ScarabTech, a cleantech start-up, is planning many commercial projects in Africa, Asia, and Australia as a result of a seed funding round from GIIG Africa Fund, a “profit and purpose” fund. While the specific amount of the investment has not been published, it represents the company’s first equity-led round following initial fundraising from several angel investors.
ScarabTech, which was founded in 2018, specialises in the development of small-scale and extremely efficient plastic-to-energy devices known as “Beetles.” These machines, which were created utilising specific software algorithms and design, heat plastic waste, creating a vapour that is then caught and reconstituted into carbon-neutral fuel that can power generators and engines.
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The technology aims to address the growing impact of single-use plastics on the health of both local communities and the environment, while also providing a sustainable source of energy and job creation to address energy poverty and power micro-economies in underserved communities throughout Southern Africa and the world.
ScarabTech was voted the African regional winner of the Environmental, Social, and Governance (ESG) Tech category at this year’s Global Startup Awards (GSA) Africa, which took place in Cape Town, South Africa.
The GSA is Africa’s largest independent start-up ecosystem competition and an exclusive mechanism for the GIIG Africa Develop to locate, fund, and scale Africa’s most innovative entrepreneurs with SDG-aligned clean energy solutions.
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“This round of equity-led investment is a significant achievement for the team and will help us prove out our technology for global distribution. Previously we were angel funded between 2018 and 2022,” notes Jeffrey Barbee, co-founder and chief executive of ScarabTech. “The awards happened just as our first Beetle machines were being deployed, and GSA gave us a strong platform to amplify the awareness of our company, helping repay the belief of our initial investors while providing a gateway to access future funding. Now, we aim to expand our portfolio of real-world commercial projects, with partners like French-based Plastic Odyssey, a global expedition that uses our Beetle on their ship to show people around the world how to add value to plastic pollution. We are also excited to work with Plastics Pirate in Australia, who are already using our technology to clean up plastic pollution threatening the Great Barrier Reef.”
Barbee said the GIIG Africa investment will be used to help the business finalise the Beetle reference design and ready to commence commercial production by December 2023, based on the insights acquired from these projects.
“These projects, and other in the field, are validating our business model and technology in its intended operating environment, a crucial step before we scale the business to start making an impact in the fight against plastic waste. This GIIG funding has made all of this possible,” the startup said.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh