Estonian solution for reusable packages CupLOOP raised €2M
Estonian solution for reusable packages CupLOOP raised €2M from Estonian SmartCap's Green Fund, a syndicate of angel investors EstBan, and Danish advisory and investment company Footprint Firm.
CupLOOP was based in Tallinn in 2018 by Christopher Juul, Marek Suchazevski, and Lauri Luik. The member of the board is Martin Henk, founder of Pipedrive. CupLOOP is a reverse vending machine for returning reusable cups, containers, and packages and getting a refund for paying a deposit earlier. Every time the client buys food or drink in reusable packaging, he pays for a deposit (either in cash or with a card). Later, he can return the package to CupLOOP's machine, tap his bank card or cell phone on the bank terminal and collect the deposit. The client can also get a refund with bonus points.
CupLOOP developed software that runs a machine, and warehouse software where the team has all the data about the packages in circulation. The software gives information about which package went into circulation, the date and place of selling it and returning it, and the number of cycles it has done. All the packages have RFID labels. That allows the machine to read a lot of packages instantly.
CupLOOP works with reusable packaging operators in Estonia, such as Eesti Pandipakend and GreenCup. It has already sold machines to companies in Lithuania, Germany, the Netherlands, and others. The startup will use the investment to finalize a marketable product.
SmartCap Green Fund is a part of SmartCap, the investment firm, established in Tallinn in 2021 as a subsidiary of the Estonian Business and Innovation Agency. A €100M SmartCap Green Fund supports early-stage Estonian green technology companies – through dedicated venture capital funds and direct investments to companies until 2026. It aims to invest up to €20M as direct investments until the end of 2024. The latest investments were in Estonian developer of software for farmers eAgronom and Estonian startups Vok.bikes
Founded in 2012, EstBAN is a syndicate organization of angel investors. The lead investors are Martin Gorosko and Mait Sooaru. The main focus is early-stage companies with high growth potential and high risk.
