MMC backs intelligent waste management start-up, Recycleye
- On December 14, 2020
- By GrowthInvest Marketing
MMC led the £1.2 million seed funding round alongside Playfair Capital, with participation from Atypical Ventures, Creator Fund, and eolos GmbH. The company has also received grants from InnovateUK and the European Union to turn trash into treasure.
CEO and co-founder of Recycleye, Victor Dewulf, resigned as a banker at Goldman Sachs in 2019 on a mission to remove the dull, dirty, and dangerous manual jobs plaguing the recycling industry. Manual waste pickers, who are exposed to a multitude of occupational hazards, have resulted in the industry facing an average of 50 percent labour turnover every 6 months. Compounded with China’s waste import ban in 2018, which stopped the UK from exporting 50 percent of its waste, the recycling industry is now at overcapacity.
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