ChopValue Secures $3M Funding to Accelerate Growth and Expand Global Franchise Network
VANCOUVER, BC, Canada (May 19, 2021) - ChopValue Manufacturing Ltd., a designer and manufacturer of circular economy products made entirely of recycled chopsticks, announced today that it has secured $3.15 million in new funding.
The latest funding round was led by existing shareholders Fulmer & Company Investments Inc. and Active Impact Investments LP, with participation from BDC Capital, Export Development Canada, and other current investors. ChopValue also received a major investment from Craig Miller, former Chief Marketing and Chief Product Officer for Shopify during the ecommerce company’s hyper growth years.
“This latest round of investment demonstrates the demand for our circular economy products, and our shareholders’ belief in ChopValue’s vision to redefine the term “waste” to “resource”,” said Felix Böck, CEO and Founder of ChopValue. “We will be leveraging this capital to expand our corporate operations in Canada and the US, grow our international network of circular economy franchises, and bring even more products to market using our unique Microfactory concept.”
The retail industry is rapidly evolving due to rising demand from businesses and consumers for more sustainable, eco-friendly solutions for the home and office. ChopValue will use the funding to attract and develop new franchises in North America, Europe, and Asia, and provide existing franchisees with additional systems and training as they ramp up operations. The company will also continue to invest in growing its corporate operations in Vancouver, Canada, and aims to make strategic hires in the areas of sales, business development, and Microfactory production.
“To support our franchise and corporate operations, we intend to continue strengthening the ChopValue brand within North America,” said Böck. “New promotional programs, increased partner marketing, and additional retail channel development initiatives will be aimed at educating consumers while growing awareness of our efforts to make the circular economy the norm within the retail and hospitality sectors.”
"We are excited to expand our partnership with ChopValue as the demand for circular economy solutions continues to fuel strong market growth,” said Mike Winterfield, Managing Partner of Active Impact Investments. “Since our last financing, Felix and his team have hit very aggressive growth targets for product sales, signed new franchise locations, and added key members to the leadership team. We are grateful to be part of enabling ChopValue to increase the scale and impact of their operations internationally as we all work towards a carbon-neutral future.”
ChopValue has seen a strong start to 2021 despite the ongoing COVID-19 pandemic. The company saw record-high sales in the first quarter, expanded their product offering at Nordstrom, and formed new retail partnerships with industry leaders EFFYDESK and Hudson’s Bay. Strategic Microfactory franchise locations were added in Calgary, Montreal, Singapore, and the Lower Mainland’s Fraser Valley. ChopValue also earned B-Corp Certification as a result of meeting the highest ethical standards for social and environmental performance, accountability, and transparency.
Learn more about how you can be a part of ChopValue’s mission to make a difference, one chopstick at a time, by exploring our career and franchising opportunities at www.chopvalue.com.
ChopValue is the world’s first circular economy franchise that designs and manufactures products using an innovative, high-performance material made entirely from recycled chopsticks. Since its founding in 2016, ChopValue’s “urban harvesting” approach has saved over 33 million chopsticks from the landfill, turning them into beautiful and sustainable products for the home and office. Based in Vancouver, Canada, the company operates a global network of corporate and franchise Microfactories that source, manufacture, distribute, and employ within local communities. ChopValue is a certified B Corporation with a simple vision of building a carbon-neutral future, one chopstick at a time. To learn more, visit www.chopvalue.com.
About Fulmer & Company
Fulmer & Company Investments is a private equity and venture capital firm based in Vancouver, Canada. At Fulmer & Co., we focus on establishing partnerships with small and medium-sized enterprises who share the passion for innovation and excellence and believe deeply in the importance of giving back. For more than a decade, we’ve successfully developed and nurtured a collection of companies in a variety of sectors from consumer to trade to tech, and continue to do what we do best - helping businesses grow. In 2018, we also established The Fulmer Foundation to continue our long-standing commitment to help improve social issues with more than just financial support. Find out more at www.fulmerandco.com.
About Active Impact Investments
Active Impact Investments (www.activeimpactinvestments.com) is a certified BCorp based in Vancouver, BC, managing a seed-stage venture fund that invests in companies solving the biggest and most urgent environmental challenges of our time. We leverage our extensive corporate and start-up successes to find, invest in, and actively support founders with strategy and execution.
About BDC Capital
BDC Capital is the investment arm of BDC—Canada’s only bank devoted exclusively to entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers a full spectrum of risk capital, from seed investments to transition capital, supporting Canadian entrepreneurs who wish to scale their businesses into global champions. Visit www.bdc.ca/capital.
Export Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian companies of all sizes succeed on the world stage. As international risk experts, we equip Canadian companies with the tools they need – the trade knowledge, financing solutions, equity, insurance, and connections – to grow their business with confidence. Underlying all our support is a commitment to sustainable and responsible business. To help Canadian businesses facing extreme financial challenges brought on by the global response to COVID-19, the Government of Canada has expanded EDC’s domestic capabilities until December 31, 2021. This broader mandate will enable EDC to expand its support to companies focused domestically.
For more information and to learn how we can help your company, call us at 1-800-229-0575 or visit www.edc.ca.