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Funding

The Ask: RecycleSmart hunts for $2 million to become ‘Uber for waste’

- May 14, 2024 2 MIN READ
Marco Prayer and Giorgio Baracchi
RecycleSmart cofounders Marco Prayer and Giorgio Baracchi
Welcome to The Ask, Our column designed for founders looking for capital.

It may be venture capital, crowdfunding or another path, and is designed to flag your startup to potential investors. If you’re on the hunt for cash, we’re happy to share the news with Australia’s startup community. This is your chance to pitch directly to them.

This week it’s RecycleSmart, which is raising on Birchal. Cofounder and CEO Kane Jackson has the details. 

Startup: RecycleSmart

Founded: 2019 in Sydney

The ask: $2 million

The plan

To fund the company’s expansion to every capital city in the country by the end of the year and increase penetration of their service to individuals, businesses and councils.

About them

RecycleSmart is Australia’s “Uber for waste”. It collects almost everything that can’t be placed in the yellow council bins and gets it recycled or repurposed – soft plastics, coffee pods, toys, medical blister packs, vapes, batteries, electronics and clothes – things people mistakenly put in their yellow bins or assume they can’t recycle.

Pickups are booked via the app and the platform analyses the recyclables collected and provides the data and sights back to the customer.

The market

Every year, Australia churns out a staggering 76 million tonnes of “waste”: 14 million tonnes from households; 33 million tonnes from the commercial and industrial sectors; and 29 million tonnes from construction and demolition

RecycleSmart has a $100 million+ revenue opportunity in the $15 billion Australian Waste Management industry.

Founders & team

Marco Prayer and Giorgio Baracchi are the co-founders of RecycleSmart.

They had been developing the concept for 15 years until they joined the first Sydney cohort of technology start-up financier Antler and launched the Power Pickup in 2019.

Giorgio is an ex-strategy consultant with more than 15 years of experience in the Waste Management Industry.

Marco brings a wealth of tech experience having worked as Mobile Tech Lead at Deloitte and Tech Lead at Virgin Money Bank.

The build & business

After four years of operation, RecycleSmart is now a scale-up with more than 29,000 customers. The company has diverted more than 800 tonnes of material from landfill and made more than 200,000 collections from homes and businesses across the country.

Over 900 companies have signed up for the company’s B2B offering which was launched 12 months ago. In that time RecycleSmart has doubled its customer numbers, revenue and valuation.

The close

The offer is now open on Birchal

The offer closes on Thursday, May 16.

For all questions, contact [email protected]

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