Here's Octopus! This Indonesian waste management startup keeps waste from filling up those huge landfills. Now, they've raised a $5M round to collect, buy and recycle even more waste!

• They've grown 400% over the past six months.
• Their claim to fame is being the first Indonesian end-to-end recyclable waste management logistics platform.

Investor check. Openspace and SOSV co-led the round.

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🤷🏻‍♀️ Why it matters

In Indonesia, 4.8M tons of the country's plastic waste is uncollected, left at dumpsites or leaked from landfills every year— but Octopus is changing that!

• Their goal? Start by making it easy to collect waste products and recycle them into materials brands can reuse.

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❌ Not your usual gig

Founded last year, this circular economy startup connects people to local waste collectors (aka, "pelestari") who pick up and buy their waste, which includes recyclable and non-recyclable plastic and electronic waste.

• They've got 150,000 monthly users and over 60,000 waste collectors.
• They have five sorting facilities and 1,700 checkpoints in four cities that handle 380 tons of waste a month.

With their mobile app, waste collectors can easily pick up orders and set prices, especially with Octopus' digital wallet and AI-driven pricing.

• Making an impact. Over 12,000 waste collectors have been able to open a bank account after joining Octopus.

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🎯 Hit those ESG goals

They also work with brands like global FMCG companies to help them meet ESG compliance and collect data.

• They currently work with 20+ brands.
• For example, the diaper brand Softex can collect used diapers from consumers (with the proper handling and SOP from Octopus' waste collectors).

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💰 What's with the $$$?

They'll be expanding aggressively, improving their ecosystem and launching new services.