Rinchi
TechInAfrica – Kenya-based plastic-recycling startup, Mr Green Africa, has received an undisclosed amount of investment from the Global Innovation Fund. The investment was announced by the Global Innovation Fund without mentioning how much the investment was.
The Kenyan startup recycles and sells eco-friendly sourced materials, bringing a traceable social and environmental impact. To date, the startup has engaged more than 2,000 marginalized waste collectors and sells more than 2,000 metric tons fairly sourced recycle materials for both local and international market.
Besides formalizing the plastic supply chain, Mr Green Africa also aims to add value to job creation and reduce plastic pollution, especially in the growing cities.
According to Mr Green Africa, the investment they received from GIF will be used to expand and build on the aggregation model and build a reliable supplier network.
The co-investor of GIF is DOB Equity, a leading Dutch family-backed impact investor in East Africa. According to the investor, the investment is part of its effort to support the private sector as it is in line with the UN Development Goals to create new market opportunities and new jobs.
“We are very pleased and looking forward to working with DOB Equity and Global Innovation Fund on the expansion of Mr Green Africa. We believe we are in the right place, at the right time, to create a blueprint for emerging markets to provide a circular solution to the plastic challenge and need partners like DOB Equity and Global Innovation Fund that see this opportunity,” said Keiran Smith, Co-Founder and CEO of Mr Green Africa, speaking on the investment it received from the investors.
On the other hands, the investors also commented on their investment in the Kenyan startup:
“This is a great investment for GIF – an innovative business with demonstrable returns in terms of financial and social impact. Our funding will support its growth through which it will deliver real change. We look forward to engaging further with the team to realize the potential of this business,” said Alix Zwane, CEO of Global Innovation Fund.
“We expect the demand for recyclable materials in emerging markets such as Kenya to overtake that in developed countries, driven by the fact that Kenya is a growth market for these companies, as well as the negative effect of plastic packaging being more evident. With its unique sourcing infrastructure and focus on quality, we believe Mr Green Africa can work together with companies and provide an example for the plastics value chain globally,” Saskia van der Mast, Investment Director of DOB Equity concluded.
Source: innovation-village.com
