GIF investee Mr Green Africa is partnering with a diverse group of investors in a move that will allow the company to build on its success, including supply chain advances and improving the livelihoods of wastepickers in Kenya.
Mr Green Africa owns and operates a series of trading hubs across Nairobi and Kisumu where they transact with wastepickers directly to purchase their collected plastic for onward transfer to the company’s own manufacturing plant. Here, the collected plastics are processed and sold as post-consumer recycled plastics to plastics manufacturers for use by large fast-moving consumer goods companies, such as Unilever.
The recycling business seeks to formalise the plastics supply chain and create jobs, as well as relieve growing cities from plastic pollution. In 2021 they became the first waste management and recycling company in Africa to achieve certification as a B Corporation, establishing them as pioneers in the recycling sector.
GIF first invested $1 million in Mr Green Africa in 2019 as part of the company’s Series A raise, and provided bridge funding of $200,000 in 2021.
The Series B raise involves some of the leading pioneers in the plastics industry and impact investors, including:
This investment boost will allow Mr Green Africa to improve the output quality of its recycled plastics to a food-grade standard and significantly increase the capacity, enabling them to contribute to a broader circular plastics economy. The company plans to create a new sourcing stream by integrating consumers from all income brackets, incentivised to deposit plastic waste back into their collection systems.
To ensure a replicable and internationally accepted value chain, benchmarks and standards on quality and traceability are key. Building on this, Mr Green Africa is looking to release a business model-specific framework that will enable them to measure and monitor their impact growth – just as Mr Green Africa measures its revenue growth month on month, they will measure their impact growth.
The investment will allow Mr Green Africa to expand and build on the aggregation model which enables them to scale the trade of recyclables while building a strong and reliable supplier network.
Keiran Smith, Co-Founder and CEO of Mr Green Africa, said: “We are delighted to bring together and align such diverse groups of partners and investors to join this journey of Mr Green Africa. It’s a testament to the authenticity of the vision and purpose of what the company and its people stand for.”