Montreal-based Electrobac, which develops a smart bin meant to help users recycle electronics, has raised $1 million in seed funding.
Investors in the round include Fondaction and the $30 million Ecofuel Fund. Electrobac participated in the Ecofuel Accelerator training program in 2016.
“By supporting the growth of Electrobac, we encourage the recovery of small electronic devices, which can be reused safely or recycled rather than having them end up in the garbage,” said Geneviève Bouthillier, deputy chief investment officer at Fondaction. “Through this investment, Fondaction contributes to the fight against climate change and the preservation of natural resources while participating in the technological shift to a greener economy in Quebec.”
The funding will allow the company to expand into new markets, including Ontario and British Columbia. The funding will also be used to double the size of the team and tech development.
Electrobac plans to roll out a new model of intelligent recycling bins in high-traffic areas of the Greater Toronto Area, such as grocery stores, shopping malls, office towers and schools. As part of the expansion, the company will also grow its B2B mobile phone repurchasing program to become nationwide.
