[As seen on Tech in Asia] Chopsticks-to-decor startup charts APAC expansion with $7.7m raise
Canada-based ChopValue, a startup that transforms used chopsticks into home decor, is looking to further expand in Asia Pacific and Europe after entering Singapore in 2021. The company said it has secured US$7.7 million to help it do so.
While the company didn’t disclose specific investors, a spokesperson for ChopValue told Tech in Asia that the round was led by “two high-profile technology entrepreneurs with expansion interest in Asia Pacific and Europe.”
The company added that it will use the capital to expand its recycling microfactory network, which it said has recently received its 100 millionth chopstick. Around 10 million of those were recycled in Singapore alone.
ChopValue said it looks to open over 100 new locations “in the near term” and hire corporate teams to help boost demand in Asia Pacific.
The company said that through these microfactories, it receives chopsticks collected from its restaurant partner network and manufactures decorations out of them that are sold through its website. The company also said it works with other companies like workspace table manufacturer Omnidesk to provide them with recycled products.
In Singapore, its B2B clients include JLL, Marina Bay Sands, and Google Offices, “among many others who are motivated to reduce their operational and building footprint,” the company spokesperson said.
“The ChopValue Microfactory concept was developed to scale a circular concept from resource to end product in a viable, profitable method with the vision to turn ‘waste’ to ‘resource,’ one chopstick at a time,” the spokesperson added.