Felix Böck's ChopValue raises $3M to expand global network
The company plans to use the capital to expand operations in Canada and the US and grow its international network of circular economy franchises.
ChopValue Manufacturing Ltd., which designs and manufactures circular economy products made entirely of recycled chopsticks, announced today that it has secured $3.15 million in new funding.
Why it matters: “This latest round of investment demonstrates the demand for our circular economy products, and our shareholders’ belief in ChopValue’s vision to redefine the term “waste” to “resource”,” according to Felix Böck, CEO and Founder of ChopValue. His company plans to use the capital to expand operations in Canada and the US and grow its international network of circular economy franchises.
Details: The latest funding round was led by existing shareholders Fulmer & Company Investments Inc. and Active Impact Investments LP, with participation from BDC Capital, Export Development Canada, and other current investors. ChopValue also received a major investment from Craig Miller, former Chief Marketing and Chief Product Officer for Shopify.
The bigger picture: The retail industry is rapidly evolving due to rising demand from businesses and consumers for more sustainable, eco-friendly solutions for the home and office. ChopValue will use the funding to attract and develop new franchises in North America, Europe, and Asia, and provide existing franchisees with additional systems and training as they ramp up operations. The company will also continue to invest in growing its corporate operations in Vancouver, Canada, and aims to make strategic hires in the areas of sales, business development, and Microfactory production.
World Economic Forum @wefOver 32 million chopsticks turned into beautiful homewares. 📕 Read more: https://t.co/0EzglaVY0S #DavosAgenda https://t.co/pv7gABwUxg
The bottom line: ChopValue saw record-high sales in the first quarter, expanded their product offering at Nordstrom, and formed new retail partnerships with industry leaders EFFYDESK and Hudson’s Bay—a strong start to 2021 despite the ongoing COVID-19 pandemic.