Greyparrot Secures $11 Million Series A Funding to Transform Waste Management Industry
February 7, 2024
Greyparrot, a London-based startup, recently announced a significant milestone in its journey towards revolutionising waste management and advancing the circular economy. With the successful closure of an $11 million Series A funding round, led by Una Terra, the company is poised to accelerate its mission of digitising the waste management industry, a vital step towards addressing the global waste crisis.
The investment round saw participation from a consortium of impact-driven investors, including Closed Loop Partners, Speedinvest, Unreasonable Collective, 360 Capital, Archipelago Eco Investors, Accelerating Growth Fund Ltd, and TI Capital. This diverse group of investors underscores Greyparrot's commitment to fostering collaboration across the waste value chain and driving meaningful change in recycling practices.
Luca Zerbini, a seasoned professional with extensive experience in the plastics and packaging industry, joins Greyparrot's board. Zerbini's background as the former VP of Sustainability at Amcor and a founding member of the Ellen MacArthur Foundation brings invaluable expertise to the company.
The infusion of capital will enable Greyparrot to expand its product offerings, enhance its global footprint, and grow its talented team. One of the primary focuses will be on advancing its AI-powered waste analytics platform, which has already demonstrated impressive capabilities in tracking and classifying various waste streams. Greyparrot's AI models, developed over the past years, boast high accuracy in recognizing over 50 waste categories, including plastics, fiber, and metals. The company plans to further expand its taxonomy to cover 200+ categories, catering to a broader range of waste streams.
Moreover, Greyparrot will continue to innovate its hardware solutions, such as monitoring units deployed in waste sorting facilities. These CE-certified units, equipped with advanced vision capabilities, play a crucial role in streamlining waste sorting processes and increasing operational efficiency.
Another significant aspect of Greyparrot's growth strategy involves the expansion of its global presence. With an established customer base spanning Europe and Asia, including industry giants like Suez, Biffa, and Veolia, the company is poised to penetrate the US market. By forging strategic partnerships and deepening relationships with key stakeholders, Greyparrot aims to divert significant volumes of waste from landfills, thereby reducing environmental impact and promoting sustainability.
Central to Greyparrot's success is its dedicated team, characterised by a culture of inclusivity, support, and ambition. With the latest funding round, the company plans to scale its workforce across commercial, technical, and product roles, ensuring it has the talent necessary to drive innovation and meet growing demand.
Reflecting on the company's achievements, CEO Mikela Druckman expressed gratitude to customers, advisors, supporters, and investors who have been instrumental in Greyparrot's journey. She emphasised the importance of collaboration and systemic change in addressing the waste crisis, highlighting the role of AI-driven insights in building smarter waste management facilities and unlocking new value from recovered materials.
In a strategic move to further bolster its capabilities, Greyparrot recently announced a partnership with Bollegraaf, a leader in recycling and sorting systems. This collaboration involves the acquisition of Bollegraaf's AI vision business, along with a cash investment, paving the way for accelerated product development and commercial distribution.
Looking ahead, Greyparrot remains committed to its mission of driving positive change in the waste management landscape. With continued innovation, strategic partnerships, and a dedicated team, the company is well-positioned to lead the transition towards a more sustainable future.