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Reciki, a waste management company in Indonesia, has secured undisclosed financing from climate-tech fund Circulate Capital Ocean Fund (CCOF) and drinking package water firm Danone AQUA.
The loan made to Reciki is partially backed by the US International Development Finance Corporation (DFC) and US Agency for International Development (USAID).
Established in 2019 as a waste management solution that meets the specific needs of Indonesian cities, Reciki aims to achieve a zero-waste-to-landfill ambition through its material recovery facilities (MRFs). It sorts wastes collected from household and commercial businesses and recovers recyclable materials, including plastic, for the recycling value chain.
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Reciki fully tailors its approach in individual cities to develop targeted sorting and distribution solutions that consider details like waste characterisation, existing infrastructure, and household profiles. It recovers and distributes almost all materials — high-value plastics, low-value plastics, organic waste and other recyclables — to achieve effective management of waste streams that advance plastics circularity.
The company works with local municipalities and currently operates two MRFs in Lamongan (East Java) and Badung (Bali).
With the new funds, Reciki plans to set up several more facilities across Indonesia, with the ambition to process more than 1,000 tonnes of waste per day.
Rob Kaplan, founder and CEO of Circulate Capital, said: “Reciki’s fit-for-purpose model, which allows for greater and faster processing of waste, has the potential to scale the recovery and recycling of plastics nationally significantly. In partnership with the Reciki team and Danone AQUA, we believe Reciki can put our capital to work and accelerate becoming a best-in-class solution provider for many cities across Indonesia.”
Currently, 36 per cent of all plastic waste is managed by open burning, which contributes to 91 per cent of the country’s total carbon footprint of plastic waste.
As per a press note, the new funding will also help Reciki expand its current capacity, preventing 400,000 tonnes of plastic pollution leakage, avoiding over 700,000 tonnes CO2 greenhouse gas emissions, and managing almost 3 million tonnes of waste over ten years.
Bhima Aries Diyanto, CEO and founder, Reciki, said, “We believe our bespoke solution can transform Indonesia’s waste management industry, alleviate the country’s plastic pollution crisis, and deliver greater value from used materials in a way that empowers local communities to be part of the solution.”
CCOF is run by Singapore-based Circulate Capital, which finances innovations, companies, and infrastructure to prevent ocean plastic and climate change by advancing the circular economy. The fund was created in collaboration with Ocean Conservancy, and its founding investors include PepsiCo, Procter & Gamble, Dow, Danone, Chanel, Unilever, The Coca-Cola Company and Chevron Phillips Chemical Company LLC, and Mondelēz International.
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