company, has recently generated $1.15 million in funding from 1014 investors in its expansion drive. With the increasing demand for its services, the groundbreaking solution has seen a doubling of customer numbers, turnover, and company valuation within the last year. The company, often referred to as Australia's 'Uber for waste', provides responsible recycling facilities which repurpose or recycle items that cannot be put into yellow council bins.
Founded in 2019, RecycleSmart has saved 800 tonnes of materials from ending up in landfill. The recent capital generated will be used to accelerate the company's national expansion plans. While demand heightens, corporate Australia has been among those seeking services like RecycleSmart ahead of the 2025 deadline. They are moving towards a national plan to boost waste recovery and recycling rates.
RecycleSmart's services include the collection of soft plastics, batteries, coffee pods, blister packs, apparel, electronics, and other items often mistakenly put into yellow bins. These items are collected through a convenient app-based booking system. In addition to collection, the platform analyses the collected recyclable materials and offers valuable input and insights to clients.
In the past year, since launching its services for businesses, nearly 800 companies have registered with RecycleSmart. Notable clients include notable tech companies like Canva and Google, creative technology provider Dolby Australia, and flexible workspace provider WeWork. CEO and co-founder of RecycleSmart, Giorgio Baracchi, welcomed the increased support, especially from clients, during the recent fundraising round.
Mr. Baracchi said, "What delighted us most was that our customers were some of our strongest supporters. As the only service that provides traceability, transparency, and round-the-clock reporting for a reasonable price, we know how important we are to them." He went on to illustrate the company's focus on second-life solutions, such as shredding soft plastics into feedstock oil, selling good-condition clothes and textiles to Australian Red Cross or other charities, and extracting valuable materials from e-waste.
Annual statistics indicate that Australia sends nearly 76 million tonnes of material to landfill, of which more than 80% comes from corporations. With pressing deadlines and increased pressure from the Federal Government and Environment Minister Tanya Plibersek for stricter rules to promote recycling, Australian companies are urged to improve their waste management systems. Expressing satisfaction with his company's partnership with RecycleSmart, Canva's Dan Bloom said that full-package waste management solutions like it have been an elusive find until now.
Partnering with councils, including Sydney's Randwick City Council, to subsidise regular collections, RecycleSmart aims to make recycling as efficient as hailing a cab. Operations Coordinator Graham Hope said that the level of detail provided through RecycleSmart's online service is excellent. Matt Vitale, co-founder and CEO of Birchal, the crowdfunding platform, also echoed his accolades for RecycleSmart's commitment to making Australia cleaner.
