EIT RawMaterials has announced a Euro 0.78 million investment in German circular economy startup ScrapBees, advancing scrap metal recovery through digitally tracked first-mile scrap collection in urban areas, partnering with construction and trades sectors.
The investment recognizes ScrapBees‘ innovative, transparent, and lower-carbon approach to recycling and reflects EIT RawMaterials’ strategic focus on accelerating a functioning circular economy and its role as an impact investor that helps accelerate innovation and business creation in the sector.
Bernd Schäfer, CEO, Managing Director, EIT RawMaterials commented: “EIT RawMaterials is proud to support ScrapBees in advancing innovative recycling solutions that drive circularity and reduce CO2 emissions. Their transformative approach to raw material recycling aligns with our mission to foster sustainability and innovation in Europe‘s raw materials sector. We look forward to supporting their continued growth and impact. “
„At ScrapBees, our goal is to make metal recycling as convenient, transparent, and environmentally impactful as possible,“ said Thilo Hamm, Co-founder, ScrapBees. „With the support from EIT RawMaterials, we’re excited to expand our mobile recycling services and help bring Europe closer to a sustainable, circular economy. This investment will help us to innovate further and bring the environmental benefits of urban scrap metal recycling to more communities.“
EIT RawMaterials’ investment forms part of a Euro 4 million financing round for ScrapBees, which will support business and service growth. This will enable ScrapBees to expand its operations across Germany and engage new sectors to source materials, increasing its capacity for collecting recyclable metals.
Source: EIT RawMaterials