In a groundbreaking development, Nigerian Cleantech startup Scrapays has secured an undisclosed amount in funding from the Catalyst Fund, a global accelerator specializing in inclusive tech startups. Founded in 2019 by Boluwatife Arewa and Tope Sulaimon, Scrapays has emerged as a trailblazer in the intersection of recycling, technology, and finance.
Revolutionizing Waste Management
Scrapays tackles the pressing challenge of waste generation through an innovative model that empowers micro-enterprises. These enterprises, forming a network, play a crucial role in collecting, sorting, and storing recyclables. The startup's vision goes beyond waste disposal, aiming to create a sustainable ecosystem that addresses environmental concerns while fostering economic opportunities.
The Scrapays Model
Scrapays provides a comprehensive solution by equipping individuals and small businesses to establish mini-waste enterprises. This resource-efficient approach involves providing essential technology and materials, managing logistics, and facilitating the sale of collected waste to processors and official recyclers. The model not only aids income generation for small-scale collectors but also mitigates environmental hazards associated with improper waste disposal.
Smart Logistics and Technology Integration
What sets Scrapays apart is its integration of smart logistics and technology. The startup employs hyperlocal agents equipped with a smartphone app and smart scales to connect with waste producers. This decentralized approach ensures scalability and affordability, allowing individuals to initiate their recycling businesses. Through real-time data, Scrapays coordinates material routing, streamlining the waste management process.
Impact and Outreach
Scrapays has already registered over 1,900 individuals as agents on its platform, enabling the establishment of successful recycling enterprises. These agents play a pivotal role in bridging the gap between informal waste sectors and formal recycling processes. The platform provides them with essential tools, including scales, an app, and working capital, fostering economic inclusion and empowering individuals with limited skills and access to capital.
Catalyst Fund Partnership
The Catalyst Fund's investment in Scrapays signifies a shared commitment to driving environmental sustainability and economic empowerment. The partnership extends beyond funding, with the Catalyst Fund's venture acceleration team collaborating closely with Scrapays. This collaboration aims to amplify the impact of Scrapays' innovative approach to waste management.
Scrapays' distinctive approach positions it as a key player in the intersection of technology, environmental conservation, and economic inclusion. As the Catalyst Fund provides crucial support, Scrapays is well-poised to expand its reach, revolutionizing waste management on a larger scale and creating a blueprint for sustainable practices in the industry.