Estonian cleantech CupLOOP secures €2M
26 July, 2023, 17:40
Tallinn-based CupLOOP, has secured a €2 million investment co-led by SmartCap Green Fund, EstBAN, and Footprint Firm. The investment will enable the startup to develop reusable packaging across various sectors.
- Founded by Marek Suchazevski, Lauri Luik and Christopher Juul in 2018, CupLOOP operates reverse vending machines placed in streets, shopping centers, and public spaces.
- When customers buy food or drinks in reusable packaging, they pay a deposit, either in cash or through card payment. Later, they can conveniently return the packaging to a CupLOOP machine, tap their bank card or cell phone on the terminal, and collect their deposit refund.
- CuoLOOP collaborated with reusable packaging operators like Eesti Pandipakend and GreenCup, and operates in Estonia, Lithuania, Germany, the Netherlands. To date, the startup claims reusable cups can undergo up to 100–500 cycles before recycling.
- Investors in this round include:
- SmartCap Green Fund, that targets Estonian early-stage green technology startups with high growth potential in energy, agriculture, food Industry, transport and logistics, material and chemical Industry and environment.
- Danish advisory and investment company Footprint.
- A syndicate of angel investors from EstBAN.
- The funding will be used to advance and market its product, further enhancing the adoption of reusable packaging across various sectors.