ChopValue, a company that creates sustainable products from recycled materials has achieved two key milestones: 1. Transforming its 100 millionth chopstick into new products; and 2. Closing a US$7.7 million funding round to expand its decentralised Microfactory network.
In Singapore alone, ChopValue has approximately 10 million chopsticks recycled since the grand opening of the first local microfactory in 2021, the firm said in a statement.
ChopValue is the first circular economy franchise in Singapore and its presence in the market marks a turning point in the conversations on reducing carbon emissions taking place in Singapore.
These milestones align with ChopValue’s rapid growth since its inception in 2016, as demonstrated by the creation of 150+ jobs across 6 countries through 63 in-development franchises, and the storing of 136,000+kg of carbon into new products from material collected by 1,700+ community restaurant partners.
Evelyn Hew, founder and managing director of ChopValue Singapore, said, “The 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 also recently signed strategic growth agreements for market entries in Japan, Singapore, Central Europe, and the US. The new scale achieved through its microfactory network has enabled the company to serve strategic B2B clients for projects such as multi-restaurant build outs, while continuing to meet end-customer demand.
Felix Böck, CEO and Founder of ChopValue, credits the team’s “commitment to demonstrating that the circular economy should become the norm when our natural resources are strained, and our landfills continue to grow”.
He hopes that the “decentralised Microfactory approach that uses local resources for local production to meet local demand will also give a reason to rethink globalised supply chains,” as ChopValue enables small business owners to own local ChopValue franchises.
The additional funds will be used to expand ChopValue’s operations, particularly to better serve B2B partnerships. The focus will be on increasing production capacity and developing new product lines. The company also plans to invest in research and development with the goal of optimising its micromanufacturing principles and continuing to reduce its environmental footprint.
“ChopValue’s innovative approach to circular manufacturing, which has the potential to significantly reduce the carbon footprint of the manufacturing industry, is a vision that’s coming to life and has tremendous potential for positive impact,” said Andy Burt, one of ChopValue’s strategic growth partners.
