ChopValue, a company focused on sustainable production through the transformation of recycled materials, has accomplished two noteworthy milestones.
The first is the closing of a funding round that secured $7.7 million, which the company will use to expand its decentralised Microfactory network. The second milestone is the transformation of the company’s 100 millionth chopstick into new products.
ChopValue’s presence in the market signals a significant shift in the conversation about reducing carbon emissions, as it is the first circular economy franchise in Singapore.
Since its inception in 2016, ChopValue has expanded rapidly, creating more than 150 jobs across six countries through 63 franchises. The company has stored over 136,000 kg of carbon in new products made from materials collected from more than 1,700 community restaurant partners.
In Singapore alone, the company has recycled approximately 10 million chopsticks since opening its first local Microfactory in 2021.
ChopValue’s expansion of its Microfactory network demonstrates a growing awareness of sustainable issues and a demand for sustainable goods and services, in line with Singapore’s Green Plan 2030.
The company has signed Strategic Growth Agreements for market entries in Japan, Central Europe, and the US, which will allow it to serve strategic B2B clients for projects such as multi-restaurant build-outs while continuing to meet end-customer demand.
This article first appeared on AsiaTechDesk.com.