Private equity fund manager Inside Capital, based in Ebene, a suburb of Mauritius, is supporting WeCycle in its effort to make the East African country cleaner. The Mauritian company has just received $3.1 million in funding to support its local and regional expansion.
WeCycle, based in Riche Terre, specialises in the collection of recyclable waste, in particular paper and cardboard made in Mauritius. The company then exports waste to recycling companies in India, Indonesia, South Korea and Madagascar. WeCycle currently sells an average of 5,500 tonnes of collected waste per year. With Inside Capital’s investment, the amount of waste collected is expected to increase “considerably”, with a positive impact on the environment of Mauritius. “This partnership with Inside Capital will also allow us to strengthen our current recycling services, but more importantly, it will allow us to offer an ultimate solution by transforming waste locally into raw material for the Mauritian packaging industry, thus solving waste disposal problems and contributing to a circular economy that will benefit the whole country”, explains Ludovic Henry, CEO of WeCycle.
The company launched in 2012 will improve its internal organisation to better absorb future growth by implementing solid processes, deploying best practices and integrating complementary industrial, logistical and financial expertise.
Inès Magoum