Singapore-based AI and sustainability startup Waste Labs announced the close of its $500,000 pre-Seed funding round from a group of investors.
The investors include UK-based talent investor Entrepreneur First, a Singapore venture capital firm Fund4SE, and a group of strategic angel investors.
Vladimir Chuchkin, CEO and Co-Founder of Waste Labs, said they are excited “to see strong demand” for their services from top global brands and waste collectors during their pilot projects.
“With support from our investors, we will now be working to grow our product capabilities and build a globally scalable tech platform, as well as drive its commercial adoption across Asia-Pacific and Europe,” Chuchkin added.
Denis Muratov, Managing Partner at Fund4SE, highlighted the importance of Waste Labs which can help get closer in achieving the sustainable vision by bridging supply and demand for recyclable materials through the power of data and technology.
According to a survey by IBM and National Retail Federation in 28 countries, nearly six in 10 consumers said they are willing to change their shopping habits to reduce environmental impact, with the majority of them ready to pay a premium for brands that are sustainable and environmentally responsible.
Muratov said there is a shift towards environmental sustainability, responsible consumption, and recycling and upcycling practices driven by government agencies, industrial companies, consumer brands, and the consumers themselves.
Waste Labs helps bridge the gap by modelling waste flows and required logistic resources, helping companies to identify and source supply of recyclable materials and enabling service providers to design and operate more efficient and sustainable waste collection systems.
Bernadette Cho, General Manager at Entrepreneur First office in Singapore, said they are delighted to have Waste Labs in their portfolio with their intelligent approach to optimising waste management.
Cho added that this will be a building block for smart cities globally.
The company founded in the midst of the pandemic has already implemented 10+ projects with top waste management companies, consumer companies, and sustainable producers in Singapore, Hong Kong, Australia, and the UK.