Impact investment firm DOB Equity is injecting further funds into Mr. Green Africa, a Kenyan company specialising in plastic waste recycling. This second investment by the family company will enable Mr. Green Africa to expand its activities in Kenya.
The economy around plastic waste recycling is taking shape in Kenya. One of the operators in the sector, Mr. Green Africa has just received funds to develop its activities in the country. The funding is provided by DOB Equity, an impact investor dedicated to East African countries. According to this Dutch family company, his investment will enable Mr Green Africa to meet the growing demand for recyclable products from local and multinational companies.
In the Kenyan capital Nairobi, where the company has a strong presence, Mr. Green Africa has at least 25 collection points where individuals can exchange plastic waste for a fee. “Waste pickers benefit from various supplier loyalty programmes and services such as life and business skills, health assistance and access to microcredit. Other non-monetary benefits include the provision of protective clothing such as gloves and boots, as well as tools and, in some cases, mobile phones,” explains Green Africa.
A new plastic waste collection application
The collected waste is transformed into a reusable product, sold to plastics manufacturers to enable them to meet their circular economy targets and benefit from savings on raw material (plastic) costs. Mr. Green Africa’s clients include local companies and even multinationals such as the Dutch-British food company Unilever.
This is not DOB Equity’s first investment in Mr. Green Africa. In August 2019, the impact investment company injected funds into the recycling company. Its new financing will also enable the implementation of a new technology to improve waste collection. This is a consumer application pilot project that collects plastics on demand and converts them into recycled plastic.
“Thanks to his increased focus on consumers, Mr. Green Africa has been able to attract a new investor, Smollan, the international retail solutions company. Smollan’s knowledge and expertise are expected to play a key role in including consumers in Mr. Green Africa’s network and in creating a circular economy around plastics entirely located in emerging markets,” says DOB Equity.
Jean Marie Takouleu