Vancouver’s Vanedge Capital has led a USD $4 million Series A round investment in Silicon Valley recycling startup Olyns. The funding will accelerate Olyns’ development of AI-driven technology and expand its dual recycling and media network.
With its eye-catching container collection Cubes, Olyns innovates at the intersection of retail media and recycling. Rethinking the technology and business model for recycling, Olyns’ Cubes use sophisticated AI techniques and algorithms that can identify any container.
The Cubes also introduce a new revenue paradigm for recycling by doubling as retail media displays and providing data-driven insights into consumer recycling behavior and brand-specific recycling rates.
Olyns’ advertising-driven business model delivers value to site hosts, brands, and people. Retail partners gain foot traffic, a share of revenue from ad sales, and a turnkey recycling solution; brand advertisers reach consumers in-store and enhance their sustainability credentials; and customers gain access to convenient recycling, bottle deposit redemptions, and valuable rewards.
“Innovating the consumer approach to plastic waste is an essential step in the shift to a circular economy. The Olyns platform is a proven, effective, and profitable model that shifts the consumer recycling paradigm,” said Paul Lee, Managing Partner at Vanedge Capital.
“We are excited to support their talented founding team, who came out of Apple, on their mission to build a business that can make a meaningful difference and impact.”
Olyns currently partners with The Coca-Cola Company, PepsiCo, and Mars Wrigley and is expanding its network of recycling Cubes in California, Georgia, and other US states.