S.Korea's waste recycler ReCo lands $11.8 million in investment
Lan Heo
Jan 25, 2023 (Gmt+09:00)
South Korea's startup ReCo, which runs the comprehensive waste collection and transportation service UpBox, on Wednesday said it attracted Series B investment of 14.5 billion won ($11.8 million) in a bridge round.
In the bridge round, investors GS and Envisioning Partners took part as follow-up investors and CAC Partners and Industrial Bank of Korea as new investors. ReCo's accumulated investment exceeded 30 billion won.
ReCo plans to use the funds to upgrade UpBox, its waste management service exclusively for business sites. The service offers waste consulting for each site and handles resource recovery so that separate discharge common in households is smoothly conducted at places of business.
UpBox has an estimated 3,000 customers. The new investment will go to developing services for optimal circulation of waste resources by industry and business size.
ReCo will also boost its waste management software UpBox Cloud. Formerly for customers only, the software will be expanded for use as a comprehensive platform for resource circulation covering the entire waste value chain including emitters, transporters and handlers.