Coliba, a Waste Management Startup based in Ivory Coast has raised funding from German VC firm, GreenTec Capital Partners.
Coliba’s mobile and web application connects businesses and households with plastic Waste collectors, hence enabling easier recycling and Waste Management.
The startup’s platform allows users to earn airtime or discounts on various products by recycling. The app tracks users’ bottle collection progress and dispatches agents to collect them.
Coliba received a grant from the GSMA in 2018, and thereafter raised equity funding from Dakar Network Angels in 2019.
In addition to the funding, GreenTech Capital will also provide Coliba with hands-on assistance to enable it to scale.
GreenTec’s investment portfolio includes several small investments in African tech startups. The VC firm however says its real value-add stems from its “company-building” model.
Some of the startups GreenTec has invested in include;
- Kenyan startups: SuperFluid Labs(AI startup) and Bismart(insure-tech)
- Nigeria’s Parcel-it (logistics startup)
- Zambia’s WidEnergy (energy startup)
- Morocco’s KWIKS (recruitment startup)
Related article: Dakar Network Angels kicks off operations with its first investment in Waste Recycling startup – Coliba
GreetTech Capital said, “Over five million tonnes of waste are generated each year in Ivory Coast, with less than half of the current waste being collected, and only about three per cent is being recycled. Ninety-four per cent of actors in the plastic waste economy operate in the informal sector on the fringe of the recycled plastics value chain.
“Coliba’s platform solves these issues by offering formal employment opportunities in waste management as well as an easy solution for households to earn rewards for recycling.”
Coliba has been profitable for over a year now, and has created employment for over 50 individuals, 77% of whom are women.
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