According to the World Bank, Indonesia produces 4.8 million tons of plastic waste each year that is “mismanaged” — meaning it ends up uncollected, chucked into dumpsites or leaked from improperly managed landfills. Octopus wants to reduce that number with a platform that makes it easier to collect waste products from consumers and recycle it into raw materials that brands can reuse. The Jakarta-based startup announced today it has raised an oversubscribed round of $5 million led by Openspace and SOSV.
Octopus was founded last year by Mohammad Ichsan, Hamish Daud, Niko Adi Nugroho, Rizki Mardian and Dimas Ario, who have known each other for over a decade.
After recently launching in Jakarta, it will use its new funding for “aggressive expansion,” including five sorting facilities and 1,700 checkpoints in four cities: Jakarta, Bandung, Bali and Makassar, with the aim of handling 380 tonnes of waste ranging from plastics to electronic appliances, each month.