Prague-based Miwa Applied sciences, a startup that has developed a expertise to cut back packaging waste, introduced on Friday that it has been chosen for the European Innovation Council (EIC) “EIC Accelerator” programme, securing vital funding for its future development.
The startup acquired a subsidy of €2.5M in 2022 to finance the completion of the event of a number of new options. It has just lately secured a €2.7M funding from the Luxembourg EIC Fund.
The corporate says the funds are earmarked to assist its additional enlargement and the implementation of recent installations in supermarkets throughout Europe.
With this funding, Miwa turns into the one startup from the meals reusable packaging phase which has ever succeeded.
Additionally, it’s the first Czech firm to have succeeded in so-called blended financing, which mixes a subsidy and an funding.
Miwa Applied sciences: Sustainable packaging options
Based by Petr Báča (CEO) in 2016, Miwa Applied sciences has developed a singular system that permits clients in supermarkets to buy in reusable containers.
Miwa Applied sciences says this answer is predicated on B2B capsules outfitted with sensible expertise that works in tandem with digital dispensers.
These capsules enable for efficient administration of the packaging pool and environment friendly operations of the system, together with inventory administration.
Miwa Applied sciences’s answer is at the moment being utilized by Aldi within the UK, in Dutch Albert Heijn, and in a number of supermarkets in Czechia and Portugal.
To finance business enlargement in Europe and shift to serial manufacturing, Miwa is opening an funding spherical of €7 million to non-public buyers within the coming weeks.
“Because of the EIC Fund, practically 40 % of this sum has already been confirmed,” says the corporate.
Ivana Sobolíková, who’s in control of investor relations and fundraising at Miwa says, “On the finish of 2021, Miwa was put in at its first massive retailer. One yr later, in December 2022, Miwa was put in at 4 massive retailers in 9 supermarkets. For 2023 we’ve set the goal to shut the yr with installations in 100 shops in Europe.”
“As of March 2023, about fifty areas, primarily within the German-speaking area, have been confirmed. The funding spherical ought to enable us to execute enterprise and firm development for 2024 and 2025, due to which the Miwa answer ought to turn into far more accessible to customers in Europe,” provides Sobolíková.