Recyda has announced it has secured €6.3 million in Series A funding from venture capital firm Cusp Capital, with plans to expand its platform for sustainable packaging management into international markets.
Due to new legislative mandates, such as the Packaging and Packaging Waste Regulation (PPWR), Recyda says the packaging industry faces significant challenges as it is are bound to comply with “ambitious targets” concerning all packaging entering the EU market.
Recyda’s Software as a Service (SaaS) platform aims to help packaging manufacturers, brand owners and retailers manage packaging data effectively and adhere to the international landscape of sustainability requirements. Apparently, the team is working with brands in the FMCG sector such as Beiersdorf, Kao, and Trolli, and plans to use the new funds to expand into international markets, acquire new customers and accelerate product development.
Led by Cusp Capital, existing investors also participated in the Series A round, which included contributions from Speedinvest; Futury Capital; the Auxxo Female Catalyst Fund; Dr. Stephan Rohr of TWAICE and Martin Weber of one • five.
“We strongly believe that packaging will move from a ‘use and dispose’ regime to circularity. Recyda has built the data foundation to manage sustainable packaging portfolios across functions (like sustainability and finance) and the entire packaging value chain […] already trusted by leading brands, Recyda has the potential to become the leading operating system for sustainable packaging globally,” says Dr. Maximilian Rowoldt, investor and general partner at Cusp Capital.
Recyda was a finalist in last year’s Sustainability Awards with its packaging management software, designed to create transparency in packaging sustainability and promote the circular economy through digitization. According to the company, the software provides a “fact-based, objective, and centralized” knowledge database of the waste management infrastructure and covers a wide range of common packaging materials.
More recently, Digimarc Corporation has released its new Digimarc Recycle sortation software, implementing Graphics Processing Units (GPUs) which are said to “almost halve” costs compared to compliant hardware. The new software intends to increase the precision and accuracy of mechanical sorting for recycled materials and improve accessibility for recycling and waste sortation facilities worldwide.
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