Indonesian waste treatment startup Octopus nets US$5M funding led by Openspace, SOSV

Indonesia-based waste treatment company Octopus has announced it has secured US$5 million in a funding round led by Openspace Ventures and SOSV.

The startup will use the capital to expand its services to new cities and strengthen its ecosystem. The plan is to onboard 100,000 waste collectors by 2024. It will also look to acquire over one million users.

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Octopus was established in 2021 by Mohammad Ichsan, Hamish Daud, Niko Adi Nugroho, Rizki Mardian and Dimas Ario. The company connects users to local waste collectors that will buy and pick up their post-consumer products. The wastes range from plastic and electronic appliances.

The waste collectors are provided with smartphones to help make picking up orders and setting prices easier. In addition, Octopus also gives them access to its own digital wallet.

According to the firm, it currently has 150,000 monthly active users and more than 60,000 waste collectors on its platform. It currently operates five sorting facilities and 1,700 checkpoints in Jakarta, Bandung, Bali and Makassar. These facilities together handle 380 tonnes of waste a month.

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It has also joined hands with 20 firms to help them with Extended Producer Responsibility compliance.

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