Vancouver-based ChopValue, a circular economy company that specializes in turning discarded chopsticks into furniture and housewares, recently announced that it has raised nearly $3 million in funding. This investment, along with an $11 million investment disclosed earlier this year, makes up ChopValue’s Series A round and brings the total amount of funds raised to over $22 million. The company, founded in 2016 by CEO Felix Böck, now has 50 employees globally and a franchise network of 200 workers.
ChopValue operates 80 “microfactories” in nine different countries, including Canada, the U.S., Mexico, and Japan. These microfactories are small, locally-focused facilities that measure between 2,500 to 4,000 square feet. The company partners with restaurants, hotels, offices, shopping malls, and other venues to provide them with chopstick recycling bins that are emptied on a weekly basis. The recovered chopsticks are processed in these local microfactories where they are sorted, coated in a water-based resin, dried, and compressed at high temperatures. The resulting product can then be used to create tabletops, counters, cutting boards, wall paneling, and more for homes and businesses.
ChopValue is a part of the parent brand called Microfactory Venture Platform (MVP) that was publicly launched in April. MVP’s goal is to take various waste products, such as coffee grounds and discarded clothing, and turn them into new goods. Felix Böck, the CEO and founder of both ChopValue and MVP, has a background in wood science and sustainability. The new funding for ChopValue comes from InBC Investment Corp., which is a fund founded by the Province of British Columbia. The round also includes investments from two high-profile tech entrepreneurs, corporate venture capital funds, and existing investors from previous rounds.
With its innovative approach to recycling and upcycling chopsticks, ChopValue has successfully established a unique business model that is both environmentally friendly and economically sustainable. By partnering with various establishments to collect used chopsticks and process them into high-quality products, the company has been able to divert significant amounts of waste from landfills while also creating employment opportunities globally. The success of ChopValue has attracted investors, including the Province of British Columbia’s InBC Investment Corp., as well as other high-profile tech entrepreneurs and corporate venture capital funds.
ChopValue’s expansion into nine countries and its growing network of microfactories demonstrate the scalability of its model and the potential for further growth. By providing a solution for reusing and recycling chopsticks on a large scale, the company is not only reducing waste but also promoting sustainability in the furniture and housewares industry. Through its partnership with MVP and its plans to work with other waste products, ChopValue is poised to continue making a positive impact on the environment and the economy. As a leader in the circular economy space, ChopValue is paving the way for more innovative and sustainable practices in the global marketplace.
Overall, ChopValue’s recent funding success, its expansion into new markets, and its commitment to sustainability highlight its position as a pioneer in the circular economy movement. By turning discarded chopsticks into functional and stylish products, the company is setting an example for how businesses can make a positive impact on the environment while also generating revenue and creating jobs. With its unique approach to waste management and recycling, ChopValue is proving that sustainability can be both profitable and impactful, inspiring other companies to follow in its footsteps.
