ChopValue – a company that builds sustainable products from recycled materials – has marked two major milestones: transforming its 100 millionth chopstick into new products and closing of a $7.7 million funding round to expand its decentralized microfactory network.
The milestones align with ChopValue’s rapid growth since its inception in 2016 as demonstrated by the creation of over 150 jobs across 6 countries through 63 in-development franchises and the storing of over 136,000 kg of carbon into new products from material collected by over 1,700 community restaurant partners.
Plus the company also recently signed Strategic Growth Agreements for market entries in Japan, Singapore, Central Europe, and the US. And the new scale achieved through its microfactory network is allowing the company to serve strategic B2B clients for projects such as multi-restaurant buildouts while continuing to meet end-customer demand.
Felix Böck, CEO and Founder of ChopValue credited the team’s commitment to demonstrating that the circular economy should become the norm when natural resources are strained and as landfills continue to grow. Plus Böck hopes that the decentralized microfactory approach in using local resources for local production to meet local demand will also provide a reason to rethink globalized supply chains as ChopValue enables small business owners to own local ChopValue franchises.
This funding round was led by two high-profile technology entrepreneurs with expansion interests in Asia Pacific and Europe. And also joining the round were corporate venture capital funds and existing investors. The funding will be used to expand ChopValue’s operations, especially to better serve B2B partnerships. And the focus will be on increasing production capacity and developing new product lines. ChopValue also plans to invest in research and development with the goal of optimizing its micromanufacturing principles and continuing to reduce its environmental footprint.
By continuing to expand a network of microfactories, ChopValue is paving the way for a more sustainable future. And the unique approach to commercializing its waste-to-resource philosophy allows it to scale responsibly as each microfactory is tailored to its end market size and needs. Plus ChopValue is looking to announce the opening of over 100 new locations in the near term.
KEY QUOTE:
“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.”
— Andy Burt, one of ChopValue’s strategic growth partners
