The travel and airline sectors have also taken the brunt of the coronavirus impact. The startup is not the only company that has surprised the market by attracting significant investment funds amid the virus crisis. “The latest fund raising shows that Superbin’s innovative model, which turns waste into useful materials, has proved promising and sustainable for investors,” said Byun Dae-kyu, Superbin chairman and CEO of Humax. The Bundang-headquartered startup, now valued at 100 billion won, has rolled out a reverse vending machine called Nephron, which gives financial rewards to people who recycle plastics.Īmid growing awareness about the environment, companies focusing on environmental, social and corporate governance have built momentum in recent years.
“Companies from petrochemical and beverage industries are still showing keen attention to the recycling startup, hoping to make direct or indirect investments.” “Superbin completed the latest funding round in a bid to expand its business scope,” said CEO Kim Jeung-bin. It hopes to use plastic collected via Superbin’s solutions in garment manufacturing. Sae-a Global CNS also partook in the funding scheme as a strategic investor. Investors participating in the funding round included portal giant Naver-backed investment firm TBT and set-top box maker Humax, both of which had already taken part in the previous investment rounds, as well as local asset management firm Fine Investment.
RECYCLING SUPERCAN SERIES
Superbin, a startup that develops solutions for recycling plastic debris, announced this week that it raised 20 billion won ($16.8 million) in Series B funding recently. It distributes a 5 liter-scale waste collection container to businesses, with its own program providing the information on the amount of food waste emission for each business on a real time basis.While nearly all industries have been affected by the lingering coronavirus pandemic, South Korea’s startup scene is showing resilience with local startups successfully attracting funds. Reco collects food wastes generated from various business sites and recycles them as a fertilizer. The robot it developed can accurately identify and sort out recyclable plastic cups even when they are mixed with food and paper.
RECYCLING SUPERCAN PROFESSIONAL
Inobus is a professional collector of one-off plastic cups. However, Superbin plans to build its own chemical textile plant where it can directly reprocess them. Tech startup Superbin’s vending machine Nephron takes photos of recyclable wastes using its built-in camera, with its artificial intelligence (AI) program identifying if they can be recycled through a comprehensive analysis of their size, appearance, and recycling symbols printed on their surfaces.Īt present, a total of 265 Nephron vending machines are installed across the country.Ĭurrently, the collected wastes are sold to recycled item collectors.
16 (Korea Bizwire) - Armed with a variety of technologies, an increasing number of startups are making forays into the waste resource collection business.Īs environmental, social and governance (ESG) management is emerging as a major trend, the value of waste resource recycling is on the rise. A local resident puts plastic bottles in Superbin’s reverse vending machine, Nephron, in a park in Gwacheon, south of Seoul, on March 24, 2019.
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