Green Idea Technologies S.r.l. (“Green Idea”) today announced a growth financing program for a total of €1 million through a start-up loan offered by Invitalia Ventures and a funding round open to new investors. The Bologna start-up, specialized in ICT Eco Management in the B2B sector, aims to “circularise” the ICT market, that is to implement a circular economy system of ICT products through a sustainable management model developed by them.
The decision comes after a year and a half of activity during which the start-up has attracted the interest of important companies and banks such as Intesa Sanpaolo and Dedagroup. Green Idea has been recognized as one of the best solutions in the environmental field by the European Institute of Innovation & Technology through the Aster Climate-Kic program, by the Bracco Foundation through the Start to Be Circular competition and was fortuned to be included as the only Italian startup, together with big players such as Dell, Lexmark and Google, in the Ellen MacArthur Foundation’s worldwide study “Circular Consumer Electronics: An initial exploration“.
Focused on reaching the company’s funding goals, an agreement was signed with EthicalFin, who will support Green Idea both in the design of a sustainable growth plan and in the capital raise round. EthicalFin is a financial advisor committed to impact investing, based in London and regulated by the FCA, specialized in supporting entrepreneurs and companies that want to have a high social and environmental impact towards sustainable growth with measurable financial returns, controlled by the Family Office Pomme d’Or.
To start the growth financing plan, a €460,000 loan was confirmed through the “Smart & Start” innovative startup program offered by Invitalia Ventures and the remainder will be raised through a funding round with the support of EthicalFin. All capital will be used to continue the development of ICT Circular Soft®, boost commercial & marketing efforts and create an effective network within the refurbish market in Europe and the rest of the world, which is currently highly fragmented.
“The collaboration with EthicalFin feels like a natural partnership because of our desire not only to further develop the company, but also to create an ecosystem of stakeholders / shareholders who pursue the same objectives: generate social and environmental impacts as a result of our business model and the promotion and application of sustainability and circular economy of the principles” declared Domingo Noguera, CEO of Green Idea.
“Green Idea is working to make a dent on the 55 billion euros of e-waste that every year ends up in landfills in Africa and Asia, a figure destined to grow because of the phenomenon of digitalization. We are confident because we see a strong response in the refurbished market, which reached 7 billion at the end of 2017 and is expected to grow 30% annually for the following years” – continues the CEO of GreenIdea – “Thanks to our technology, the ICT Circular Soft®, we want to enable refurbishers to keep reducing the remaining 48 billion euros lost as e-waste”.
The future is circular.