Vancouver’s ChopValue has raised $3.15 million in new funding from existing shareholders Fulmer & Company and Active Impact, with participation from BDC Capital, Export Development Canada, and others including Craig Miller.
Miller is the former Chief Marketing and Chief Product Officer of e-commerce darling Shopify.
ChopValue is the brainchild of Felix Böck, a former UBC doctoral student in the faculty of forestry who studied bamboo as a building material.
“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”,” said Felix Böck, CEO and Founder of ChopValue. “We will be leveraging this capital to expand our corporate operations in Canada and the US, grow our international network of circular economy franchises, and bring even more products to market using our unique Microfactory concept.”
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.
“To support our franchise and corporate operations, we intend to continue strengthening the ChopValue brand within North America,” said Böck. “New promotional programs, increased partner marketing, and additional retail channel development initiatives will be aimed at educating consumers while growing awareness of our efforts to make the circular economy the norm within the retail and hospitality sectors.”
ChopValue has seen a strong start to 2021 despite the ongoing COVID-19 pandemic. The company 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. Strategic Microfactory franchise locations were added in Calgary, Montreal, Singapore, and the Lower Mainland’s Fraser Valley. ChopValue also earned B-Corp Certification as a result of meeting the highest ethical standards for social and environmental performance, accountability, and transparency.