ChopValue, a company that transforms recycled materials into sustainable products, has achieved two significant milestones.
The company has closed a funding round, securing $7.7 million to expand its decentralised Microfactory network, and has also reached a landmark by transforming its 100 millionth chopstick into new products.
ChopValue’s presence in the market marks a turning point in the conversation on reducing carbon emissions, as it is the first circular economy franchise in Singapore.
Since its inception in 2016, ChopValue has grown rapidly, creating over 150 jobs across six countries through 63 franchises, and storing over 136,000 kg of carbon into new products from material collected by more than 1,700 community restaurant partners.
In Singapore alone, approximately 10 million chopsticks have been recycled since the grand opening of the first local Microfactory in 2021.
ChopValue’s expansion of the Microfactory network demonstrates a steadily increasing awareness for sustainable issues and creating demand for sustainable goods and services, all in line with Singapore’s Green Plan 2030.
The company has also signed Strategic Growth Agreements for market entries in Japan, Central Europe, and the US, enabling it to serve strategic B2B clients for projects such as multi-restaurant build-outs while continuing to meet end-customer demand.
The funding round was led by two high-profile technology entrepreneurs with expansion interest in Asia Pacific and Europe.
The funds will be used to expand ChopValue’s operations, particularly to better serve B2B partnerships, increase production capacity, and develop new product lines. The company also plans to invest in research and development to optimize its micromanufacturing principles and reduce its environmental footprint.
Felix Böck, CEO and Founder of ChopValue, hopes that the decentralised Microfactory approach that uses local resources for local production to meet local demand will give a reason to rethink globalised supply chains. The approach enables small business owners to own local ChopValue franchises.
ChopValue’s innovative approach to circular manufacturing has the potential to significantly reduce the carbon footprint of the manufacturing industry.
The company’s unique approach to commercialising its “waste” to “resource” philosophy allows it to scale responsibly as each Microfactory is tailored to its end market size and needs.
ChopValue plans to open over 100 new locations in the near term, hiring a corporate team that will work locally to boost the demand for its products in the APAC region.
Overall, ChopValue’s expanding network of Microfactories is paving the way for a more sustainable future, with its commitment to demonstrating that the circular economy should become the norm when our natural resources are strained, and our landfills continue to grow.