Vancouver-based company, ChopValue, has recently raised nearly $3 million in funding as part of its Series A round. This funding, along with an $11 million investment disclosed earlier in the year, brings the company’s total funding to over $22 million. The company, founded in 2016, has 50 employees globally and operates 80 “microfactories” in nine countries, which focus on locally processing discarded chopsticks.
ChopValue partners with a variety of businesses such as restaurants, hotels, and offices, providing them with chopstick recycling bins that are emptied weekly. The recovered chopsticks are then processed in local microfactories, where they are sorted, coated in a water-based resin, dried, and compressed under high temperatures. This process creates a solid product that can be turned into furniture and housewares such as tabletops, counters, cutting boards, and wall paneling.
The company’s parent brand, Microfactory Venture Platform (MVP), launched in April and is focused on taking various waste products, including coffee grounds and discarded clothing, and turning them into new goods. Felix Böck, the CEO and founder of ChopValue and MVP, has a background in wood science and sustainability, making him well-equipped to lead the company in its circular economy efforts.
The funding for ChopValue comes from InBC Investment Corp., a fund established by the Province of British Columbia. Along with this, the round includes investments from two high-profile tech entrepreneurs, corporate venture capital funds, and other existing investors from previous rounds. This financial support will help ChopValue continue its mission of repurposing discarded chopsticks and other waste materials into valuable products for homes and businesses.
ChopValue’s microfactories, ranging from 2,500 to 4,000 square feet, are located in multiple countries, including Canada, the U.S., Mexico, and Japan. These facilities are locally focused and play a crucial role in the company’s operations. With over 176 million chopsticks already turned into furniture and housewares, ChopValue is making a significant impact on waste reduction and sustainable manufacturing practices.
Overall, ChopValue’s success in raising significant funding, expanding its operations globally, and partnering with a variety of businesses highlights the growing interest in the circular economy. By repurposing waste materials into high-quality goods, the company is making a positive environmental impact and demonstrating the potential for sustainability in the furniture and housewares industry.
