Olyns announces $4M Series A funding round

Olyns, a recycling technology developer based in San Jose, California, has announced its Series A financing of $4 million, led by Vancouver-based Vanedge Capital. Olyns says the funding will accelerate its development of artificial intelligence- (AI-) driven technology and expand its dual recycling and media network.

With its container collection Cubes, Olyns says it innovates at the nexus of retail media and recycling. The Cubes use AI techniques and algorithms that can identify any container, and also introduce a new revenue paradigm for recycling by doubling as retail media displays that provide data-driven insights into consumer recycling behavior and brand-specific recycling rates.

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The company says its advertising-driven business model delivers value to site hosts, brands and people, with retail partners gaining 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 (in “bottle bill” states) and valuable rewards.

“Olyns set out to address the challenges surrounding plastic waste by rethinking the consumer recycling ecosystem,” Olyns co-founder and CEO Philip Stanger says. “Momentum is growing, and this funding will help us expand and grow our network, which is proven to be both profitable and scalable. The investment will accelerate the development of our technology and build out our network of Cubes, bringing us closer to changing the perception of recycling and improving recycling rates in the United States and around the globe.”

Stanger adds that more than 140 million tons of plastic from packaging become waste every year, accounting for over 45 percent of all plastic waste generated in the world. “Consumer goods companies have been searching for ways to reduce their impact and build a sustainable, circular model for their products,” he says. “Olyns will help make that a reality.”

Olyns currently partners with Coca-Cola Co., PepsiCo and Mars Wrigley, and is expanding its network of recycling Cubes in California, Georgia and other U.S. states.

“Innovating the consumer approach to plastic waste is an essential step in the shift to a circular economy,” Vanedge Capital managing partner Paul Lee says. “The Olyns platform is a proven, effective and profitable model that shifts the consumer recycling paradigm. 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.”