Agricycle Global Get Funding As A Successful Food Waste Start-Up
Agricycle Global is an example of a success story in implementing a circular economy and they get funding from big investors because they have become a startup in the field of food management in Africa. They involve local farmers and communities to recycle food ingredients and create a sustainable supply chain. These startups are located throughout Sub-Saharan Africa such as Uganda, Kenya and Tanzania. Agricycle has helped more than 15,000 farmers, women and youth gain access to global food supply chains. They sell their products to America and have distributed to more than 1000 stores by 2021.
Agricycle Background Before They Get Funding
The problem behind the emergence of this start-up is the large amount of organic waste produced in sub-Saharan Africa (around 25-50%) even before it reaches the market. The problem of food waste can have a negative impact on the environment. However, for Agricycle, this problem is actually seen as an opportunity that can solve the problem there.
Agricycle Global Product: Jali Fruit Co.
Therefore, Agricycle distributes dehydrators to local women farmers and local cooperatives to produce dry fruits such as jackfruit, mango and pineapple. This dry fruit does not contain sugar and preservatives. The fruit has a bold taste and is packed with vitamins. They named the dried fruit product with a brand name Jali Fruit Co.
There are many advantages of Jali Fruit Co. products. For example, on the packaging section of Jali Fruit Co., there is a QR code that is used to convey information regarding the location where the product originates. This will increase the attractiveness and trust of the product. In addition, women farmers who work in the cooperative are paid 7 times the average daily wage. They are also given job skills and financial literacy training.
Agricycle Global Product: Tropicoal Ignition
Agricycle also produces Tropicoal Ignition, plant-based charcoal derived from coconut shells, palm kernel shells and cassava root. This product is more sustainable because it recycles waste and prevents excessive deforestation. The advantage of this product lies in its durability which is twice as long as briquettes made of ordinary wood. Just like Jali Fruit Co, this product also empowers women and youth farmers so that it has a positive impact on social welfare.
Agricycle Get Funding
Agricycle announced the close of its two-part $2.4M Series Seed funding round led by Wisconsin firms MaSa Partners and CSA Partners from Wisconsin Investment Partners, Brightstar Wisconsin, and several angel investors. They plan to use the funding to build another business which they call Field Better Ingredients. Examples of products from these businesses are organic gluten-free flour made from 100% fruit.
Agricycle is a startup company that really inspires other companies. They are able to balance the economic, environmental and social aspects very well. Their ability to involve communities in Africa to make innovative products that are environmentally friendly is the key to their success. They also succeeded in matching the product with market needs in America so that the product has a high selling value. Therefore, it is only natural that they receive funding as an investment to develop Agricycle to a further stage.