Amidst the routine pleasure of savouring coffee’s comforting presence, a less palatable reality surfaces — its significant waste footprint. Whether in business meetings or moments of solitude, the impact of coffee extends beyond the cup. This waste, which costs businesses significantly and contributes to emissions, often flows under the radar.

Among the companies addressing this problem is Coffeefrom, which navigates the intricate landscape of coffee waste with a practical approach. Operating within a circular economy framework, the Italian startup takes discarded coffee grounds (the dregs remaining after brewing coffee) and transforms them into valuable products.

From Expo 2015 to circular innovation: The birth of Coffeefrom

Coffeefrom’s roots go back to Il Giardinone, a Milan-based social enterprise in environmental service, which began its venture into the circular economy during Expo 2015. In collaboration with Lavazza, Novamont, and the Polytechnic of Turin, Il Giardinone initiated a research project aimed at repurposing coffee grounds for mushroom cultivation — a concept that later materialised into the self-production kit, Fungo Box, in 2016.

In 2019, Coffeefrom emerged as a distinct project, channelling industrial coffee grounds into a new realm — recycled and bio-based materials. This change supports environmental sustainability and reflects Coffeefrom’s approach to an industrial model where various skills converge seamlessly.

Coffeefrom turns coffee grounds, usually destined for landfills, into innovative products crafted from bio-based or recycled materials, all within a 100 per cent made-in-Italy supply chain.

The product line, developed in collaboration with supply chain partners using injection moulding and 3D printing, includes tableware, packaging, and writing instruments.

The process starts with obtaining post-industrial coffee, meticulously handled at Coffeefrom’s facilities. Working with a compounding partner, the treated coffee seamlessly blends with the base polymer, creating three unique Coffeefrom materials. Once the pellets are compounded, anything can be printed through injection moulding.

“We created coffee cups and saucers to exemplify the characteristics of our first material, Coffeefrom Bio. The coffee cup is a design object that embodies the aim of Coffeefrom: giving circularity to a material that is generally thrown away at the end of its life. From coffee to coffee,” said Rita Bonucchi, Co-Founder and International Development of Coffefrom.

The global bioplastics market is projected to grow at a robust CAGR of 18.8 per cent from 2023 to 2030, indicating substantial daily expansion for Coffeefrom.

This growth is substantiated by global environmental objectives, promoting the shift to recycled and bio-based materials to minimise environmental impact in both production processes and final products, creating a favourable landscape for Coffeefrom’s future endeavours.

“Our materials are a solution to these challenges, and in the next years, we are planning on bringing to the market materials that are even more environmentally friendly and present a higher percentage of recycled coffee inside,” said Bonucchi.

Revenue model: From finished products to material supply

“At the beginning of our journey, we were primarily concentrated on selling our finished design product, but today, this stream has become less central, as our focus has shifted more towards delivering our materials to the market,” Bonucchi stated.

Currently, Coffeefrom derives revenue from three primary streams: collecting coffee, processing coffee as input, and selling finished thermoplastic materials. In the next years, it plans to industrialise its patent and license it out, creating a new revenue stream.

One of the challenges that Coffeefrom had to navigate involved introducing their solution to corporations typically entrenched in their established practices. The reluctance of companies to experiment with new materials in existing plants due to concerns about potential pipeline contamination or damage posed a hurdle, making the pursuit of innovation more challenging.

On the other hand, altering the waste management system, particularly when the established process has been consistently followed, proves to be a significant challenge. As a startup, Coffeefrom faces limited negotiation power and credibility.

Funding journey: Bootstrapping to seed investment

In 2022, the startup predominantly relied on bootstrapping.

In 2023, Coffeefrom participated in the acceleration programme Terra Next and secured its initial seed investment. This funding round enables the team’s expansion by onboarding key personnel to support the company’s growth while facilitating ongoing tests and materials development.

Bonucchi, looking ahead to the firm’s future plans, expressed, “We aim to broaden our scope by increasing our coffee processing, innovating new materials, and accessing a larger market to scale our positive impact.”

Coffeefrom also participated in the Global Startup Programme organised by the Italian Trade Agency (ITA) and the Ministry of Foreign Affairs and International Cooperation.

Coffeefrom addresses the substantial waste generated by coffee consumption through a circular economy approach. The startup advances a more sustainable industrial model by repurposing coffee grounds into innovative products. Focused on eco-friendly materials and a sustainability vision, Coffeefrom is a typical example of the intersection of innovation and environmental responsibility.

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Image credit: Coffeefrom

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In October 2022, a coalition of metaverse and Web3 infrastructure companies united to form the Open Metaverse Alliance for Web3. Composed of Animoca, Decentraland, Sandbox, and others, OMA3 took the shape of a decentralised autonomous organisation (DAO) that is guided by inclusivity, transparency, and Web3 principles. The alliance aims to address “significant” challenges within the emerging metaverse by safeguarding user ownership and freedom of information.

When Gavin Wood coined the term in 2014, “Web3” was eulogised as the next phase of the internet, blending decentralisation, blockchain, and token-based economics that prioritises user ownership and control of data and digital assets.

Seven years later, Web3 rode the waves of the crypto craze to become the new sensation. In stark contrast, the established Web2 paradigm is characterised by centralised platforms and services controlled by a handful of entities. This stodgy “Big Tech” dominance continues to be the focal point of Web3 ire and resistance. 

On paper, the metaverse and Web3 matrimony make sense: there will be widespread demand to virtualise the world, and Web3 can theoretically offer the infrastructure to support it. However, it is unlikely — and by extension, the Web3 crusade may be more trouble than it is worth.

Needless atomising of decentralisation

To breach the dominance of big tech, Web3 aims to push the limits of decentralisation by entrusting control to individual builders and users. While empowering in theory, this vision breaks down in practice in the wider metaverse arena.

For instance, the underlying architecture would require each participant to self-host and store a splinter of the metaverse on cordoned sectors of their hard drives, leading to an ongoing necessity to transfer ever-expanding mountains of data to maintain even a semblance of persistence. Beyond posing a significant logistical challenge, the energy demands of this untenable mega-operation would be a blaring nonstarter for environmentalists and developing nations.

This is not to imply that decentralisation is a flawed concept. On the contrary, it plays a vital role in fostering a free-market manifestation of the metaverse. The concern lies in the Web3 interpretation in regards to being a slippery slope toward a communist model of collective ownership. Whether by intention or oversight, Web3 advocates refrain from questioning whether decentralisation even requires this degree of hair-splitting granularity. 

Also Read: Global Web3 companies on why Asia Pacific is the future of the industry

This narrow definition reeks of the “No True Scotsman” parochialism that obscures the middle path—where inter-organisational networking, load sharing, and redundancy are elements of decentralisation in their own right. A likewise middle-out approach would also safeguard the individual interests of digitised customers and stakeholders.

A real-world example of this meso-level decentralisation exists in the management of Domain Name System, or DNS for short. When you enter an internet address in your browser, a DNS lookup sweeps the globally dispersed root servers managed by 13 entities, including ICANN, the University of Maryland, and Verisign. This redundant decentralised structure, numbering over 600 servers, ensures that no single entity can control them all.

While technological advancements may eventually make grassroots decentralisation a possibility, the question is whether we can or should wait for that to happen. Redundancy of this sort is inherently wasteful since the purported benefits of Web3 can already be integrated into existing capitalistic models using run-of-the-mill technologies and methodologies.

These are the same steadfast infrastructures supported by resourceful tech and media giants that have moulded our Web2 conventions. The only missing piece is the concerted willpower of businesses and consumers to make that happen.

Paranoia transforms trustless to distruss

The advocates of Web3 and the cryptocurrency community have overwhelmingly converged on the push for decentralisation and the trustless architecture that is thought to underpin it. Rallying around the misgivings of centralised authority — and human nature in general — their guiding mantra of “Don’t trust, verify” is a mockery of the timeless Russian proverb, “Trust, but verify”. 

Paradoxically, the metaverse thrives on the very thing the radicalised, trustless crowd is sceptical of. According to science fiction writer Neal Stephenson, who coined the term, the metaverse will eventually resemble the internet in networking the entire world. Likewise, it must be constructed upon a web of trust among diverse entities, each autonomously making its own decisions. Which incidentally raises the prospect that the internet will likely evolve into the metaverse. 

As a thought experiment, the aforementioned scenario would represent the most optimistic future for the metaverse. An alternative paints a dystopian picture where the oppressed are compelled to accept a centralised metaverse enforced by despotic or authoritarian regimes. The third option, leaning towards Web3 anti-establishment radicalism, would risk devolving into chaos, causing the social experiment to stagnate or crumble entirely. 

In essence, the dividing lines center on semantics. Within the trustless movement, libertarian extremism has infiltrated the mindset of its proponents, deeming governments, institutions, and power brokers as inherently untrustworthy. That interpretation has veered from its original intent.

At the outset, trustlessness was actually conceived as a system that enables transactions or interactions without relying on the arbitration of a central authority or any particular party. Essentially, it involves a completely neutral intermediary (possibly a distributed ledger) to handle credentials and transactions between undisclosed entities. The concept was not borne of paranoid distrust; rather, it welcomes a decentralised and reliable environment for transactions among trustworthy participants.

Looking at the big picture, the benefits of trustlessness are less definitive, particularly when it raises more questions than answers around regulatory challenges, scalability, and security risks. Perhaps certain trustless innovations, such as zero-knowledge proof for data safekeeping, will find niche applications.

Crypto buffoonery turns lethal

In May of 2022, a 29-year-old man leapt thirteen floors to his death. Twelve days earlier, his US$2 million investment in the cryptocurrency Luna had crashed to a measly US$1 thousand. In the leadup to this tragedy, Bitcoin peaked at a US$1.3 trillion market cap, touching shy of US$70 thousand per coin, making it one of the best-performing asset classes of modern times. This had a ripple effect on the entire crypto market, propping up the meteoric rise of altcoins like Luna. 

Also Read: The role of Web3 in fintech and its benefits for financial institutions

The vicariously innumerate crypto community — on Twitter in particular — were of the opinion that “numbers only go up”. Mirroring the tribalistic fervour of the Trump cult of personality, they rallied around similarly dubious claims encapsulated in clichéd catchphrases.

At the core of the phenomenon was a widespread psychosis fueled by generational crackpot life coaches and inspirational speakers, asserting that unwavering positivity can materialise limitless windfalls.

The vastly outnumbered sceptics were rebuffed at every attempt to challenge the mass hysteria, often flippantly told to “have fun staying poor” — yet another hackneyed phrase catapulted to meme status. This groupthink would transpire in waves of boom and bust, with each cycle looming larger than before. Unlike past manias, many stakeholders eventually found themselves on the brink of financial ruin.

As the cryptocurrency market spiralled into a runaway casino, retail security underwent a libertarian breakdown toward a survivalist hellscape. The situation deteriorated so thoroughly that victims of fraud and hacks were callously dismissed as merely careless or uninformed. To warrant such blame would imply investors stood a chance.

However, the battlefront between retail and crime was no impasse; it was a one-sided slaughter. Oblivious investors proceeded to haemorrhage US$8 billion in 2021 and an additional US$3.95 billion in 2022 due to illicit activities.

Knee-jerk legislation was a foregone conclusion, and the heavy hand of government intervention came crashing down on the crypto market, sending shockwaves through the system. The Web3 reliance on cryptocurrencies to transact with decentralised finance and non-fungible tokens has turned out to be a Faustian bargain with harsh lessons in volatility.

In the wake of this turmoil, the crypto market still remained tenacious. Its market cap has hovered above US$1 trillion for much of 2023, representing one-third of its historical peak. While the recovery outlook is optimistic, transformation into an economic pillar will take time and regulatory commitment. Time will tell if subsequent market normalisation can instil confidence in cryptocurrency and greenlight big finance. 

Before this transformation materialises, up-and-coming metaverse projects should cautiously remain on the sidelines of crypto adoption. On the other hand, metaverse customers and merchants need to be aware of the extreme volatility inherent in crypto transactions and take precautions against catastrophic losses.

Sidestepping Web3 landmines

Just four months prior to OMA3’s formation, tech giants preemptively forged a strategic alliance called the Metaverse Standards Forum (MSF), representing the interests of Meta, Microsoft, Alibaba, Sony, and others. It is no coincidence that OMA3 is counterposed as a challenge to this organisation. To fight the status quo, they placed their bets on the widespread adoption of newfangled Web3 technologies.

Also Read: How regulatory clarity can support Web3 innovation in Asia

To side with the MSF standard is to believe that big tech can deliver top-notch metaverse experiences on the promise of interoperability and openness. To side with the OMA3 standard is to believe in the newcomer’s capacity to serve users more effectively and equitably than their Web2 counterparts. 

Typically, this split would denote a healthy equilibrium between two competing standards.  However, the liaison agreement struck between MSF and OMA3 in July 2023 signals a perplexing sidetrack that suggests otherwise. The shift towards a deeper collaboration among their respective members not only erodes the distinctions between Web3 and big tech but also represents a departure from market competition.

Concurrent developments highlight a head-scratcher: the “Web3 company” oxymoron. Essentially, this circular reasoning posits that Web3 companies, being intermediary businesses themselves, are responsible for dismantling other intermediaries in the metaverse to ultimately give way to user ownership and control. To task profit-seeking enterprises with the role of undermining their own profit motive is a big ask.

Ricocheting in the conflicting interests of its own making, Web3 betrays many contradictions that manifest as in-group pipedreams and deceptive marketing. Furthermore, if Web3 companies and big tech continue bridging partnerships, the Web3 alternative would only amount to more of the same in a different guise.

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Singapore-based early-stage VC firm Wavemaker Partners has led the US$1.5 million seed extension investment round for VAMA, a one-stop virtual platform providing easy access to an array of services for one’s religious and spiritual journey.

This marks Wavemaker’s maiden investment in an India-incorporated startup. The deep-tech investor infused US$1.1 million into the startup, while the rest came from existing investors, such as Lisa Gokongwei-Cheng and Harit Nagpal.

Also Read: Astrology-agnostic? Wait. This startup can predict whether your startup will fail or not

Additionally, several micro VC investors, including Blume Founders Fund, Alluvium, and Untitled VC, and notable angels, such as Burak Buyukdemir and Dhruv Bahl, also participated.

VAMA will use the funds to acquire talent, bolster product development, and improve its technology. The app is gearing towards a more extensive integration of temple-related services alongside scaling its astrology vertical. It plans to introduce new products and services.

“Our primary goal is to expand our team and enhance our technological capabilities to deliver an unmatched digital experience to devotees worldwide. This latest funding round will fuel our efforts to develop a cutting-edge technology platform,” said VAMA Co-Founder Manu Jain.

Established in late 2020 by Aacharya Dev, Himanshu Semwal, and Jain, VAMA.app is a virtual platform serving as a one-stop destination for easy access to e-pujas, e-darshans, and astrology services for devotees across India. The platform offers virtual puja remedies in temples to devotees and customers from all over the world.

It has partnered with over 250 temples throughout India and built a network of more than 300 astrologers on its platform.

Also Read: This Bangalore-based startup has built an on-demand marketplace for spiritual gurus

According to Jain, the company aims to transform the traditional offline Mandir ecosystem into a digital realm through content-driven products designed to captivate, empower, and promote enduring engagement.

VAMA has so far raised a total of US$2.8 million in funding.

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Image Credit: VAMA.

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Navigating the ever-evolving terrain of the tech industry, startups serve as the lifeblood of innovation, embodying the spirit of creativity and adaptability essential for progress. These entrepreneurial ventures act as crucibles of ingenuity, where risk-taking is not just encouraged but celebrated, leading to the birth of groundbreaking technologies and novel business models. As such, startups possess the ability to swiftly adapt to emerging trends, challenge established norms, and drive competition, ultimately shaping the trajectory of technological progress as a whole.

The dynamic interplay between startups and the broader tech ecosystem ensures a constant influx of new ideas, talent, and disruptive technologies, sustaining the ecosystem’s vibrancy, sparking greater innovations, and propelling startup founders toward new horizons.

However, getting the ground running is difficult when you don’t have the necessary resources to help materialise your innovative ideas. Startups cannot survive on ideas alone. They need tech infrastructures, talented teams, operational assets, and other aspects of a business that require costs.

Challenges startups face

Securing initial capital is often a formidable hurdle, impeding innovation and growth. Many promising ventures with groundbreaking ideas struggle to attract investors willing to take early-stage risks. This lack of financial backing can hinder product development, recruitment, and market expansion, amplifying the probability of failure. Without a solid financial foundation, startups may find it challenging to navigate the competitive business landscape, showcase their value proposition, and ultimately reach the pivotal Series A funding round, perpetuating a cycle that poses a substantial threat to their viability and potential success.

Also read: Set sail with intellectual property: Your business’s journey to success

As such, participating in startup competitions presents a crucial avenue for fledgling ventures to secure vital investment opportunities and catalyze their growth. These competitions not only offer a platform for startups to showcase their innovative ideas to a diverse and influential audience but also provide a unique chance to attract funding from seasoned investors.

Enter “The Future of Capitalism” Startup Competition, a global challenge that promises to be a game-changer for ambitious tech startups with a vision to make a lasting impact on both the commercial and social fronts. This competition, spearheaded by the visionary Leo Lion, not only offers a platform for startups to shine but also the chance to secure up to $5 million USD in funding.

The Future of Capitalism: Unlocking growth opportunities

Organised by the Leo Lion Foundation, The Future of Capitalism startup competition is open to tech startups of all kinds, ranging from agritech to fintech, deep tech, climate tech, and beyond. This inclusivity reflects the Leo Lion Foundation’s commitment to fostering innovation across diverse sectors, acknowledging that groundbreaking ideas can emerge from any corner of the tech world. Whether your startup is revolutionising agriculture, redefining finance, harnessing cutting-edge technology, or addressing climate challenges, this competition welcomes you to showcase your potential.

What sets this competition apart is its focus on startups with a passion for improving the world we live in. The criteria are straightforward — a business ready to take flight and a commitment to creating positive change. Startups seeking seed or series A funding are encouraged to apply, regardless of their geographical location. However, it is important to note that the entry process and pitching will be conducted exclusively in English, ensuring a level playing field for all participants.

Also read: Things you need to know to be a part of the 2024 TOP100 program

The journey for participants doesn’t end with a simple application. Finalists will have the unparalleled opportunity to pitch their groundbreaking ideas in front of a distinguished panel of judges. The lineup includes world-renowned economist Paul Collier of Oxford University, tech investment professionals like Christy Cardenas of Grit Ventures, experienced entrepreneurs and angel investors such as Charles Delingpole and John Norman, as well as other ecosystem stakeholders such as Sylvana Quader Sinha, Founder and CEO of Praava Health, Deniz Ucbasaran, Professor of Entrepreneurship at Warwick University, Nina Ho, Executive Director for Launchpad – UT Austin, and Gordon Holmes, Managing Director of TowerBrook.

The pinnacle of the competition will be the pitch day, held at the iconic Shard Building in London, UK, where finalists get to present their startup’s vision against the breathtaking backdrop of one of the world’s most iconic structures. The Future of Capitalism is certainly an opportunity to not only secure funding but also to gain visibility and recognition on a global stage.

Earn the chance to win $5 million in investments

The exposure garnered through the program goes beyond financial backing, opening doors to mentorship, networking, and collaboration with industry leaders. The Future of Capitalism also serves as an accelerator, propelling participating startups into the spotlight and positioning them for success in an increasingly competitive market. Moreover, the rigorous selection processes and engagement with experienced judges foster valuable feedback, refining the startup’s pitch and strategy. By participating in The Future of Capitalism, startups position themselves on a trajectory toward sustainable growth, increased visibility, and the potential to make a lasting impact on their respective industries.

What makes the ‘Future of Capitalism’ competition even more exciting are the influential partners on board, including Barclays and Warwick University. These partners bring invaluable expertise and resources to the table, offering startups additional opportunities for growth, mentorship, and networking.

Also read: Five startups closer to bagging EUR100,000 in EQT Impact Challenge

Behind this visionary competition is its founder, Leo Lion, whose commitment goes beyond fostering business success. Through the Leo Lion Foundation, the organisation aims to leverage commercial acumen to support social projects across the globe. The Future of Capitalism startup competition, therefore, isn’t just about funding startups; it’s about catalysing positive change and leaving a lasting legacy.

If you’re a tech startup with a bold vision and a passion for making a difference, The Future of Capitalism startup competition is just the platform you’ve been waiting for. Seize the opportunity to propel your startup to new heights, connect with industry leaders, and be part of a movement that’s not just redefining capitalism but also shaping the future of technology for the better. The entry deadline for the startup competition is December 20, 2023. Apply now and be a catalyst for change!

For detailed information and to submit your entry, visit this link. Don’t miss your chance to be a part of a transformative event that could catapult your startup to unprecedented heights.

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This article is produced by the e27 team, sponsored by The Leo Lion Foundation

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