Netcycler announced today that they have closed a 725k€ investment round and while doing so, have also expanded their business to Germany. Investors in this round include the current owners, Cleantech Future Fund and the early stage fund Vera (Avera). Additionally, the company has been accepted into the Tekes YIC program, where Tekes is able to leverage costs up to one million euros.
“The investment enables us to further develop and expand to other markets”, states Juha Koponen, the CEO of Netcycler. “Our goal is to make recycling goods as easy as purchasing new products. New goods market is valued at 5000 billion euros and we want a cut of that,” he continues.
The service has just been opened in Germany as well and according to the company, it has attracted good traction there. Netcycler currently has over 11600 users since March this year. The company statement tells us that thousands of goods have been recycled since then.
Netcycler enables people recycling goods to form recycling rings where multiple people can create a market equilibrium through supply and demand. Previously you have had to find a person with the exact product you want that also wants your product in exchange. This of course is immensely frustrating and Netcycler aims to solve this, by creating groups of people where the demand for goods matches the supply of recycled goods available.